1.1 Trillion
S E E D E D C O N T E N T
$1.1 trillion
Forbes estimates that Musk is now worth $1.1 trillion as of just before noon eastern Friday, up from $982 billion on Thursday, when SpaceX priced its IPO at $135 share. The IPO pricing boosted Musk’s fortune by $188 billion yesterday, according to Forbes’ calculations.
Forbes estimates that Musk is now worth $1.1 trillion as of just before noon eastern Friday, up from $982 billion on Thursday, when SpaceX priced its IPO at $135 share. The IPO pricing boosted Musk’s fortune by $188 billion yesterday, according to Forbes’ calculations.
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is it time to tax wealth yet ?
How much tax revenue do you think Elon Musk has generated for the US?
what tax rate do you think he should pay on that ?
I have no problem with boosting income tax rates on income.
Wealth taxes are a terrible idea.
will musk report this 188 billion as income?
Of course not! Why would he when he has bottom feeding Trump sycophants delusionally thinking he's 'one of them' so they are defending any and all grifting done by conservatives. They believe the system has ripped them off long enough, so they're going to make sure the trillionaire who gave them a wink and a nod doesn't have to pay taxes like the rest of America and the Godless liberals they've been manipulated to hate. Fucking gullible idiots.
Stock is not income unless sold or dividends are paid on it. If those things occur, then it is not a question of "should he?" He will have to pay taxes on it.
Agreed. Because it is not income.
There are Americans that are enthralled by Musk's trillion. They think that with the breaks they could be some part of that. This mindset has done more to bolster income inequality than any other factor. Everyone sees themselves as rich in their dreams, and are loathe to tax people they consider role models.
Or utilize one of the many tax loopholes to avoid paying. Most of those loopholes are designed for the ultra wealthy.
Then all that is necessary is for Congress to eliminate those loopholes. They don't. Doesn't that make them the problem?
the interest they pay on the loans they use as living expenses are less than the interest they get on their investments. quite a racket.
What do you consider income equality?
Or, more likely, they see your view of how things should be as simply stealing from people just because they are rich.
I know you at least glanced at this , , because you responded to it. Who is stealing from who ?
I know you at least glanced at this, 1.1.11 , because you responded to it. Why not answer the question submitted there?
Congress is at the core of many problems right now. Our system has been corrupted to a point where I see no recovery.
Hey! Can we just buy a clue already? We had better hope for the best from a trillionaire, because bad people with that kind of wealth accumulation can 'own' quite a lot of people and influence quite a bit more. Now then, everything is cool. . . until it is not. . .and people (not just one man), people that are evil with that kind of power can make people disappear 'mysteriously' and that is probably already happening. And if one man can set the precedent, the 'door' to it is now open - if only narrowly for others to pass through.
As dark as it is, I can see the way to recovery, given the upcoming elections. We have been at places just as dark, where the forces of tyranny and fascism (albeit by different names) were just as strong if not stronger. Do not lose hope my friend. We shall overcome.
Congress created those loopholes and use them for themselves.
"We Shall Overcome" —"Some day." . . . you know, somebody wrote a song about it!
Elon Musk has probably paid more in income tax than every American has since the start of the income tax.
Remember, 50 percent of taxpayers do not pay any taxes.
Musk got 188 billion dollars richer today. Is that income or outgo?
Not how stocks work. Worth is not the same as income.
He has 188 billion he didnt have yesterday. How is that not income? I dont agree with the games the ultra rich play.
Because stock is not income. It's worth fluctuates, sometimes widely, from day to day, month to month, year to year. If people were taxed simply on the arbitrary value of stock at any given moment, few, if anyone would own them and the ability to do business would be negatively impacted. Ultimately, tax revenue would be negatively impacted in the long run.
Let me make it a bit more clear. If simply owning stock causes one to pay taxes, you will immediately kill every single 401K anyone owns. The very reason people invest in them will be eliminated. What would you put in their place so that people will have retirement nest eggs?
How about we let Musk shield as much of his wealth from taxes as the average 401k owner does. Not as a percentage, as a dollar figure.
His net worth on paper grew. It is not income until he realizes it by selling shares (capital gain).
One of the long-standing, known problems with capitalism is the cumulative advantage of concentrated capital. The momentum (the ability to massively leverage) is key to enabling the uber-rich to get richer and creates the massive economic gap we see today.
A logically easy mitigation is to tax capital gains at an increasing rate. This would only affect the uber-rich — those whose wealth is at such a level that they can effect inordinate control over society. This is more complicated to do in reality since one can leverage wealth to produce working capital and avoid taxation. So this is a solution in principle, not a simple solution.
The good of capitalism is the opportunity and the encouragement for individuals to take high risks for high rewards and push the envelope. But like anything, when one hits the extreme, what was good in moderation manifests as bad.
A fundamental flaw here is who controls this revenue? If it simply goes in as normal revenue then the corrupt / incompetent politicians in D.C. will divert / waste it. It could be used, by law, to pay down the national debt. Seems perfect except that the corrupt / incompetent politicians in DC will just use that to borrow more money.
Problems everywhere one looks.
I don't understand what you are suggesting. Can you explain it further?
i KNOW WHAT THE RULES ARE. tHEY BLOW.
Are you looking for a massive tax based on a high level of wealth?
Then become one of them and stop complaining about them.
You are the dupe they have been looking for.
is a scam.
I disagree. Stocks can vary considerably. So exacting taxes when the stocks are high and refunding when they drop below purchase price would be a nightmare. In particular, imagine having to pay a huge tax simply because stocks went high. To pay the tax one might have to liquidate investments. Not a good system.
And if this applies to everyone, think of the impact on retirement savings, education savings, etc.
While I appreciate your sentiment, I think the solution (if one exists) would have to be based on realized income, not wealth 'on paper'.
So they continue to get away with robbery.
missed another one john , the Rockefeller cascade , how really rich families stay rich and dont have to involve banks like the rest of the people .
All thats needed is to have enough money , in the family , to become ones own bank.
Exactly, one of many workarounds. That is why this is such a big problem.
They continue to be able to enrich themselves and grow increasingly more powerful compared to the vast majority.
this is just another grift, because he knows what is coming for him as soon as trump disappears ...
Trying to figure out that picture. If Musk wore his watch like that when he was in charge of DOGE he would have done less damage.
very good
I love that picture, because I don't.
Yup, nothing like a picture to bolster a losing argument.
I have to admit that I agree with TiG on this one. The real value of those shares comes on the day they are sold.
You must be aware that people can lose money when they sell stocks, right?
JR knows how this works. His point is that the system offers too many loopholes for the uber-wealthy.
Loopholes on taxing investment?
Loopholes allowing the use of cash without paying capital gains taxes. The most common is borrowing using wealth as collateral. Look up 'securities-backed lines of credit', margin loans, etc.
IMO taxing anything associated with risk is immoral. It is also counterproductive if you want to increase revenues or grow the economy.
So you do not recognize the problem of extreme cumulative advantage of concentrated capital. You do not recognize that at the level of Musk and well-below, this tiny, tiny, minority of people have enormous control and enormous opportunity to expand that control.
You do not see the similarity —in terms of damage to the people— between authoritarianism and plutocracy?
I asked my editorial assistant to define and differentiate, compare and contrast, authoritarianism and plutocracy
This is it's response:
[deleted][✘]
I know, right? Pffftttt. Hundreds of millions struggling to afford gas, childcare, groceries, healthcare - but the dream of earning enough to buy another country should be the light at the end of everyone’s dark tunnel.
Just think, you could take all that money and build a few miles of high speed rail track.
And I can finally get to Merced.