Comment on Double Standards
electrodynamica@mander.xyz 2 years agoExcept musk doesn't have any money either. It's still our money. That's why he can't be taxed, right?
Comment on Double Standards
electrodynamica@mander.xyz 2 years agoExcept musk doesn't have any money either. It's still our money. That's why he can't be taxed, right?
iamtanmay@wolfballs.com 2 years ago
You mean subsidies to electric car manufacturers ? Sure, I agree. But Americans, esp left wanted a govt to act on climate change, thus the govt introduced this subsidy. Its not just Musk who gets it, all big Auto that make electric cars get it. Also Solar and renewable manufacturers I personally think its a dumb idea. Climate change is hysteria with no science behind it, and subsidies should never have existed.
Musk would still be the richest man, because Teslas are a fashion statement marketed at rich people, who would have bought it even without the subsidy, just like Apple.
Poor people don't have cars or gas, thanks to El Presidente Biden
electrodynamica@mander.xyz 2 years ago
No. I'm referring to how over half the money came from Morgan Stanley and Bank of America. It's other people's money, not his.
I also made reference to how he doesn't have to pay tax on unrealized gains, so he isn't taxed on his 200 billion wealth. But through banks, he can still spend it all he wants.
iamtanmay@wolfballs.com 2 years ago
Why did the Banks give Musk money ? Because Elon put his Tesla shares as collateral. This is the same as mortgaging your house. If Elon does not pay the Banks back WITH INTEREST, he will lose the stocks.
If you consider a Bank Loan to be a handout or "other peoples' money", you are ignorant of basic finance
iamtanmay@wolfballs.com 2 years ago
Elon Musk's 'wealth' is stock ownership in Tesla/SpaceX. He has 'some' cash income. Last year, he paid 30% taxes State (California) and Federal on income of ~30Billion $. His tax was ~10Billion $, the biggest tax contribution in American and World history. Rest of Elon's 'stock wealth' can only be unlocked by selling. If Tesla stock price crashes, Elon's magical 'stock wealth' disappears.
'Unrealized gains' tax is idiotic. Example: Tesla up 2% ? - > Make Elon pay -> Elon doesn't have cash ? -> Force to sell his stock -> Tesla stock crashes on Elon selling -> Elon's imaginary 'stock wealth' disappears -> IRS has to refund Elon
Not only will US govt not make money in this situation, its would cause chaos in the market. Many hedge funds, banks, 401Ks have Tesla stock in their portfolio, meaning innocent people will lose money. Great job ! US Govt, Elon and everyone else will suffer and lose.
What is the solution ? IRS collects tax when you SELL the shares. At that point wealth is not 'imaginary stock wealth' that could change every hour, rather cold hard cash. This is practical. Musk cannot buy food with Tesla stock, he has to sell it at some point to be able to eat and buy things.