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Hi,
Last week, Tesla shareholders voted to give Elon Musk a $56 billion pay package.1 The rich just keep getting richer.
The collective wealth of America’s billionaires (including Elon Musk and Jeff Bezos) has grown to $5.2 TRILLION.2 Wealth inequality has been skyrocketing for years and only got worse during the pandemic, when the richest 1% of Americans increased their wealth by $15 TRILLION.3
If Congress doesn’t act to tax the rich, it’s a threat to our democracy and every single one of the social programs we rely on: Social Security, Medicare, Medicaid, the fight against climate change, public education, and so much more.
Musk gets to benefit two times over from a broken American tax system. First, from low corporate taxes and tons of loopholes. Tesla paid no federal income taxes between 2018 and 2022 while paying executives $2.5 billion over five years.4
The 2017 Trump tax cuts have helped corporations like Tesla get rich and executives like Musk get their giant $56 billion pay packages. Congress must act to ensure the richest Americans pay more taxes on their millions and billions of dollars.
Add your name: Tax the rich now! Make Elon Musk pay more in taxes.
Thanks for taking action,
Joey and the team at Demand Progress
Sources:
- NBC, “Elon Musk wins Tesla shareholder vote for $56 billion pay package,” June 13, 2024.
- Americans for Tax Fairness, “U.S. Billionaires Now Worth a Record $5.2 Trillion,” November 30, 2023.
- CNBC, “The wealth of the 1% just hit a record $44 trillion,” March 28, 2024.
- Yahoo, “Tesla paid no federal income taxes while paying executives $2.5 billion over five years,” March 13, 2024.
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