Elon Musk is growing wealth at a rate where he could be the first trillionaire.
Summing up the total net worth of the top 10 gets you $1.377 trillion....not even enough to pay for the current proposal in congress.
It would leave these men broke and without a dime.
Musk deserves every penny of his fortune, now that Joe Brandon has announced that electric cars can drive coast to coast on a single tank of gas. /s
Pelosi’s husband made out like a bandit (again) with his well-timed investment in Tesla stock!
In today’s inflated dollars this puts him among the top of the “robber barons.”
Cool for Musk, now he can pay back the many billions of Taxpayer funds that he used to get Tesla off the ground.
Elons worth is enough to write a check to everyone for about 900 dollars and a bit more.
Oracle cofounder Larry Ellison scores $12 billion gain on his Tesla stock in under 3 years
That is the point of the new bill’s provision to “tax the billionaires”. It is against what is called “unrealized earnings”.
Here is how it works now. If your stock rises (e.g., from $100/share to $120/share) and you decide to sell, the increase is taxed as income. OK, you may not like income tax but that is the way the law(s) work. OTOHand, if you don’t sell, nothing happens.
Under the proposed new plan if your stock increases (AT ANY TIME!!) you have to declare the increase as taxable income — even if you don’t sell and realize/takeHome the profit.
Of course, the Congressional parasites will say that for now this will only apply to the nasty billionaires (can’t say millionaires without hurting Bernie). Do you really believe that?
What yah gonna do when your house appreciates? Or, your 401K? Or, your account for your kids college?
This is how the gov’mt will seize control of your private property. Wanna guess which political/economic policy wants that? It was envisioned by a perv called Marx.
Is he going to SPREAD HIS WEALTH so that you and I can have some of his ill gained money??? Will we become thousands-airs so that we can buy a new electric car, move into an apartment building 45 stories high with 40,000 people crammed into it, walk everywhere in the city because there is no parking in the city and we must SAVE ELECTRICITY because we are short of it because we no longer can use nuke power, coal power and all those solar windmills are frozen up in minus-35 degree weather?? Is he going to take his kids out of private school? Is he going to share his home with four or five dozen people like Omar Shariff had to do in Dr. Zhivago (did I spell that correctly? I don't speak Russkee!!) Our Walmart already looks like a Soviet Russia era food store with all the empty shelves. Plenty of CRAP FROM RED CHINA, but you cannot eat that cheap crap that Amerikans purchase TO FUND THE RED CHINESE ARMY, NAVY, AIRFORCE AND COMMUNIST PARTY LEADERS' BANK ACCOUNT!!!!) Note to Americans: QUIT buying that crap from Red China!! Do you really NEED that cheap piece of crap that will break if handle it more than three times, and will be in the Rental Storage places where you store all that cheap Red Chinese crap that you will probably never see again until you try to dump it at some yard sale for $1.00!! STOP FUNDING THE RED CHINESE MILITARY!!!)
To answer my very first question above myself. Nope. He won't give up a dime. Just like Biden, he won't give a dime to anyone. He ONLY WANTS MORE for himself and his communist clan.
When I was quite young, I looked at the German stamps in my grandfather's stamp collection. I didn't understand why they had so many zeroes on them. My father wasn't real helpful, either. He just passed it off as "one of those things" that different countries have monetary denominations that yield big or small numbers in valuation. He could have taught me an early lesson in economics.
If we hit hyper inflation at some point, or something in between, and many of us could be worth over a $Trillion Dollars in short order.
Except this is “unrealized” profit, which the demoncrats want to tax.
They should start with Musk, he’s got a few hundred billion to spare. And a self-admitted socialist, too, so he won’t mind.
There was a recent interview of Elon Musk where he was questioned about Joe Biden wanting to increase taxes on the wealthy, and Musk said "Isn't the 53 precent I pay enough?". Think about that for a moment, he makes billions and the government takes more than half... and Biden wants more.