Sorry, I find this despicable

We should be applauding the achievements of people like Musk, people who take risks, who lead the way, who create industry’s and jobs and with his space initiatives change the future.

Ask yourself if the world is a better place for all the things Musk, Gates, Bezos and others have done? I say yes.

Most of his money will not go untaxed, most of his growth in wealth is the result of stock price growth. If he paid no tax, he had no taxable income under the tax laws that apply to everyone. He will pay tax on shares he sold and on the exercise of stock options. And he has signed the giving pledge.

Add up his achievements and you could, in my mind, justify him never paying a penny in taxes. He and others like him have indeed paid it forward.

Would taxing him more be an efficient use of his wealth, more efficient than giving to charity?

7 comments

  1. The sad truth is that Musk and all the other billionaires can’t pay enough in taxes to keep up with the spending done by Warren and the other professional grifters.

    She calls it giving back but she means she wants more for her various giveaways.

    Liked by 1 person

  2. Elon Musk, is a titan of industry. He has created more jobs than any one modern politician has done. He has employed people with a payroll in the millions of dollars, maybe even in the billions, that the government can tax. He is creating technology and the jobs that go with it, replacing the jobs that are lost to technology. He is building electric vehicles WITHOUT government money and doesn’t qualify for any money under Biden ‘s BBB plan while other auto makers do that haven’t sold a single EV yet. He is flying into space WITHOUT government money. He is already giving back more to society than most people. I personally don’t like him as a person but he is a risk taker and a visionary and he should be admired for that.

    Now let’s talk about the people who have a negative tax rate. The people who get more in tax credits or deductions and get more money back in a tax refund than they pay. I am not bashing these people who need the help. I don’t go “look that person collected an extra $1200 child tax credit
    (or whatever the amount is) because they are breeding and that results in having paid -5% in taxes”.

    Instead of bashing billionaires that employ thousands of people that pay a small percentage of their wealth in taxes we should be focused on finding ways to help those who are collecting tax credits to earn more money. Maybe it is as simple as subsidized child care so they can to go back to college or trade school that will allow them to improve their skills to earn more to get away from government handouts. But since that money comes in the form of a tax refund, nobody looks at the child tax credit as child welfare. If it is not welfare than what is it? A annual government cash birthday present?

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    1. “ He is building electric vehicles WITHOUT government money and doesn’t qualify for any money under Biden ‘s BBB plan while other auto makers do that haven’t sold a single EV yet. He is flying into space WITHOUT government money.”

      Musk collected (and is collecting) plenty of government $$$. The subsidies to those buying his cars made it possible for him to stay in business, and his rocket development also involved government $. LA Times estimates $4.9B.

      See https://www.latimes.com/business/la-fi-hy-musk-subsidies-20150531-story.html

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      1. Subsidiaries went to the rich to buy his cars. Rebates and energy credits are paid to the home owners for solar panels. Every government unit is willing to give ANY company tax breaks just to get job located in their district. That is being smart just as you would be filing for all the tax deductions that you are allowed. SpaceX bids on NASA contracts. He is not getting out right grants.

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      2. Al Corrupt: I stand corrected and you are right.

        The Elon Musk companies have received government subsides directly and a $400 million loan which was paid back 10 years early with interest unlike Solyndra which went bankrupt and stuck it to the American taxpayer for $535 million.

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      3. All that was to enhance public climate change initiatives. For the public good. The rocket issue was a contract to provide services to the government. So what in my view.

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    2. I have no problem with Musk creating an industry, just wanted to point out that he probably wouldn’t be in business without government $$ in one form or another.

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