Leftists are salivating - drooling - for a wealth tax

[hadit]

Musk didn't make his wealth on his own.

Like many billionaires who hit it big, Musk and Tesla got a massive $460 million loan from Obama and the Federal government back in 2010, which saved Musk and his company from bankruptcy.

Which is how businesses operate. The reason Circuit City, for example, failed so abruptly is they could not obtain the financing they needed to get through a big downturn. Investors weren't willing to take a risk on them.

As a "grateful patriot", Musk should be willing to pay extra taxes since the U.S. government helped him achieve tremendous wealth.

Did he pay back the loan in full and on time? That's all he owes the government for its investment.

Yes, obtaining financing is how a business owner expands his business and maintains payroll through the ups and downs of the market. That's been true since day one, and investors gladly invest in businesses they are confident will pay back the loans plus interest. That's how it works.

Extra taxes on a business solely because it is successful should be matched by payments for failing businesses.

 

[Alicia J]

Which is how businesses operate. The reason Circuit City, for example, failed so abruptly is they could not obtain the financing they needed to get through a big downturn. Investors weren't willing to take a risk on them.

Did he pay back the loan in full and on time? That's all he owes the government for its investment.

Wrong. The U.S. government was instrumental in making Musk a billionaire.

Musk benefitted from doing business in a country with a strong capitalist economy and a generous government lending program that makes it easier for people like him to be successful. The U.S. government has every right to tax Musk significantly more.

 

[JohnDB]

Wealth taxes only drive investment away from the USA.

Mandami drove the wealthy away from NY...even the bank of New York has left.

Just like California drove away many large businesses away from California...Elon Musk, Blue Diamond, Vallero Oil, and many more....

So they want a wealth tax to drive away everyone from America?

That would be dumb.

 

[Concerned American]

Wealth taxes only drive investment away from the USA.

Mandami drove the wealthy away from NY...even the bank of New York has left.

Just like California drove away many large businesses away from California...Elon Musk, Blue Diamond, Vallero Oil, and many more....

So they want a wealth tax to drive away everyone from America?

That would be dumb.

I can't seem to find where Blue Diamond is leaving CA. They closed a plant in Sacto and moved operations to existing plants in Turlock and Salida, but those towns are in CA.

 

[JohnDB]

Wealth tax....
Destroying farms everywhere in the world

 

[Dorian Mode]

Why? Unless they receive it as income, why tax it? What difference does it make if I have 20 billion in stocks that’s just sitting there but I don’t use it? If I cash some of that stock out, then yes, they can tax it, but if it’s just sitting there, why tax it?

Because the left needs more Learing Centers.

 

[candycorn]

Musk has the same SS Tax liability as someone who makes $185,000. Those who make less than $185K pay SS Taxes on every paycheck....

The system is flat out broken. And it hurts the most at-risk in our society; seniors and the disabled.

 

[Dorian Mode]

Musk has the same SS Tax liability as someone who makes $185,000. Those who make less than $185K pay SS Taxes on every paycheck....

The system is flat out broken. And it hurts the most at-risk in our society; seniors and the disabled.

Musk and the billionaires pay into SS but will never go and ask for benefits at retirement. I made a really small fraction of Musk and will not ever need my SS benefits when they will become available. So, Musk, the billionaires, and I paid a lot of money into the system and will get nothing out of it. Now you thieving dumocraps want more? I think it is time to do away with this horrible, corrupt program and tell people to prepare for their retirement by themselves or get a tent and live on Skid Row when they can no longer work. The time of living off the government is coming to a close. The government is bankrupt because of many, many decades of fraud and corruption.

 

[candycorn]

Musk and the billionaires pay into SS but will never go and ask for benefits at retirement. I made a really small fraction of Musk and will not ever need my SS benefits when they will become available. So, Musk, the billionaires, and I paid a lot of money into the system and will get nothing out of it. Now you thieving dumocraps want more? I think it is time to do away with this horrible, corrupt program and tell people to prepare for their retirement by themselves or get a tent and live on Skid Row when they can no longer work. The time of living off the government is coming to a close. The government is bankrupt because of many, many decades of fraud and corruption.

Tens of millions of people pay into the system with every paycheck and never get a dime back. Everyone should pay into the system with every paycheck....if you don't ask for the benefits you're due...that's remarkably stupid so I'm not surprised someone who uses the word "dumocrap" would do it.

 

[Care4all]

Musk has the same SS Tax liability as someone who makes $185,000. Those who make less than $185K pay SS Taxes on every paycheck....

The system is flat out broken. And it hurts the most at-risk in our society; seniors and the disabled.

Fyi

Actually he doesn't earn a salary.....at Tesla, and at space x, they pay him a minimum wage earning of $54000, because under Calif law he can't work without being paid a pay check. He earns all his money off company stock and pays no SS, OTHER than on the $54k earned, not the $185k.

