WASHINGTON, D.C. – The relationship between President Trump and Elon Musk has soured, and their public feud has all eyes focused on the battle of billionaire egos. This fight isn’t just drama—it’s a symptom of a deeper problem: Billionaires like Musk have amassed so much wealth – and the unbridled power that comes with it – that they can distort our politics, economy, and public discourse to benefit themselves.
In response, Tax the Greedy Billionaires Campaign Director Igor Volsky issued the following statement:
“The Trump-Musk feud underscores the extraordinary leverage billionaires like Musk hold over critical government functions and the chilling impact of concentrated wealth over our democracy and economy. As Congress debates the reconciliation bill, lawmakers who represent working families have an obligation to fight for policies that tax the ultra-rich and chip away at their unprecedented power and influence.”
Imposing a 5% tax on households with wealth over $50 million and a 10% tax on households with wealth over $250 million would raise $6.8 trillion in the first ten years, slow the emergence of new billionaires, and reduce the total share of wealth controlled by billionaires., according to recent analysis by the Tax Policy Center.
While Musk’s short-lived – albeit wildly lucrative – stint in government embodies the culmination of a disturbing experiment in billionaire governance. In just a few months, the world’s richest man leveraged his wealth to gain unprecedented government access, which he used to enrich himself and bolster his business empire while undermining the public good.
This week as tensions spilled over, Musk claimed credit for electing Trump and a Republican Congress, insinuating that he was owed something in return. He failed to mention how much he’s already taken.
- Since Musk’s DOGE appointment, federal agencies tasked with holding his companies accountable have been systematically hollowed out.
- When Tesla faced labor rights complaints, Trump dismissed National Labor Relations Board officials before rulings could be issued.
- The Equal Employment Opportunity Commission’s lawsuit over Tesla’s alleged racial discrimination—including reports of workers called racial slurs and denied promotions—was frozen after Trump removed commissioners, disabling the board.
- After SpaceX incurred fines for safety violations, Musk demanded the resignation of the Federal Aviation Administration chief—and got it.
- The Fish & Wildlife biologist who monitored environmental risks at SpaceX launch sites was reassigned days before a key permit review, eliminating scrutiny at a critical moment.
- Consumer financial protections are also being dismantled to benefit Musk business ventures.
- As Musk develops payment services through X (formerly Twitter), DOGE gutted the Consumer Financial Protection Bureau, declawing the agency responsible for cracking down on the kind of unfair, deceptive and predatory practices that undermine millions of Americans and contributed to the 2008 recession.
- Under Musk’s influence, the Trump administration revised the $42.5 billion Broadband Equity, Access, and Deployment program to favor satellite providers like Musk’s Starlink over traditional fiber-optic solutions. This shift potentially redirects up to $20 billion to Musk’s company while reducing access to affordable, publicly accountable internet service for millions of Americans.
About Tax the Greedy Billionaires
Throughout the tax debate, the TGB coalition will continue working with constituencies and groups across the country to highlight how excessive concentrations of wealth are making life harder for all of us by undermining family stability, rising housing and health care costs, eroding racial justice, and devastating the climate.
For more information about the Tax the Greedy Billionaires campaign, visit https://taxgreed.org/
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