Elon Musk, who once paid one of the largest individual tax bills in U.S. history after selling Tesla stock in 2021, a sum eclipsed only by Berkshire Hathaway’s $26.8 billion payment in 2024, criticized America’s tax system in a recirculating 2024 Pittsburgh town hall clip. “You get taxed on what you earn, you get taxed on what you buy, and you get taxed on what you own,” Musk said, discussing government spending and taxation. The article notes that wealthy individuals avoid triggering taxable events, as a $100,000 gain on an asset sold today could trigger a 20% long-term capital gains tax, sending $20,000 to the IRS. A 2023 Morningstar study cited by CIBC found that while funds generated annualized returns of 7.7% over a 10-year period, the average investor earned just 6.0%. Musk holds approximately $3.4 billion in real estate for tax purposes, including 6,000 acres of land across Texas, Starbase in Boca Chica, and Snailbrook, despite vowing to “own no house” in 2020.