Schiff blasts ‘corrupt system’ that made Elon Musk a trillionaire
Schiff blasts ‘corrupt system’ that made Elon Musk a trillionaire
Steff Danielle ThomasSat, June 13, 2026 at 2:15 PM UTC
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Sen. Adam Schiff (D-Calif.) late Friday criticized what he called a "corrupt system" that produces extreme wealth at the top while many Americans lack access to health care.
"There is something terribly wrong about an economy that produces its first trillionaire, but cannot provide health care for its people," he wrote late Friday on social platform X, while sharing a story from The New York Times about SpaceX CEO Elon Musk. "Or one in which the richest handful of families have the combined wealth of almost forty percent of the rest of the country."
"This is the cost of a corrupt system, where wealth perpetuates itself, and poverty, at the same time," he added.
SpaceX made its stock market debut early Friday, establishing Musk as the world's first trillionaire. Shares opened 11 percent higher than the initial public offering (IPO) when trading officially opened on the Nasdaq, sending the company's valuation soaring to $1.96 trillion.
"I love the incredible people of SpaceX beyond words," the now-trillionaire wrote Friday afternoon on X, which he also owns.
The development comes as health care costs and coverage remain a persistent political fault line, especially after expanded subsidies under the Affordable Care Act expired last year, leaving millions of Americans facing higher premiums.
Schiff has previously been critical of Musk's influence and business dealings, including raising concerns about potential conflicts of interest tied to his various companies' relationships with the Trump administration while the SpaceX chief was serving as a special government employee.
Other Democrats also sounded the alarm over Musk's wealth and reignited calls for a wealth tax.
"The typical American household would have to work more than 11 MILLION years to make Elon Musk's level of wealth. We need a wealth tax," Sen. Elizabeth Warren (D-Mass.) wrote in a post online.
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"It's beyond sickening that Elon Musk — the world's first trillionaire — pays a lower effective tax rate than truck drivers, firefighters, or nurses," Rep. Sarah Jacobs (D-Calif.) wrote on X. "It's not complicated — we need to actually TAX THE RICH."
The push has been led by Sen. Bernie Sanders (I-Vt.) and Rep. Ro Khanna (D-Calif.), who introduced the Make Billionaires Pay Their Fair Share Act earlier this year.
If passed, the legislation would apply to the 938 billionaires nationwide who collectively own $8.2 trillion in wealth — including Musk. Lawmakers have estimated it would raise more than $4 trillion over the next 10 years.
Sanders on Friday also called for passage of his Social Security expansion bill.
"Today, Elon Musk, a trillionaire, pays the same amount into Social Security as someone making $184,500," the senator wrote on X. "If we end that absurdity and lift the cap on taxable income, we can make Social Security solvent for 75 years and expand benefits by $2,400. My Social Security bill does that."
California Gov. Gavin Newsom, who has also sparred with Musk in recent years, echoed the lawmakers' concerns, pointing to high grocery and gas prices.
"Americans are struggling to pay for groceries and gas while Elon Musk becomes a TRILLIONAIRE," he wrote on social media. "When the federal government is for sale, the rich get richer and everyone else gets shafted."
"The system is rigged," Newsom added.
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Source: “AOL Breaking”
