How US Taxpayers Helped Elon Musk Become the Richest Man on Earth | Common Dreams
How US Taxpayers Helped Elon Musk Become the Richest Man on Earth | Common Dreams
Now it's time to tax it back to where much of it came from.
Has it trickled down yet? Soon, don't worry. Almost there.
Elon Musk’s Tesla generated a substantial $1.79 billion from carbon credit sales last year, as revealed in their Q4 2023 and annual financial report, bringing its total earnings from such credits since 2009 to nearly $9 billion. https://carboncredits.com/tesla-hits-record-high-sales-from-carbon-credits-at-1-79b/
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More infuriating is that higher education was dirt cheap for Baby Boomers. Meaning they CHOSE to stay uneducated, mostly because they "didn't need it."
And it was true, they didn't need it because manufacturing and non-college-educated jobs provided a living wage. Now neither is higher education affordable without decades of debt, but it's a default qualification to get nearly any job that pays a living wage.
I think we need to mentally compartmentalize Elon Musk, the rich dingbat, from the output of his companies.
Tesla single-handedly brought the electric car to the American market in a sustainable way, where every US and Japanese car maker was in a pause state waiting for somebody else to take the first move (although, credit to Nissan for the Leaf, but I think that by itself the Leaf wasn't going to open the floodgates).
For all the goofiness around SpaceX, I think they've proven that they are the right model for developing orbital boost systems. Other major players are trying to be more like SpaceX.
Should the US have effectively subsidized these efforts? Yeah, we should have. Arguably Tesla and SpaceX were the only serious players in these markets with the chutzpah to be successful, after a lot of false starts by others (incl. bigger companies in the same markets).
It's a shame that they enabled and enriched a giant dingbat, but in the end, Tesla and SpaceX have done things that nobody else could.
So by all means, tax him. And point out how Tesla and SpaceX depended on gov't subsidies and tax rebates. But let's also keep focus on the fact that electric car success and a more competitive space program are good things that were, and are, worth taxpayer involvement.
Also, to go back to the subject of the article. We don't really need a wealth tax. We don't need a corporate tax (which is just the political cowards tax).
We need to stop giving capital gains a free ride. Tax income when it is realized, consistently. Investment income should the same tax -- or just very slightly less -- as wage income. 15% tax on investment returns is laughably low.
And those unrealized gains, saved for a rainy day in an art safe in switzerland, or in some special financial scheme that effectively hides/reinvests any profits without triggering the tax obligation?
There is something to an extremely low-percentage wealth tax that kicks in only at an insane amount of wealth. It could introduce the obligation to track and report individual wealth in a standard way, at the risk of a significant financial penalty, helping to bring much needed transparency, which in turn can help shape future laws and policy.
That wealth is just paper until somebody spends it to buy something... capital goods, or services, or political influence, or whatever. Let people sit on their paper fortunes, but tax it consistently whenever it's used to buy stuff, or collateralize a loan, or whatever that allows people to realize value.
I wouldn't necessarily oppose a wealth tax, I just don't think it solves the problem. The problem we need to solve is passive income being taxed far less than wage income, and then we need to tax both kinds of income at rates that make sense.
n some special financial scheme that effectively hides/reinvests any profits without triggering the tax obligation
If that happens, then the system is fundamentally broken. If cross-border complications allow for hiding of passive income, then they are effectively hiding the wealth itself.
the obligation to track and report individual wealth in a standard way
I just don't think that's possible. The US can't force reporting requirements on "art" in Switzerland or Botswana. And wealth is difficult to measure anyway -- if the wealth is invested in art in a safe in Switzerland, how do you even value it? How can you possibly know what the next person is willing to spend for that art?
Instead, wait for the owner to sell it, and THEN tax the sale. It's very hard to measure and capture "wealth"; it's relatively easy to capture transactions.
Rich in what? I see an irresponsible man-child whom others have given far too much responsibility. Stop sucking his dick every five seconds and he'd fade to obscurity.
Rich in what?
Money.
Yeah, I'm sure not saying that Tesla and SpaceX have had some positive outcomes here and there will just totally make him disappear. /s
Those two companies persist despite him not because of him.
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