Journalist Matt Drudge has dug up Donald Trump’s old stance on taxing billionaires to take a dig at the Republican’s most vocal supporter, mega-billionaire Elon Musk. The founder of Drudge Report took to X last night to share a vintage New York Daily News cover with the headline "Soak the Rich," showing a younger Donald Trump advocating for a significant one-time tax on the ultra-wealthy to help reduce national debt.
“Old don wanted tax on billionaires. From socialist to fascist,” Drudge wrote while sharing the old headline on X, highlighting the shift in Donald Trump’s ideology.
He tagged Elon Musk while sharing the picture on the social media platform. The billionaire owner of Tesla has yet to respond to the direct swipe.
Trump’s tax stance: Then vs now
In the late 1990s, Donald Trump proposed a one-time wealth tax of 14.25% on individuals with a net worth exceeding $10 million. He argued this tax could help eliminate national debt.
{{/usCountry}}In the late 1990s, Donald Trump proposed a one-time wealth tax of 14.25% on individuals with a net worth exceeding $10 million. He argued this tax could help eliminate national debt.
{{/usCountry}}This, of course, is vastly different from the tax policies he implemented during his time in office as the president of the United States, when his tax cuts disproportionately benefited wealthy individuals and corporations. The Republican presidential candidate has also promised to extend his 2017 “Trump tax cuts” if re-elected.
The Democrats allege that “Donald Trump’s Project 2025 is a dangerous plan to take over our government and rig the system for massive corporations and wealthy donors.”
Elon Musk: Mars visionary to MAGA mouthpiece?
Trump is not the only one to have undergone an apparent change of heart. Elon Musk's public image has also seen a significant transformation over the years, evolving from a visionary focused on space exploration to a prominent supporter of right-wing causes and Donald Trump's political agenda.
Since the last few years, Musk has increasingly amplified conservative and pro-MAGA voices on his social media platform X.
He is one of Trump’s richest and most vocal supporters, with a report in The Guardian revealing that he has donated $75 million to a pro-Trump group. However, sceptics say that Musk’s support of Trump is more for self-benefit than any ideological commitment, suggesting that Trump in power could help the billionaire save massively on taxes.
In the midst of this, Matt Drudge unearthing the old Trump headline on taxing the ultra-rich underscores the irony of Elon Musk’s support.