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| SOOPOO Member since: Feb 19, 2014
Threads: 25
Posts: 5951 | Quote: GenoDRPh Quote: SOOPOO Quote: GenoDRPh Quote: SOOPOO Quote: terapined1
What are they protesting? I see one sign saying tax billionaires now. Like they aren’t taxed now? I googled it. Last year they have Musk’s tax billionaires was 2021. He paid between 11 and 12 billion dollars. Probably more than every protester there, plus every child of every protester there, plus every spouse of every protester, every spouse of every child of every protester, for their entire lives. By some large multiple. But he can afford it!
Did Elon pay the same percentage of his income in taxes as those people, or is it okay he pays less percentage-wise, as long as he pays more on an absolute scale?
I’m fine with the fact I paid as much as dozens of families that made low wages, like (back in the day) $80k per year. As far as Musk, and other ‘stock’ billionaires, you are right they pay a lower percentage because they pay nothing until they sell some of the stock. I’m ok with that. Think of it this way. Owning stock is like owning a (piece of) a company. If you bought a pizza restaurant for $100k, built it up into a much more successful restaurant, now worth $2 million, should you pay tax on that 1.9 million if you haven’t sold the restaurant? Tesla is Musk’s restaurant. So I’m not sure how to answer. Musk does pay the maximum rate on his INCOME. The highest percentage the law allows. Just it’s not how the progressives want income defined. I’m guessing if we get the Democrat trifecta of Prez/House/Senate ‘income’ will be redefined.
Then let's redefine "income" then. A pizza parlor owner whose restaurant increases in value has unrealized gains. Giving Elon stocks worth money at the time of transfer is-or should be-a realized gain, no different than if he was paid the equivalent in cash on a W-2. If Tesla gives Elon a million shares of Tesla, then tax Elon the cash value of the shares that he receives. After he pays that tax, he can do whatever he wants with it. Same as with after tax dollars. I'm even willing to give him a break and tax him at the lowest price the stock is for that calendar year, from the date he got them. If the grand prize winners on some game show has to pay taxes on the appliances, boat and free trip they won, and if the 1st prize winners of some raffle has to pay taxes on cars they just won, and if someone to pay taxes on the large gift people get from a family member as a down payment on a house, so should Elon have to pay taxes on the stocks he just earned, as that is compensation. If my state and the Feds take a certain portion of my pay every paycheck in taxes as pay as you go, so should Elon have to pay as he goes for ALL of his compensation-cash, stocks or whatever. And if that means Elon has to sell some of his stock to raise cash to pay the taxes, so be it. And if that means his percentage of ownership goes down, so be it.
I can support your plan. If Musk is given stock in lieu of cash, then that should be income. |
