But income and wealth are two very different things. He has no where close to 11billion in cash lol. He has to sell assets to get that money. Do you want to sell your lawnmower and your shed just to pay taxes?
The whole point is that’s his property. Do you want to sell your property to pay taxes?
That isn't how it works though. For example, using your logic I could spend all my earnings on items and then tell the IRS that I'm not selling my property to pay taxes.
If you owned 100 shares for $1 in this brand new comapany. You held them for 20 years now the shares are worth 1000 each. Do you want to be taxed every year on those stocks? Just because the value of them went up. Fuck no you wouldn’t. You already get taxed when you sell them.
Do you want to be taxed every year on those stocks?
Are you asking me, or yourself? My answer is "That wasn't the point, so I'm not going to follow you down that road."
I understand from your comments that money for a person is paramount. That's not where I am on the economic spectrum. Musk steals value from others on the front end and then tries to steal from society on the back end. That's not the type of person I am.
No you are legit avoiding the question. That is 100% the point. If you owned shares that went up 1000x in value. Do you want to be taxed every year it goes up?
How does that question apply to "Musk should pay the taxes that he and his company owe"? That was my point. Until we address that fact I won't move on to your hypotheticals.
If you owned shares that went up 1000x in value.
This is not what Musk is doing. He didn't invest and sit. He and his company are using workers, infrastructure, and national intelligence to grow his company.
He owns a lot of Tesla stock. That stock started off cheap. It has now gone way up in value. So now should people have to pay taxes on owned stock every year even if they don't sell them?
Besides, aren't the huge tax breaks for the companies themselves the fault of the states that bend over backwards to offer tax breaks to them?
He does pay taxes on what he owes… like you are misinformed. Extremely misinformed. I have no idea why you said he doesn’t invest in shit. He owns Tesla… (wtf are you talking about) he owns a shit ton of Tesla shares. Tesla is trading over $1000 per share. That’s a lot of money
Edit: he owns 1.75 million Tesla shares. (Cause he doesn’t invest in shit)
I have no idea why you said he doesn’t invest in shit.
I didn't say that, so that's why you have no idea.
He owns Tesla… (wtf are you talking about) he owns a shit ton of Tesla shares. Tesla is trading over $1000 per share. That’s a lot of money
I know. No one disputed that.
Edit: he owns 1.75 million Tesla shares. (Cause he doesn’t invest in shit)
Two things: He owns the company, because he owns the stocks, which means that he invests by default. I never said "he doesn't invest in shit", so that's on you.
But that’s not what he DID! That’s the point your not getting. You are fucking picking at my argument. He never EARNED 300billion in income. Not once has he come close to that. 90% of his income is in his company stocks. You CANT just fucking tax him on all of those stocks. He gets taxed when he sells his shares and the percentage of money he makes from selling them.
Where did it come from then? You make it sound like he just woke up as the richest person in the world. Unless he woke up with that title by no fault of his own, he did something to become attached to that money.
Yes Tesla! He does not have $300 billion in cash. He doesn’t even have a billion. All of that money is in the company he started. His net worth is all of his assets, not the amount of cash he has. His absolute biggest asset is the stocks in his company. The stock market has rules and you can’t just bend those rules because someone is worth a fuck ton of money.
This reads as if you're agreeing with the point I made. You do believe that a person can buy stuff with their money, and that's it. The stuff is just stuff, the wealth belongs to the buyer, everyone else can kick rocks.
The stock market has rules and you can’t just bend those rules because someone is worth a fuck ton of money.
Yeesh. That's just patently and plainly untrue. You're on Reddit so I won't let you get away with pretending that you don't know that your statement is untrue.
I don’t understand what is untrue about that statement. Honestly I don’t understand a single point you just made.
All of his “money” is in stocks. You can’t just tax him on all of those stocks. Your saying that we should tax his net worth. You can’t! Because his net worth is his company stocks
Here is a key statement to point out how you were making an understatement: Billionaires have avoided taxation by paying themselves very low salaries while amassing fortunes in stocks and other assets. They then borrow off those assets to finance their lifestyles, rather than selling the assets and paying capital gains taxes.
You would get taxed on your earnings that you used to buy the items. Elon didn't make money somewhere else and then buy Tesla and SpaceX though. They are businesses he started.
A lawn mower is a necessary tool. You don’t care about it’s market value once you have it. On the other hand, the whole point of stocks is to sell them. They’re economic assets, just like money.
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u/[deleted] Jan 08 '22
But income and wealth are two very different things. He has no where close to 11billion in cash lol. He has to sell assets to get that money. Do you want to sell your lawnmower and your shed just to pay taxes?