1. United States
  2. Ariz.
  3. Letter

Tax Elon Musk's Trillion-Dollar Windfall — Now

To: Sen. Gallego, Rep. Ciscomani, Sen. Kelly

From: A constituent in Tucson, AZ

June 12

Elon Musk just became the world's first trillionaire. That's not an achievement to celebrate — it's a policy failure to fix. SpaceX's IPO on June 12, 2026 raised $75 billion and valued the company at $1.78 trillion, handing Musk roughly $860 billion in stock alone. No one accumulates that kind of wealth without benefiting enormously from public infrastructure, government contracts, and a tax code rigged in their favor. It's time to change that. I want you to champion a meaningful wealth tax on fortunes above $1 billion. Unrealized gains — the kind that made Musk a trillionaire overnight — go untaxed for years while working families pay their share every single paycheck. That's not a free market. That's a system designed to protect people who already won. Push for legislation that taxes extreme wealth at every level, closes the stepped-up basis loophole, and treats investment income the same as wages. The money is there. The political will just needs to follow.

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