Hi,
We can always count on Sen. Elizabeth Warren to fight for a fair shot for
all Americans. A couple weeks back she called out Elon Musk, the richest
person in the world, for avoiding paying any income taxes in 2018.^1
Musk fired back, claiming his tax liability of $11 billion for 2021 was
the highest on record. But a closer look reveals Musk has paid just a
fraction of what he really owes — and demonstrates why the US needs a new
tax on billionaires.^2
Like other billionaires, Musk has historically avoided paying taxes by
investing his profits instead of reporting them as income. And since the
US doesn't have a wealth tax, that means Musk can take in astronomical
profits without paying a cent in taxes. That needs to change.
[ [link removed] ]Sign the petition: The US tax code must treat wealth like income! We
need a 20% minimum tax rate on all American households worth more than
$100 million.
ADD YOUR NAME
The only reason Musk faces income tax from last year is that beginning in
November 2021, Musk began moving his Tesla shares around. Billionaires
only face taxes once they start to pull their money out of the stock
market. Musk may be paying $11 billion in taxes for 2021, but that sum
doesn't include any taxes for the wealth he still holds in stocks.
And even though Musk himself paid taxes last year, his company, Tesla,
avoided paying any US corporate taxes whatsoever, despite recording record
profits.^3
Luckily, President Biden just released a new plan for making sure
billionaires pay their fair share, and he's beginning talks with Joe
Manchin and other key swing votes on the proposal.^4
By taxing just 0.01% of American households, experts estimate the tax will
raise around $360 billion over the next decade. That's federal money that
can go towards public programs that help us all, including education,
healthcare, childcare, climate resiliency, and more.^5
A billionaire's tax is crucial to reining in the American oligarchy, and
reallocate funds to where we sorely need them: healthcare, housing, the
Child Tax Credit, and government initiatives to counter the runaway
corporate power that enriched Musk in the first place.
It's the ideal time to slap a tax on Jeff Bezos, Elon Musk, and the rest
of the billionaires. Congress needs to hear from you now!
[ [link removed] ]Sign the petition: Congress must pass new taxes on billionaires!
Thanks for taking action,
Izzi and the team at Demand Progress
[ [link removed] ]DONATE
Sources:
1. The New York Times, "Elizabeth Warren Claps Back at Elon Musk,"
[ [link removed] ]January 20, 2022.
2. ProPublica, "The Secret IRS Files: Trove of Never-Before-Seen Records
Reveal How the Wealthiest Avoid Income Tax," [ [link removed] ]June 8, 2021.
3. CNN, "Elon Musk's US tax bill: $11 billion. Tesla's: $0," [ [link removed] ]February
10, 2022.
4. Washington Post, "President Biden to unveil new minimum tax on
billionaires in budget," [ [link removed] ]March 26, 2022.
5. White House, "President's Budget Rewards Work, Not Wealth with new
Billionaire Minimum Income Tax," [ [link removed] ]March 28, 2022.
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