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The richest in America don’t make money like most Americans. Most people pay income taxes from a regular job. But many in the top 1% make money off their investments, like stocks, and pay capital gains taxes. While normal income has a maximum tax rate of 37%, long-term capital gains tops out at just 20%. Changing that rate, and some loopholes that benefit the wealthiest, is seen as one way to tax the rich.
Read more about how the richest avoid paying income taxes from Vox:
https://www.vox.com/22432338/joe-biden-tax-plan
And an investigation from ProPublica:
https://www.propublica.org/article/the-secret-irs-files-trove-of-never-before-seen-records-reveal-how-the-wealthiest-avoid-income-tax
For more information about Elon Musk’s loans:
https://www.wsj.com/articles/elon-musk-techs-cash-poor-billionaire-11588967043
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