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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

#31

Post by MicroBerto »

WJW wrote: post #25
tdehollain wrote: post #13

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

For the US maybe. Income tax in the Netherlands (my country) in the top bracket is 52%. On the second hand, we have no capital gains tax so he might come out ahead when exercising options. On the third hand, we have a wealth tax of 1.2% on your entire capital above a certain floor (of about 20k) so he might not come out ahead in the end. It's always interesting to see the opinions of different cultures about how much…

> It's always interesting to see the opinions of different cultures about how much tax is reasonable :)

Realize none of these numbers include the local, county, state, sales, and property taxes he pays.

At some point, theft becomes a more suitable word for it.

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

#32

Post by omginternets »

user5994461 wrote: post #26
SEJeff wrote: post #10

Not sure about everyone else, but I'd love to have this problem. Oh I have to pay $593 million in taxes? Boo hoo, let me cry all the way to the bank to write the check.

Imagine that you are a GAFA CEO 2 years before you IPO and you are asked to pay 593 millions based on the estimated value of your shares.

Yes, and?

Am I supposed to feel sorry for people with hundreds of millions in liquid assets?

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

#33

Post by quicksilver »

omginternets wrote: post #30
NegativeK wrote: post #23

Earlier quoted context omitted.

I agree that it's a lot, but I disagree that it's harsh. That leaves him with $747M for the year.

>That leaves him with $747M for the year. I'm not sure what this is supposed to suggest/demonstrate. Surely you agree that taxing (say) 20% of 60k is different from taxing 20% of 1B. Namely: the former has a much more significant impact on quality-of-life then the latter... Figuratively speaking, what can you do with 747M that you can't do with 300M? (Before the pedants inevitably pick this rhetorical question appart…

Have a much greater chance at purchasing a controlling stake in a US sports franchise (likely still need to go in with some partners).

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

#34

Post by bsbechtel »

omginternets wrote: post #30
NegativeK wrote: post #23

Earlier quoted context omitted.

I agree that it's a lot, but I disagree that it's harsh. That leaves him with $747M for the year.

>That leaves him with $747M for the year. I'm not sure what this is supposed to suggest/demonstrate. Surely you agree that taxing (say) 20% of 60k is different from taxing 20% of 1B. Namely: the former has a much more significant impact on quality-of-life then the latter... Figuratively speaking, what can you do with 747M that you can't do with 300M? (Before the pedants inevitably pick this rhetorical question appart…

>>Figuratively speaking, what can you do with 747M that you can't do with 300M?

Invest in starting brain-computer interface and rocket companies

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

#35

Post by blahman2 »

neaanopri wrote: post #3
econner wrote: post #2

Wow. That's a yuge amount of income.

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

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

#36

Post by throwaway999a »

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 of all US income taxes[1]. The bottom 80% of filers (by income) pay only 15% of all taxes. This myth that the rich don't pay taxes is completely, utterly false. It is a myth promulgated for political purposes.

1. http://www.cnbc.com/2015/04/13/top-1-pay-nearly-half-of-fede...

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

#37

Post by [deleted] »

quicksilver wrote: post #33
omginternets wrote: post #30

Earlier quoted context omitted.

>That leaves him with $747M for the year. I'm not sure what this is supposed to suggest/demonstrate. Surely you agree that taxing (say) 20% of 60k is different from taxing 20% of 1B. Namely: the former has a much more significant impact on quality-of-life then the latter... Figuratively speaking, what can you do with 747M that you can't do with 300M? (Before the pedants inevitably pick this rhetorical question appart…

Have a much greater chance at purchasing a controlling stake in a US sports franchise (likely still need to go in with some partners).

[deleted]

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

#38

Post by jonlucc »

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…

Sure as a percentage of total taxes paid, but they generally pay less as a percentage of their income or worth. Which is a better measure is certainly a reasonable discussion, but saying that one is unequivocally politically motivated while the other isnt, is odd.

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

#39

Post by adventured »

gotodengo wrote: post #12
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

I'm not trying to deny the (until very recently legally enforced) class difference between whites and blacks in South Africa, nor the social issues causing hiring discrepancies in the States. However, it's not a narrow reading of events. Musk is African. Head a bit out of the way in South Africa and you'll find white kids who spend all day running around with black friends with the whole group speaking fluent Zulu. T…

> Musk is African

Actually, since we're being technical about it, he's American-Canadian-African. How else to define it? One could say African born, certainly.

He has lived in the US longer than he lived in South Africa at this point. He hated South Africa according to his brother, and sought to flee as soon as he could. He considers himself an American and has stated so on numerous occasions.

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

#40

Post by accountyaccount »

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 think people care that the rich pay a smaller proportionate rate[1] than the poor. People who make under $19k a year pay twice the rate of those making $470k+

Comparing total of taxes paid and leaving it at that is generally a tactic to distract from the proportion problem.

1.http://www.itep.org/whopays/full_report.php

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