Democrats Eye Elon Musk Twitter Purchase as 'Billionaire Tax' Poster Child

After Twitter announced that Tesla CEO Elon Musk would acquire the social media platform in a transaction valued at about $44 billion, some Democrats have cited the purchase to reiterate calls for a new tax on the ultra-rich.

Following news of Musk's agreement with Twitter Monday, Democratic Senator Elizabeth Warren tweeted that the deal is "dangerous for our democracy" and called for a wealth tax. Assistant Speaker of the House Katherine Clark, a Democratic representative for Massachusetts, also tweeted Monday that people who "can afford to buy Twitter" can "afford to pay their fair share in taxes."

"RT if you're ready for @potus' Billionaire Minimum Income Tax," she added, referencing President Joe Biden's proposal to have any households worth more than $100 million pay at least 20 percent in taxes on their full income, including unrealized appreciation.

A number of Democrats had called for a billionaire tax long before Musk—who Forbes estimated earlier this month is the richest person in the world—finalized the deal to acquire Twitter. But the controversial purchase seems to have made such a tax an even higher priority for some Democratic lawmakers and figures.

After her initial tweet on Monday describing Musk's deal as dangerous, Warren, a frequent proponent for a billionaire tax, tweeted Tuesday morning that "the American people strongly support Democratic proposals to raise taxes on billionaires."

"We need to make sure the ultra-rich pay their fair share just like everyone else," she added.

Democratic Representative Marie Newman of Illinois tweeted Monday: "Elon Musk paid $0 in federal taxes in 2018. If he can afford Twitter, he can d**n well afford to pay his fair share in taxes. We need a Billionaire Tax NOW."

Newman may have been referencing a ProPublica report from last year that determined Musk allegedly paid zero income taxes in 2018.

Rana Abdelhamid, a Democratic candidate for a U.S. House seat in New York, also took to Twitter to express her own call to "tax the rich."

Her message was echoed by Dr. Cindy Banyai, a Democratic candidate for a U.S. House seat in Florida, who took the additional step of calling billionaires "immoral."

Musk expressed dismay in the past about an earlier administration proposal to tax the ultra-rich to help fund Biden's spending package.

Biden's newer Billionaire Minimum Income Tax proposal, which he announced last month, was estimated to bring in roughly $360 billion over the next decade, according to the White House.

"This minimum tax would make sure that the wealthiest Americans no longer pay a tax rate lower than teachers and firefighters," the White House said in a release.

But the likelihood of the proposal becoming reality remains unclear due to some pushback and other potential challenges cited by experts, CNBC reported.

Newsweek reached out to the White House and Musk via Tesla for comment.