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John,
Elon Musk, Time Magazine’s Person of the Year and founder of Tesla and SpaceX, announced this week that he’ll be paying $11 billion in taxes this year―and he seems to think American taxpayers should be grateful.[1]
Musk’s wealth grew by an eye-popping $86 billion in 2021 so far.[2] Assuming that some of that $11 billion is in state taxes, Musk is paying about a 10% federal income tax rate.[3] That’s below the 13% average federal income tax rate―less than what many school teachers, nurses, and firefighters pay in taxes.[4]
Even after paying the $11 billion in taxes, Musk is still worth $239 billion. So let’s all weep crocodile tears for poor Elon Musk, who may only barely get by on nearly a quarter of a trillion dollars in wealth while millions of Americans live on the streets, go to bed hungry at night or are struggling on poverty-level wages day in and day out―especially at this time of year.
That’s why ATF is fighting for the Billionaires Income Tax, which 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.[5]
Donate today to bring our latest infographic to millions of people and fight to unrig our tax system and make the super-rich finally start paying their fair share.
One of the reasons Musk undoubtedly chose to pay federal income taxes in 2021 is how close President Biden and Democrats are to raising taxes on the highest incomes. The House-passed Build Back Better Act would raise about $1.9 trillion in revenue by making the rich and corporations pay a fairer share of taxes.[6]
Help fight for a Billionaires Income Tax, which would tax wealth like work and ensure billionaires like Elon Musk pay taxes each year on their wealth gains, not just when they feel like it. Pitch in today!
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Thank you for fighting to unrig our tax system and make the rich and corporations finally start paying their fair share.
Frank Clemente
Executive Director
Americans for Tax Fairness
[1] “Elon Musk says he will pay over $11 billion in taxes this year,” CNBC, Dec. 20, 2021
[2] “Musk’s $11 Billion Tax Bill is Big News—Because it’s Just 10% of His Wealth Increase so Far This Year,” Americans for Tax Fairness, Dec. 20, 2021
[3] “Elon Musk May Well Have The Biggest Tax Bill This Year: Over $8 Billion,” Forbes, Dec. 15, 2021
[4] “Summary of the Latest Federal Income Tax Data, 2021 Update, “The Tax Foundation, Feb. 3, 2021
[5] “Wyden Statement on Billionaires Income Tax Score,” Senate Finance Committee, Nov. 5, 2021
[6] “Fact Sheet: President Biden’s Build Back Better Plan Lowers Costs for Families and is Fully Paid For,” Americans for Tax Fairness, Nov. 23, 2021
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