Musk is now worth 304 billion

[quark]

But why are we subsidizing his wealth still?

Money.

Define we. It is state and perhaps Federal governments giving him tax breaks and subsidizing his initiatives.

That, if you can believe it, creates jobs and provides services to the community in whatever fashion the community has chosen.

 

[Schrute Farm]

We equals taxpayers ie: where the funds come from.

 

[Mace Canute]

https://taxfoundation.org/us-households-paying-no-income-tax/

 

[lostcreekranch]

Musk paid $0 in taxes for tax year 2020.

Why? Because he took no salary in 2020 and sold no stock in 2020.

In tax year 2021 .. he sold tons of stock and will pay over $11B in taxes.

 

[aczlan]

If Musk is so rich by making money off his cars then why are taxpayers still subsidizing the high price if the cars? Purely political?
Lets face it, the cars are mostly being bought by affluent people.

Which subsidy? IIRC, they have sold enough that as of March 2021 they no longer qualified for the federal credit (unlike Ford, GM ,etc).
That was something in the failed BBB act that was going to remove the 200k limit on that tax credit, but it obviously failed.

Musk paid $0 in taxes for tax year 2020.
Why? Because he took no salary in 2020 and sold no stock in 2020.
In tax year 2021 .. he sold tons of stock and will pay over $11B in taxes.

But he owns eleventy kabillion worth of Tesla and SpaceX stock, why cant we tax him on his unrealized capitol gains?

Aaron Z

 

[lostcreekranch]

Which subsidy? IIRC, they have sold enough that as of March 2021 they no longer qualified for the federal credit (unlike Ford, GM ,etc).
That was something in the failed BBB act that was going to remove the 200k limit on that tax credit, but it obviously failed.


But he owns eleventy kabillion worth of Tesla and SpaceX stock, why cant we tax him on his unrealized capitol gains?

Aaron Z

"But he owns eleventy kabillion worth of Tesla and SpaceX stock, why cant we tax him on his unrealized capitol gains?"

Sound like you been speaking to .. Senator Karen?

If the stock goes down .. do you rebate $$ for an unrealized Capitol LOSS?

 

[Gator6x4]

"But he owns eleventy kabillion worth of Tesla and SpaceX stock, why cant we tax him on his unrealized capitol gains?"

Sound like you been speaking to .. Senator Karen?

If the stock goes down .. do you rebate $$ for an unrealized Capitol LOSS?

I called my CPA Tax person and he advised, "To deduct your stock market losses, you have to fill out Form 8949 and Schedule D for your tax return." then his next thing was, "Since you do not own any stock why are you asking this question."

 

[lostcreekranch]

I called my CPA Tax person and he advised, "To deduct your stock market losses, you have to fill out Form 8949 and Schedule D for your tax return." then his next thing was, "Since you do not own any stock why are you asking this question."

Well .. DUH!

Do you understand the difference between a "realized" gain and an "unrealized " gain?

Perhaps .. you don't butt in to conversations .. that you don't understand?

 

[drssg]

Which subsidy? IIRC, they have sold enough that as of March 2021 they no longer qualified for the federal credit (unlike Ford, GM ,etc).
That was something in the failed BBB act that was going to remove the 200k limit on that tax credit, but it obviously failed.

The last time I checked, Tesla has yet to sell its vehicles for more money than it spends to build them. It fairly recently managed to show a profit, due to the substantial amount of money it receives by selling emission credits to other auto manufacturers.

One could argue whether that is technically a subsidy, but the people who purchase ICE vehicles are helping to pay for Teslas.

 

[Schrute Farm]

The last time I checked, Tesla has yet to sell its vehicles for more money than it spends to build them. It fairly recently managed to show a profit, due to the substantial amount of money it receives by selling emission credits to other auto manufacturers.

One could argue whether that is technically a subsidy, but the people who purchase ICE vehicles are helping to pay for Teslas.

That was my understanding as well.

 

[Gator6x4]

Well .. DUH!

Do you understand the difference between a "realized" gain and an "unrealized " gain?

Perhaps .. you don't butt in to conversations .. that you don't understand?

A lot of top percentage people recognize and utilize the advantages of unrealized gains at tax time.

President Trump's tax returns show he has company: How rich Americans avoid taxes

Like President Donald Trump, rich Americans often deploy sophisticated tax avoidance strategies to maximize their wealth. Here are a few.

www.usatoday.com

 

[I am Steppenwolfe]

Trump's nothing but a crook, like his daddy.

 

[Molalla1]

Trump's nothing but a crook, like his daddy.

"Behind every great fortune . . . is a crime".

 

[lostcreekranch]

A lot of top percentage people recognize and utilize the advantages of unrealized gains at tax time.

President Trump's tax returns show he has company: How rich Americans avoid taxes

Like President Donald Trump, rich Americans often deploy sophisticated tax avoidance strategies to maximize their wealth. Here are a few.

www.usatoday.com

You should improve your reading comprehension.

"Unrealized capital gains accounted for more than one-third of the assets held by the richest 1% of Americans in 2013, according to a Federal Reserve analysis. By comparison, the bottom 90% of Americans have only 6% of their assets in unrealized capital gains."

You're not taxed on "Unrealized capital gains" .. Dumbass!

You also may not claim "Unrealized capital losses" to offset "Realized Capitol Gains" .. Dumbass!

You should .. return to hiding ....

 

[Molalla1]

You should improve your reading comprehension.

"Unrealized capital gains accounted for more than one-third of the assets held by the richest 1% of Americans in 2013, according to a Federal Reserve analysis. By comparison, the bottom 90% of Americans have only 6% of their assets in unrealized capital gains."

You're not taxed on "Unrealized capital gains" .. Dumbass!

You also may not claim "Unrealized capital losses" to offset "Realized Capitol Gains" .. Dumbass!

You should .. return to hiding ....

That's why we rely on our CPA . . . (because I don't know) . . .

 

[lostcreekranch]

Trump's nothing but a crook, like his daddy.

This thread is about Elon Musk.

Take your TDS addled comments .. to one of the numerous TDS addled threads.

FOCUS!

 

[lostcreekranch]

That's why we rely on our CPA . . . (because I don't know) . . .

It's simple (like GAYtor) .. if you don't sell an "asset" you have no tax ramifications .. for a gain or a loss.

 

[Molalla1]

It's simple (like GAYtor) .. if you don't sell an "asset" you have no tax ramifications .. for a gain or a loss.

So, it only applies to a "sell"?

 

[lostcreekranch]

So, it only applies to a "sell"?

Correct.

The Demoloons .. like Senator "Karen" Warren ..are pushing new laws to tax "unrealized" asset gains. They .. need to be stopped!

 

[Molalla1]

I've seen some of the "new" taxes that this administration has and a lot of it targets us retirees and our monies that we have saved..