How Much Tax Would Elon Musk Pay If This US Bill Passes?

Why are American billionaires able to live tax-free? It’s becuase they dont hold any real cash. Rather, they hold billions of dollars in stock, and the country doesn’t tax unrealized gains.

But what if it did? South Korea is planning to do it. The Netherlands also tried to push it.

Some US lawmakers are debating versions of their own. The target of these tax initiatives is wealth like Elon Musk’s. He became the first trillionaire on June 12, with a fortune built almost entirely on unsold stock.

Move him to Seoul, or change US law, and the bill arrives. But the key question is how big would it be? The Tax Laws Spreading Across The World The latest flashpoint arrived in Seoul.

This week, lawmakers and labor groups proposed folding unrealized gains on stocks and real estate into income tax. 🚨 SOUTH KOREA JUST PROPOSED TAXING UNREALIZED GAINS.And this is one of the major reasons behind today's massive selloff in the Korean market, now being called BLACK TUESDAY in Korea.

At a forum hosted by South Korea's ruling Democratic Party, lawmakers called for… https://t.co/WoaR6Mu8bI pic.

twitter.com/O1BfbbgIVY— Bull Theory (@BullTheoryio) June 23, 2026 In the Netherlands, the Lower House of the Dutch Parliament passed the Box 3 Actual Return Act on February 12, taxing annual paper gains on stocks, bonds, and crypto at a flat 36%. The law targets a 2028 start and still needs Senate approval.

Backlash was swift. On February 25, the finance minister said the measure could not proceed as written and would require amendments. The FT reported earlier this month that the coalition under Prime Minister Rob Jetten is preparing a round of concessions.

US Lawmakers Target the “Buy, Borrow, Die” Playbook In the United States, Senator Ron Wyden has introduced the Billionaires Income Tax. The bill, with more than 20 cosponsors, would tax tradable assets, such as stocks, annually at market value. “The purpose of this bill is to require billionaires to pay taxes annually by eliminating the abili