Elon Musk baited Democrats, as the Party of Lynching Black People accused Musk of being a tax cheat.
But as Trump did with Rachel Maddow, Musk pulled an Al Capone’s vault on his accusers.
As CNBC reported, Musk’s tax bill will be close to $12 billion. And you can bet he’s happy to pay it.
Elon Musk faces a hefty tax bill this year — possibly the biggest in U.S. history.
“For those wondering, I will pay over $11 billion in taxes this year,” the Tesla CEO tweeted on Monday.
That’s close to a CNBC estimate that Musk was set to pay a total of $12 billion in taxes in 2021.
Musk has sold off $14 billion worth of Tesla stock since early November, after asking his followers in a Twitter poll if he should sell 10% of his holdings. The response to that poll was a resounding “yes.”
But it’s likely Musk would have begun selling anyway. That’s because he faces a massive tax bill on Tesla stock options.
Keep in mind, this is only Musk’s portion of a tax bill. There are many more investors who now must pay Uncle Sugar.
Having made a bit of money on Tesla, I can tell you that I got hit with a tax bill this year after selling some of my stock. How much more tax revenue do you think Tesla generated?
Billions. But count on Democrats to have amnesia as they continue their “tax the rich” policies.
I have no problem paying my fair share. And if I were fortunate enough to make billions like Musk, I would happily write that tax check. But only if these sanctimonious Leftist sh*ts would shut their mouths.
Recall when Zuckerberg’s partner gave up his citizenship to avoid paying millions in taxes? The article reported:
For most immigrants, the day they achieve U.S. citizenship is one of the most momentous in their lives. It’s a long, arduous process to get there, involving years of residency, study of our nation’s history, and the swearing an oath of allegiance. It’s an honor that many would-be Americans have given up their lives for. But for 30-year-old Facebook co-founder Eduardo Saverin, U.S. citizenship has its price: Rather than pay his fair share of taxes on the upcoming Facebook IPO, Saverin has renounced his U.S. citizenship to save some money.
Did anybody complain? And what is Zuckerberg doing to hide his tax debt? Motley Fool discussed how Facebook avoided paying taxes:
The social networking platform generated $55.8 billion in worldwide sales in 2018. But $30 billion, or almost 54% of the total, moved through Facebook International Holdings I, a 39% increase from the year before.
Facebook paid $3.2 billion in total taxes that year, or about 11% of its $25 billion in income.
Have you heard of Zuckerberg and Facebook coming under scrutiny for this?
Since he’s paid off most of the Democrats in Congress, Zuckerberg immunized himself from such scrutiny.
Back to Musk:
Understand how much risk Musk took in building Tesla. Because rather than take a salary or cash bonus, Musk’s wealth comes from stock awards and gains in Tesla’s share price. The man bet on himself. And he’s winning.
Tesla stock is up 28% year-to-date. But up a lot more than that since Musk started the company.
So when Musk wants cash, he could simply borrow money using his company’s stock as collateral. This is a practice that business owners have used for some time, and not always with good results. And you know who’s complaining about the practice: Democrats.
Because most Leftist build crappy companies. So they criticize the successful people for use the legal tax loophole for the mega-rich. Again, this practice is used by many entrepreneurs who took no salaries early on.
Earlier this year, a group of supposed watchdogs, ProPublica published an investigation showing Musk and several other billionaires paid no federal income taxes in 2018. But here are the real numbers.
Between 2014 and 2018, Musk paid $455 million in taxes on $1.52 billion of income, according to ProPublica. Musk’s wealth reported grew by $13.9 billion over that period. But keep in mind this is “paper” growth. Musk actually paid taxes on his actual earnings.
Take another gander at that tax bill: $455 MILLION.
According to Forbes, on paper Musk is worth over $244 billion, and thus the world’s richest man. Consider that if Musk cashed out completely, he would pay well over $100 billion in taxes. And if Biden gets Build Better Bankrupt, Musk might pay double that.
The Tesla and SpaceX chief sparred with prominent Democrats on Twitter lately over the issue of tax avoidance. And he is the right man for the job.
Last week, he fired back at Senator Elizabeth Warren after she questioned Time Magazine’s decision to name Musk its Person of the Year. Musk tweeted: “I will pay more taxes than any American in history this year.”
This year? How about in history.
I hope Musk pays that much in taxes, so we conservatives have a champion. A story to rub in the faces of AOC and her ilk, who drone on about paying one’s “fair share”. Let’s put $12 billion in taxes in perspective for these Leftist tax cheats.
I hope Musk finances a study of how Leftists avoid paying taxes, using the same loopholes they complain about for the super rich. Then I hope Musk points out that he will have paid more in taxes than the ENTIRE Congress for over a decade, which is likely the case.
Democrats should’ve simply congratulated Musk on his success and moved on.