Can the Tax System Keep Up with Trillionaires?

Elon Musk has become the world's first trillionaire after SpaceX's record-breaking initial public offering. Economists Paul Krugman and Natasha Sarin argue that this milestone highlights how the modern economy rewards asset ownership and exposes limitations in a tax system designed over a century ago. Bloomberg reporter Ben Steverman notes that while similar economic concentrations have occurred historically, the current technology-driven wealth has revived debates about taxation, inequality, and the sustainability of capitalism. The article suggests that this event may intensify discussions on whether innovation can continue without widening the wealth gap.