Senator Elizabeth Warren reintroduced her Ultra-Millionaire Tax Act of 2026 in March, proposing annual levies on net worth above $50 million and a 3% surtax on billionaires. The timing is notable: Elon Musk just crossed the $1 trillion threshold, becoming the world's first trillionaire — a fortune tied almost entirely to illiquid ownership stakes in Tesla, SpaceX, and xAI. He doesn't hold $30 billion in cash. That's roughly what the surtax would demand of him annually. The financial mechanics of this proposal collapse the moment you examine them.
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