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John,
The richest person in the world is now the Time Magazine Person of the Year as well.
Tesla and SpaceX founder Elon Musk―who is worth a reported $318 billion[1]―is being celebrated as “the man who aspires to save our planet.”[2] And yet, between 2014 – 2018 Musk paid just 3.3% in federal income taxes on nearly $14 billion in wealth growth.[3]
His companies have benefited massively from government loans and subsidies (a combined $4.9 billion in government support as of 2015).[4] Yet, he opposes the subsidies promoting the use of clean energy included in President Biden’s Build Back Better plan, worried they would give his competitors an advantage.[5]
How do we hold billionaires like Elon Musk accountable and make them pay their fair share? The Billionaires Income Tax! This novel plan, introduced by Senator Ron Wyden (D-OR), would raise $550 billion in new revenue by requiring the country’s roughly 700 billionaires to pay taxes on the growth of their assets each year, just like workers pay taxes on their wages.[6]
Help us hold Elon Musk, and other billionaires like Jeff Bezos, accountable and ensure they start paying more of their fair share in taxes. Donate today to help us fight to get the Billionaires Income Tax included in President Biden’s Build Back Better plan being crafted right now in the U.S. Senate!
Earlier this fall, Musk asked his 66 million Twitter followers if he should sell 10% of his Tesla stock so that he would actually start paying taxes on his obscene wealth gains. But billionaires like Elon Musk shouldn’t get to pick and choose when they pay taxes. In fact, in 2018, Musk paid no federal income taxes at all!
It’s time to tax wealth like work! Chip in today to help us fight to get the Billionaires Income Tax included in Build Back Better legislation now before the U.S. Senate so that the richest people in America start paying their fair share in taxes.
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When they do, we’ll be able to invest in a future that includes all of us, not just the wealthy few.
Maura Quint
Campaign Director
Americans for Tax Fairness
[1] "Elon Musk Worth $318 Billion: The Case for a Billionaires Income Tax, " Americans for Tax Fairness, Nov. 6, 2021
[2] 2021 Person of the Year, Time, Dec. 13, 2021
[3] "The Secret IRS Files: Trove of Never-Before-Seen Records Reveal How the Wealthiest Avoid Income Tax," ProPublica, June 8, 2021
[4] "Musk spurns subsidies, after SpaceX sought them out," Politico, Dec. 13, 2021
[5] "Tesla’s Musk says Biden’s electric vehicle bill should not pass Congress," Reuters, Dec. 7, 2021
[6] "Wyden Statement on Billionaires Income Tax Score," Senate Finance Committee, Nov. 5, 2021
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