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Democrats Target Musk’s Trillion-Dollar Fortune for Wealth Tax

6/16/2026

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Summary

Story summary

Democratic leaders seized Elon Musk’s trillion-dollar net worth to revive wealth-tax and Social Security payroll-tax proposals.
Senator Elizabeth Warren and Representative Ro Khanna urged a wealth tax on billionaires.
Governor Gavin Newsom said grocery and gas prices and Elon Musk’s trillion-dollar wealth show a rigged system and noted Elon Musk donated $291 million to President Donald Trump’s 2024 campaign.

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Story summary

Democratic leaders seized Elon Musk’s trillion-dollar net worth to revive wealth-tax and Social Security payroll-tax proposals.
Senator Elizabeth Warren and Representative Ro Khanna urged a wealth tax on billionaires.
Governor Gavin Newsom said grocery and gas prices and Elon Musk’s trillion-dollar wealth show a rigged system and noted Elon Musk donated $291 million to President Donald Trump’s 2024 campaign.