|
John,
When Elon Musk closes on his deal to buy Twitter for $44 billion, he will control one of the widest used communication platforms in the world. Billionaires, like Musk, are using their fortunes to buy power and influence―not just through media and communication outlets, but also through our political system.
In the 2020 election cycle, 661 billionaires pumped $1.2 billion into federal elections to elect candidates, most of them focused on maintaining our rigged economy that favors wealth over work. They contributed $1 out of every $10 spent.[1]
One way to limit billionaires’ influence in our elections is for them to pay their fair share in taxes. Then they’d have less to spend on corrupting our democracy.
Before Elon Musk buys Twitter, he should pay taxes on the hundreds of billions of dollars his wealth has grown since the pandemic began.
Sign the petition to Congress to pass the Billionaire Minimum Income Tax so that billionaires, like Elon Musk, pay taxes each year, not just when they feel like it.
From March 18, 2020 to October 17, 2022, Elon Musk saw his wealth grow by $183 billion―a nearly 750% increase―making him the richest person in America, according to Forbes data.[2]
An expose last year by ProPublica based on IRS data revealed that Elon Musk, Jeff Bezos and other top billionaires paid zero federal income tax in several recent years. It determined that the top 25 billionaires paid just a 3.4% tax rate between 2014 and 2018 when the growth in their wealth is counted as income.[3]
The Billionaire Minimum Income Tax, legislation proposed by President Biden and cosponsored by 45 members of the House of Representatives, would place a 20% tax on the annual wealth gains of anyone worth $100 million or more, with most of the revenue raised from billionaires. It will raise at least $360 billion over 10 years that can be used to lower costs for working families, address the climate crisis, and more.[4]
Sign now to demand Congress pass the Billionaire Minimum Income Tax so that Elon Musk and America’s 700-plus billionaires pay their fair share of taxes each year, not just when they feel like it.
Thank you for fighting for a tax system and economy that works for everyone, not just the wealthy few.
Frank Clemente
Executive Director
Americans for Tax Fairness Action Fund
[1] “Billionaires are Spending 39 Times More on Federal Elections Since Citizens United Supreme Court Decision in 2010,” Americans for Tax Fairness, Jan. 21, 2022
[2] According to Forbes data analyzed by Americans for Tax Fairness, on March 18, 2020, Musk was worth $24.6 billion and on Oct. 17, 2022, he was worth $207.7 billion, an increase of $183 billion or 744%.
[3] “The Secret IRS Files: Trove of Never-Before-Seen Records Reveal How the Wealthiest Avoid Income Tax,” ProPublica, Jun. 8, 2021
[4] Americans for Tax Fairness, https://billionairestax.org/the-plans/
|
