Dear Friend,

In a year and a half, Elon Musk has increased his wealth from $25 billion
to nearly $300 billion—more money than ten million people making $15 an
hour could make in a year.^1

A wealth tax won't stop him from being staggeringly rich.—but it could
fund universal pre-K, Medicare expansion, and more programs that would
change the lives of working families.

The House has passed the Build Back Better Act, and the Senate could add a
billionaire’s tax to it. We need to speak up now, so Congress knows that
the American people want billionaires to pay their fair share of taxes.

[ [link removed] ]Will you chip in $10 to Demand Progress and help call on
Congress to pass a wealth tax?

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The reason why these billionaires are causing a ruckus over the tax is
because it came back in a big way during the Build Back Better
negotiations in recent weeks.

Senator Ron Wyden’s proposal would apply to taxpayers with more than $1
billion in assets or who show more than $100 million in income for three
years in a row.^2 Kyrsten Sinema even backed it. There is no reason for it
not to be in Build Back Better.

And contrary to what people like Elon Musk, Leon Cooperman, and Jeff Bezos
would like us to believe, the billionaire’s tax wouldn't bankrupt them. It
would stop the ultra-wealthy from using loopholes to avoid paying any
taxes at all.^3

Last summer, ProPublica published an exposé describing how Jeff Bezos
didn’t pay any income taxes at all for several years over the last decade,
a feat also pulled off by Elon Musk and Michael Bloomberg.^4

These are people who are profiting off America’s business-friendly laws,
our labor force, and our infrastructure, and they need to pay their fair
share.

With the financial resources of a billionaire tax, we can tackle climate
change, our understaffed public schools, and other problems that are in
desperate need of solutions. In just the past week, tens of thousands of
Demand Progress members sent messages to Congress urging them to tax the
rich. We have Senator Bernie Sanders, Senator Ron Wyden, most
congressional Democrats, and—most important—a huge majority of the
American people on board. We need to make sure the billionaire tax
happens.

[ [link removed] ]Will you donate $10 to Demand Progress today?

Thanks for standing with us.

Robert Cruickshank,
Demand Progress

PS: Your contributions are what keep us nimble and prepared to take on
important fights like these as they happen. [ [link removed] ]Will you become a monthly
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Sources:

1. Tweet by Elon Musk [ [link removed] ]October 25, 2021
2. U.S. Senate Committee on Finance, "Wyden Unveils Billionaires Income
Tax ," [ [link removed] ]October 27, 2021
3. Ibid.
4. ProPublica, "The Secret IRS Files: Trove of Never-Before-Seen Records
Reveal How the Wealthiest Avoid Income Tax," [ [link removed] ]June 8, 2021
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