You all realize they don’t have that money laying around to pay the IRS right? They own companies, those companies are worth that much. To pay that you would have to liquidate those companies. So no more Amazon, Tesla, Space X, etc…
When they sell their shares to buy twitter or pay the tax man, those companies still exist. It just means that other people get to buy those shares and that’s a good thing, because that way those companies get owned by the public.
Tesla and SpaceX still exist even after Elon overpaid by some $30B for his Twitter adventure.
I would be happy to take taxes in the form of ownership of the company
here the tax genius of Henry the 8th comes into play “pay me my money or else”
when noblemen didn’t pay william the conqueror the taxes he felt were due on time he would boil them. The principle being that if the rich face consequences for breaking the law they obey.
I highly recommend you to read the paper billionare argument. The market can stand the liquidation of most of those companies without making them go bankrupt, we don’t want them to stop existing, just to make them smaller and not a threat to democracy.
That’s not true at all. Loss of controlling ownership makes a company vulnerable to a hostile takeover. The new owners will pick it apart like the vultures they are.
You’re making it sound like the wealthy are rich in technicality only. Maybe the majority of their assets aren’t liquid but they’re still damn wealthy more than “on paper.”
And singling out wages as the only source of income to prove Elon isn’t “actually” wealthy is disingenuous at best.
What does that matter? He doesn’t take wages intentionally. He has a large stock portfolio that he can borrow against and thereby pay no taxes on that “income”.
That actually almost seems worse. He is not paying into Social Security or his local community. He is being generously compensated on stock, which is taxed differently.
Edit: I do want to thank you for providing that link. I was only finding a Forbes article about him being the highest compensated CEO of that year.
He’s paying in the local community through property taxes.
He’s highly compensated through stock and when he bought twitter. We got some huge amount of money in Taxes.
You’re correct. He rarely pays into social but that’s a problem for Congress to solve.
There are many ways to solve this bullshit and one is not allow them to borrow against their stock. That’s how they live for so cheap. I’m not opposed to stopping that at all.
You all realize they don’t have that money laying around to pay the IRS right? They own companies, those companies are worth that much. To pay that you would have to liquidate those companies. So no more Amazon, Tesla, Space X, etc…
Oh no! Anyway, so how can we make this happen, like, yesterday?
If only there were some way to change the ownership of assets without converting the asset into currency
Don’t be a bootlicker or bot or idiot.
When they sell their shares to buy twitter or pay the tax man, those companies still exist. It just means that other people get to buy those shares and that’s a good thing, because that way those companies get owned by the public.
Tesla and SpaceX still exist even after Elon overpaid by some $30B for his Twitter adventure.
Brings a tear to my eye, I tells ya
You don’t have to liquidate. Giving governments around the world more of a direct say in these international companies would be good.
I would be happy to take taxes in the form of ownership of the company
here the tax genius of Henry the 8th comes into play “pay me my money or else”
when noblemen didn’t pay william the conqueror the taxes he felt were due on time he would boil them. The principle being that if the rich face consequences for breaking the law they obey.
Don’t threaten me with a good time
I highly recommend you to read the paper billionare argument. The market can stand the liquidation of most of those companies without making them go bankrupt, we don’t want them to stop existing, just to make them smaller and not a threat to democracy.
For the whole scale of wealth I also recommend going through wealth shown to scale
Well they are public companies bar space x so. Just redistribute those shares.
Just redistribute ownership to the workers. There’s no need for liquidation here.
No, they’d just need to liquidate their share in those companies. Those shares would then get bought up by other people or by pension funds.
Or picked apart by private equity vultures at the expense of pension funds.
All they’d need to liquidate is part of their ownership in said companies. Companies themselves will be ok, don’t you worry your bleeding heart.
That’s not true at all. Loss of controlling ownership makes a company vulnerable to a hostile takeover. The new owners will pick it apart like the vultures they are.
RIP grannies pension plan
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That’s the thing people don’t get. The ultra wealthy are wealthy on paper.
On an average years. All of us make more than Elon in wages.
You’re making it sound like the wealthy are rich in technicality only. Maybe the majority of their assets aren’t liquid but they’re still damn wealthy more than “on paper.”
And singling out wages as the only source of income to prove Elon isn’t “actually” wealthy is disingenuous at best.
He’s wealthy but he doesn’t have a high income.
We tax income in America. That’s why Elon pays little and same with bezos. They just don’t have much income.
It personally doesn’t bother me they have billions. They pay their fair share of their taxes just like I pay mine.
You’re not poor because they’re rich. Once you stop focusing on others and focus on yourself; life becomes much easier.
It’s interesting you assume I’m poor just because I’m not licking those boots.
You are. It’s easy to figure out. When people confuse wealth with income, it’s easy to figure out.
People here think there is some finite wealth pie, and if you cut a big piece somehow that leaves more for everyone else
I’ve noticed their knowledge of economics is about zero.
I agree they think Elon has their part of the pie. He doesn’t. If they understood how stocks work, they’d know he has zero of their pie.
They also think he is sitting on billions in cash. He isn’t.
At least Elon created functioning companies for his wealth. He also created many millionaires.
That’s a good billionaire. You can go buy his product at the store.
Facebook. You are the product.
What does that matter? He doesn’t take wages intentionally. He has a large stock portfolio that he can borrow against and thereby pay no taxes on that “income”.
What did Elon get paid, excluding stock options at companies he works for?
I bet he still makes more than me.
Most years under 30k. Often a dollar or free.
https://amp.cnn.com/cnn/2023/02/20/investing/elon-musk-pay/index.html
That actually almost seems worse. He is not paying into Social Security or his local community. He is being generously compensated on stock, which is taxed differently.
Edit: I do want to thank you for providing that link. I was only finding a Forbes article about him being the highest compensated CEO of that year.
He’s paying in the local community through property taxes.
He’s highly compensated through stock and when he bought twitter. We got some huge amount of money in Taxes.
You’re correct. He rarely pays into social but that’s a problem for Congress to solve.
There are many ways to solve this bullshit and one is not allow them to borrow against their stock. That’s how they live for so cheap. I’m not opposed to stopping that at all.
Borrowing against stock needs to stop yesterday, especially if it’s not specifically for the interests of the company whose stock is being used.