 

[Nuthin' Fancy]

Ok, I’m for that, as long as when they retire, they can draw full benefit off of what they paid in

Full benefit?

Depends on how long you live.

 

[Care4all]

The intellectual elasticity is cutting spending. If you raise taxes and don’t force the government to curtail spending, you’re just pissing in the wind

Social security taxes and fund is separate from the Revenues collected by the IRS etc for the budget, and its spending. Social Security taxes and payments, has nothing to do with congress and presidents overspending on their discretionary budget....

 

[hadit]

Wrong. The U.S. government was instrumental in making Musk a billionaire.

And he paid it back, correct?

Musk benefitted from doing business in a country with a strong capitalist economy and a generous government lending program that makes it easier for people like him to be successful. The U.S. government has every right to tax Musk significantly more.

Then the government should in turn compensate businesses that fail. After all, it failed them since government is responsible for how successful businesses are.

 

[hadit]

Social security taxes and fund is separate from the Revenues collected by the IRS etc for the budget, and its spending. Social Security taxes and payments, has nothing to do with congress and presidents overspending on their discretionary budget....

It is different, yes, but since by law the SS surplus has to be invested in government securities, it ends up being put into the general budget and spent. Congress is on the hook to pay those securities back when SS runs a deficit, and that means more debt.

 

[ColonelAngus]

We should punish wealth and job creation.

Elon is all about himself.

The jobs and economic stimulation his companies produce? Who cares.

Corporate taxes. State and local income taxes on employees. Sales taxes by employees. Property taxes by employees.

Musk is an EVIL NAZI who only cares about ENRICHING HIMSELF.

 

[rightwinger]

And we already tax the increase, which is the point. Now you want to tax simple movement whether there's an increase or not, you should then give deductions for losses. That would be fair.

Only way to tax hidden wealth
Just like you have a sales tax on every transaction

 

[krichton]

Mr. Musk became a trillionaire (on paper) yesterday when his Space X company became public.

AOC, Bernie, and many lesser known socialists are just drooling for a wealth tax so they can swoop in and steal 5% of his wealth and redistribute it.



Now, I'm not going to tell you that the super rich don't need to pay more. THEY DO. Raise the freaking tax rates on the wealthy - but do it on earned income, capital gains, and so forth.... the way they have done it for a long time. Raise the rates.

What the left is proposing with these "wealth taxes" is theft. And rest assured, after they get their 5% this time, they will be back for more, soon enough.

Billionaires do not make their money through their income. There is nothing to tax even if you raise income taxes on billionaires. As for capital gains, this only works when a billionaire actually sells his stocks/assets, not before, something they rarely do. What good is a tax on capital gains when you can't collect? You want billionaires to pay more, but not really.

 

[rightwinger]

If Billionaires don’t like higher taxes they can get a second job and cut back on Avocado Toast and fancy Lattes

 

[JohnDB]

Musk and the billionaires pay into SS but will never go and ask for benefits at retirement. I made a really small fraction of Musk and will not ever need my SS benefits when they will become available. So, Musk, the billionaires, and I paid a lot of money into the system and will get nothing out of it. Now you thieving dumocraps want more? I think it is time to do away with this horrible, corrupt program and tell people to prepare for their retirement by themselves or get a tent and live on Skid Row when they can no longer work. The time of living off the government is coming to a close. The government is bankrupt because of many, many decades of fraud and corruption.

Woah woah woah.
SS is a government mandated retirement insurance program.
paid into over 45 years at just a $30k/yr salary rates it still comes up to $840,000 if it's at 3% interest. Which is still more than the crappy checks issued at the moment. (Non transferrable too)

The Government calls it a welfare check, a subsidy, a lot of things other than what it really is....MY MONEY THEY HAVE STOLEN.

If I did Railroad Retirement in lieu of Social Security (like many have) I would be a multi millionaire.....getting a raise at retirement instead of a pay cut....

And these retirement "benefits" as they call them instead of "forced investments" as they truly are would be transferrable fully to children and spouses upon my death. Most men when retired last about 2 years....or 35 years. Not much in between. Those who only lasted 2? Well their kids and spouse are just out....

 

[CrazyTrader55]

Billionaires do not make their money through their income. There is nothing to tax even if you raise income taxes on billionaires. As for capital gains, this only works when a billionaire actually sells his stocks/assets, not before, something they rarely do. What good is a tax on capital gains when you can't collect? You want billionaires to pay more, but not really.

Musk paid $11 billion in 2021. How much of his money do you really want?

Does Elon Musk Pay Taxes? From Zero to $11 Billion

A look at how Elon Musk went from paying zero taxes to an $11 billion bill, and why both outcomes are legal under U.S. tax law.

legalclarity.org