Patriotic Millionaires Blast Elon Musk for Billionaires Income Tax Comments “Elon Musk: 300 billion reasons to tax the rich”

Thursday, October 28

For Immediate Release

Thursday, October 28, 2021


Patriotic Millionaires Blast Elon Musk for Billionaires Income Tax Comments

“Elon Musk: 300 billion reasons to tax the rich”

Group Launches DC Mobile Billboard Campaign As Democrats Finalize Reconciliation “Pay fors”

WASHINGTON, DC – Today, the Patriotic Millionaires blasted Elon Musk for his remarks opposing the Billionaires Income Tax proposed by Senator Ron Wyden. The group is running a billboard featuring an image of Musk and the text “Elon Musk: 300 billion more reasons to tax the rich” around the Capitol in Washington, DC all day beginning at 8 am ET, as Democrats in the House and Senate debate what tax increases should be included in reconciliation.Click HERE to see the image used on the side of the billboard, and HERE for the rear of the billboard, referencing Musk’s baffling decision to change his title at Tesla to “Technoking.”

Erica Payne, President and Founder of the Patriotic Millionaires, said:

“It’s too bad we can’t tax egos. We could pay off the entire federal debt with a minuscule tax on this guy’s overblown opinion of himself.

Elon Musk was born with an emerald spoon in his mouth, and when he needed more money for his various schemes, he turned to US taxpayers for billions of dollars of subsidies and direct handouts. Now the Techno ”Mooch” King is ticked off because he might finally have to contribute something to this great country of ours.

Not only did Tesla and SpaceX receive billions of dollars in government subsidies, both companies rely on a workforce educated by public tax dollars and a physical, legal and economic infrastructure built, maintained, and paid for by American taxpayers.

This country made him rich. He owes us.

I’m offended by his careless disrespect for the country and his juvenile refusal to recognize the central role this country played in his success.

Musk built his fortune on ‘other people’s money.’ He insists that private companies are ‘better at capital allocation’ than the government. We suggest lawmakers remember that sentiment the next time he or his companies need a government subsidy or a bailout.

Musk paid a 3.27% tax rate on $13.9 billion in gains between 2014 and 2018. Since then, Musk has earned over a hundred billion dollars more and paid even less on those gains.

Someone earning just $25,000 a year in income pays a top rate of 12%, almost 4x what he paid. Millions of hard-working people who do their part for the country every day, while entitled “technokings” like Elon Musk shirk their most basic responsibilities.”

This campaign follows the Patriotic Millionaires’ continued efforts to include significant tax hikes on both wealthy individuals and corporations in the Democrats’ budget reconciliation bill. Along with their support for the Billionaires Income Tax, they are fighting for a corporate minimum tax, the equalization of capital gains and ordinary income tax rates on incomes over $1 million, and the elimination of both the stepped-up basis and the carried interest loophole.

Please see HERE a full list of the organization’s legislative priorities.