Elon Musk Paid 3.3% 'Effective Tax,' Bezos 1%, Living 'Tax-Free' On Loans, Says Rep. Dan Goldman—Introduces Robinhood Act To 'Generate At Least $276B'
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Rep. Dan Goldman (D-N.Y.) introduced legislation Thursday to close a prominent loophole in the tax code that allows ultra-wealthy Americans to build liquidity while paying minimal federal income taxes.
Musk And Bezos Borrow With The Loan Loophole
In announcing the bill on X, Goldman highlighted the low effective tax rates paid by tech moguls, noting that Tesla Inc. (NASDAQ:TSLA) CEO Elon Musk paid a rate of 3.3% and Amazon.com Inc. (NASDAQ:AMZN) founder Jeff Bezos paid just 1%.
Goldman explained they achieve this by taking out “tax-free loans against their stock,” a strategy often called “buy, borrow, die.”
The proposed legislation, dubbed the ROBINHOOD Act, seeks to generate “at least $276 billion” in new revenue to fund universal childcare and other social programs.
Musk And Bezos Borrow With The Loan Loophole
In announcing the bill on X, Goldman highlighted the low effective tax rates paid by tech moguls, noting that Tesla Inc. (NASDAQ:TSLA) CEO Elon Musk paid a rate of 3.3% and Amazon.com Inc. (NASDAQ:AMZN) founder Jeff Bezos paid just 1%.
Goldman explained they achieve this by taking out “tax-free loans against their stock,” a strategy often called “buy, borrow, die.”
The proposed legislation, dubbed the ROBINHOOD Act, seeks to generate “at least $276 billion” in new revenue to fund universal childcare and other social programs.
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