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

Following information of Musk's settlement with Twitter Monday, Democratic Senator Elizabeth Warren tweeted that the deal is "harmful for our democracy" and referred to as for a wealth tax. Assistant Speaker of the Home Katherine Clark, a Democratic consultant for Massachusetts, additionally tweeted Monday that individuals who "can afford to purchase Twitter" can "afford to pay their fair proportion in taxes."

"RT in case you're prepared for @potus' Billionaire Minimal Revenue Tax," she added, referencing President Joe Biden's proposal to have any households value greater than $100 million pay no less than 20 p.c in taxes on their full revenue, together with unrealized appreciation.

Quite a few Democrats had referred to as for a billionaire tax lengthy earlier than Musk—who Forbes estimated earlier this month is the richest particular person on the earth—finalized the deal to amass Twitter. However the controversial buy appears to have made such a tax a fair greater precedence for some Democratic lawmakers and figures.

Push for Billionaire Tax
After Twitter introduced that Tesla CEO Elon Musk would purchase the social media platform in a transaction valued at about $44 billion, some Democrats have cited the acquisition to reiterate requires a brand new tax on the ultra-rich. Above, Musk’s Twitter account is displayed on the display screen of an iPhone on April 26, 2022 in Paris, France.Chesnot/Getty Photos

After her preliminary tweet on Monday describing Musk's deal as harmful, Warren, a frequent proponent for a billionaire tax, tweeted Tuesday morning that "the American folks strongly help Democratic proposals to lift taxes on billionaires."

"We want to verify the ultra-rich pay their fair proportion similar to everybody else," she added.

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

Newman might have been referencing a ProPublica report from final yr that decided Musk allegedly paid zero revenue taxes in 2018.

Rana Abdelhamid, a Democratic candidate for a U.S. Home seat in New York, additionally took to Twitter to categorical her personal name to "tax the wealthy."

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

Musk expressed dismay prior to now about an earlier administration proposal to tax the ultra-rich to assist fund Biden's spending bundle.

Biden's newer Billionaire Minimal Revenue Tax proposal, which he introduced final month, was estimated to herald roughly $360 billion over the subsequent decade, based on the White Home.

"This minimal tax would guarantee that the wealthiest Individuals now not pay a tax price decrease than lecturers and firefighters," the White Home stated in a launch.

However the probability of the proposal turning into actuality stays unclear resulting from some pushback and different potential challenges cited by specialists, CNBC reported.

Newsweek reached out to the White Home and Musk by way of Tesla for remark.