Skip to comments.Tesla's Musk says Biden's electric vehicle bill should not pass Congress
Posted on 12/07/2021 4:00:56 PM PST by Hojczyk
The billionaire entrepreneur is escalating criticism about the administration and Democrats for a proposal to give union-made, U.S.-built electric vehicles an additional $4,500 tax incentive. Tesla and foreign automakers do not have unions at their U.S. factories.
"Honestly, it might be better if the bill doesn't pass," Musk said at the WSJ CEO Council Summit.
"I'm literally saying get rid of all subsidies," he said, adding that the government should "get out of the way and not impede progress."
Tesla has benefited from a variety of government aid and programs.
Since 2019, Tesla generated more than $3 billion revenue from selling regulatory credits to other automakers falling short of meeting government emissions standards. The rise in the income helped Tesla start making annual profits last year.
The company acquired its Fremont, Calif., assembly plant from the government as it restructured General Motors. Tesla also received a $465 million low-cost loan from the Department of Energy, which it repaid early.
Tesla also benefited from a $7,500-per-vehicle federal tax credit. That credit applied in full to the first 200,000 Teslas sold, and then phased out.
In his comments on Monday, Musk also reiterated opposition to a proposal by Democrats to tax billionaires.
"It does not make sense to take the job of capital allocation away from people who have demonstrated great skill ... and give it to, you know, an entity that has demonstrated very poor skill in capital allocation, which is the government."
Musk said his brain-chip startup, Neuralink, hopes to begin human trials next year pending approval from the U.S. Food and Drug Administration.
"I think we have a chance with Neuralink of being able to restore full body functionality to someone who has a spinal cord injury," he said.
(Excerpt) Read more at finance.yahoo.com ...
A good book about him is....Lift Off...the building of SpaceX....
Biden’s puppeteer’s want everyone in a New Chinese Communist Party Electric Car by Spring
I haven’t decided if I like this guy or not. But he surely is an interesting character.
Ki don’t like Tesla’s cars. I sure like him though.
its easy to say when you are the only big player in the game.
no government cheese to help other companies get off the ground.
My thoughts too
The media does not report the news, they push an agenda. Elon delivered at a fraction of the cost of what anyone else could have or has done. Any government loans his companies have received were paid off early and completely. Name any other company that has done that in the last 50 years. gm, bowing, lockeed martin and ge have been surviving out of the government trough for years and provided very little for the billions they’ve been given. Yet you never read negative articles about them because they toe the party line.
Very astute and smart. He tweets and makes a difference, like Trump.
Democrats got on his case saying rich guys like him should pay more taxes, never mind that Musk pays 53 percent tax rate on his earnings. So Musk tweeted that he would sell 10 percent of his Tesla stock and pay heavy taxes, but there isn't enough taxes from the wealthy to satisfy Democrat spending.
So he starts selling off 10 percent of his stocks, and paying heavy taxes. However, he had to exercise stock options that were soon expiring. So he sold 10.1 million shares of stock that cost him nothing but sold for over $1000 a share, while he exercised stock options and bought 10.7 million shares that cost him a little over $6 a share, and paid taxes on the difference of what those shares currently are valued (billions of dollars of taxes). He now owns more stock than before he sold some. Smart.
Very interesting character!
You should actually do a little research before spouting completely uninformed drivel. Elon has delivered tenfold for any government investment he’s received. He’s delivering payloads to orbit for 1/10th the cost, and he’s doing it better then anyone else in the world.
Looks like Yahoo does not like Mr.Musk. Tesla may have gotten subsidies early but so did other electric car producers. They were the risk takers.
Yeah...it’s not like Elon never got subsidies (direct or indirect) for his Tesla business.... :0)
Additional conversation: see post
The unionized e-cars made in the US will be made by China. This is the monetary incentive to move factories here.
Musk is not a political person as far as I know. But, he is a visionary, an entrepreneur, and a capitalist. Not to mention a man with guts. Most of his commercial products are purchased by flaming Libs. Our current administration is likewise flaming libs. He must know this. And, he voices these opinions anyway. Admirable, just on these factors alone.
But does he know who’s on first?
I couldn't have stated it better. :)
“The rise in the income helped Tesla start making annual profits last year.”
If not for selling those tax credits and the gamble on Bitcoin there would have no profit for Tesla last year.
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