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Tesla's Musk Paid at Least $593M in Income Taxes in 2016

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Re: Tesla's Musk Paid at Least $593M in Income Taxes in 2016

#81

Post by BurningFrog »

tunesmith wrote: post #21
tdehollain wrote: post #13

That's $593M taxes on $1.34B earnings on exercising stock options...44% tax rate is pretty harsh!

I got interested in the utility of money a while back and how the "value" of money is roughly logarithmic as it goes up. I found a couple of thought experiments regarding a "logarithmic flat tax". Anyway, going by that I think it's about right - it might still be a little bit high, though. Depending on how you calculate it those plans can be configured so that he should have paid more in the 35-40% range. Basically,…

Do you mean "fair" in the sense that it tries to be equally painful for everyone?

Re: Tesla's Musk Paid at Least $593M in Income Taxes in 2016

#82

Post by snowpanda »

blahman2 wrote: post #35
neaanopri wrote: post #3

Earlier quoted context omitted.

A narrow and literal reading of events makes Musk the richest african american. It's pretty depressing the richest african american is white

it is even more depressing to read what racists like you have to say everywhere

Agreed, some people need to make everything about color.

Re: Tesla's Musk Paid at Least $593M in Income Taxes in 2016

#83

Post by bmelton »

eastWestMath wrote: post #57
maratd wrote: post #42

Earlier quoted context omitted.

And I believe a boring company, hyperloop, other efforts in AI, etc. A more substantive question is how that money would be spent by the relevant parties. I would argue that Musk would spend it better than the federal government and as such, he should have it.

Then you'd end up having a fairly stupid argument about the semantics of "better".

Downvoted because, well, you didn't make much of a point really.

The idea that the argument is stupid should be presented with an argument as to why. For what it's worth, we have existing law in most (American) municipalities that support the argument that if Musk can be shown to be a better steward here, then he might have a claim to make, i.e., adverse possession, which is basically a claim against the state that says "I can tend to this property better than you, and my doing so provides social and financial utility to the state, to my would-be neighbors, and to myself as well.

To be sure, it's an argument in abstracts, but there's precedent enough that it clearly isn't an entirely meritless (or stupid) argument to be made.

Re: Tesla's Musk Paid at Least $593M in Income Taxes in 2016

#84

Post by snowpanda »

bekimdisha wrote: post #5
neaanopri wrote: post #3

Earlier quoted context omitted.

A narrow and literal reading of events makes Musk the richest african american. It's pretty depressing the richest african american is white

Why is that depressing? ...

You haven't gotten the memo? Racism is ok if it's against whites.

Re: Tesla's Musk Paid at Least $593M in Income Taxes in 2016

#85

Post by bmelton »

idbehold wrote: post #75
bmelton wrote: post #63

Earlier quoted context omitted.

Worth noting that he'd likely have netted about the same in the 1950s. Despite the constant assertions of those who fondly reminisce about the days of 90%+ income tax rates, there were so many more deductions that it all basically came out the same, while disincentivizing the outright hiding of wealth. Moreover, the law enforcement that prevents him from being robbed is paid for by tax revenue, but not federal tax re…

FBI? Also, who mentioned federal tax revenue or income tax? It wasn't me.

I'm not sure I understand the point. Are you asserting that the FBI is keeping muggers and highwaymen away from Elon Musk's money?

Edit, to respond to your edit, which added "Also, who mentioned federal tax revenue or income tax? It wasn't me."

The title of the article we are ostensibly discussing.

Re: Tesla's Musk Paid at Least $593M in Income Taxes in 2016

#86

Post by frgtpsswrdlame »

ww520 wrote: post #41
tdehollain wrote: post #13

That's $593M taxes on $1.34B earnings on exercising stock options...44% tax rate is pretty harsh!

44% tax rate is not too bad. Note that people with lots of money got their money by leveraging the system. A well run system is not cheap. The court system, the legal system, law enforcement, the education system, welfare, defense, etc all cost money. The higher percentage tax is only fair to pay back to the system that generates the big gain.

Especially if you take into consideration how much Musk has personally benefitted from a well funded government.

>Tesla Motors Inc., SolarCity Corp. and Space Exploration Technologies Corp., known as SpaceX, together have benefited from an estimated $4.9 billion in government support, according to data compiled by The Times.

http://www.latimes.com/business/la-fi-hy-musk-subsidies-2015...

Re: Tesla's Musk Paid at Least $593M in Income Taxes in 2016

#87

Post by jedberg »

824ueirwfjd wrote: post #60
jedberg wrote: post #48

Earlier quoted context omitted.

He lives in California. 9% of that was to the state.

13.3% actually... this is why I don't understand why anyone starts a company in California when you can go to other states like WA that have no income tax

As someone who just started a company in California, I can tell you why I did it. The main reason is because I already live here. My family lives here, as it has for the last three generations.

I like the fact that I get great weather year round, that I live amongst a diverse group of people, and can get just about any kind of food I want very close by. I like that my child will go to school with people of all colors and religions and beliefs. And my cost of living is lower in the sense that I don't have to pay a ton of money for heating in the winter and cooling in the summer, nor for a bunch of clothes I can only wear 1/2 the year.

As for the business, yeah, it's not great, I'll admit that. I don't like paying extra corporate taxes for no apparent reason (I'm incorporated in Delaware, why am I paying CA tax?). And I may not even hire here, since I'm fully remote and hiring in other states is viable for me.

But if I were going to open an office and hire local, I would most definitely do it here in California, where a lot of the talent live and a lot of the people I would want to hire who like the same things I do.

Re: Tesla's Musk Paid at Least $593M in Income Taxes in 2016

#88

Post by enthdegree »

matt_wulfeck wrote: post #45
tunesmith wrote: post #21

Earlier quoted context omitted.

I got interested in the utility of money a while back and how the "value" of money is roughly logarithmic as it goes up. I found a couple of thought experiments regarding a "logarithmic flat tax". Anyway, going by that I think it's about right - it might still be a little bit high, though. Depending on how you calculate it those plans can be configured so that he should have paid more in the 35-40% range. Basically,…

Sounds like reasonable policy but incredibly obtuse. All taxpayers should be able to calculate and file their own taxes. The more complicated the easier to game and manipulate. I'll go as far as to say simplicity should be the driving motivation, not equality.

It's implemented as a literal table lookup anyway, so it wouldn't be any different from the taxpayer's standpoint.

Re: Tesla's Musk Paid at Least $593M in Income Taxes in 2016

#90

Post by youdontknowtho »

throwaway999a wrote: post #36

It's very strange how people now seem to feel like they are entitled to see the tax returns of public or well-known figures. Tax returns are nobody else's business! Would you demand to see their medical records as well? The implicit subtext (especially with highly successful people like Musk) is that we do this to "make sure they pay their fair share". Here's the reality: the top 1% of US tax filers pay nearly half o…

I disagree, but I don't think that people should have down-voted you.
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