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Elon Musk tweets again, despite orders of several courts intended to keep it under control. This time he talks about fiscal policy, centered on a proposal that Tax on unrealized capital gains for people like him. The rule change could put Elon on an annual tax bill of $ 10 billion, and he’s not too happy about it.
Let’s start with a quick introduction to the proposed change. Senator Ron Wyden of Oregon has suggested an update to the current tax code, which would affect long-term capital gains taxes for millionaires and billionaires. Currently, capital gains (an increase in the value of something you own – real estate, stocks, pogs) are taxed as income if you’ve owned that property for less than a year. After a year or more, they are taxed as “long-term capital gains†– a category capped at 20% tax.
Regardless of the tax rate, capital gains taxes are only incurred when you to sell the operation concerned. If your stocks are tripling in value, but you and your diamond hands continue to HODL, you will not pay any tax. This is what Senator Wyden’s proposal wants to change: add a tax on unrealized capital gains, to be treated as regular income, for high income earners.
Elon Musk, the richest featherless biped to ever walk on this planet, would be one of these best employees. A notorious and devoted tax crookMusk spoke out on Twitter against the proposed change:
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Musk’s use of the classic “other people’s moneyâ€The line is really something Alanis Morissette-level irony, given that Tesla and SpaceX are directly funded by these same government coffers. In 2015, Tesla, SolarCity (then still an independent company) and SpaceX had garnered nearly five billion dollars in subsidies and tax credits.
Of course, the money didn’t stop there. 2015 was before Tesla’s Austin factory, and its heavy tax incentives. This was before construction in Berlin, which came at a cost to the German government which has not yet been decided. Musk follows government money, sucking it wherever he can – ten-digit value so far, with more on the horizon.
With such a reliance on grants for SpaceX and Tesla, Musk really isn’t in a position to complain about taxes – after all, he wouldn’t be anywhere without them. The system that financed its factories, its rockets, ad Tunnels has to recover these payments one way or another. Maybe he expects cryptocurrency somehow solve all the problems – or maybe paying taxes is good advice Elon just can’t follow.
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