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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.
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!
Sign the petition: Congress must pass new taxes on billionaires!
Thanks for taking action,
Izzi and the team at Demand Progress
Sources:
1. The New York Times, "Elizabeth Warren Claps Back at Elon Musk," January 20, 2022.
2. ProPublica, "The Secret IRS Files: Trove of Never-Before-Seen Records Reveal How the Wealthiest Avoid Income Tax," June 8, 2021.
3. CNN, "Elon Musk's US tax bill: $11 billion. Tesla's: $0," February 10, 2022.
4. Washington Post, "President Biden to unveil new minimum tax on billionaires in budget," March 26, 2022.
5. White House, "President's Budget Rewards Work, Not Wealth with new Billionaire Minimum Income Tax," March 28, 2022.
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