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That's $593M taxes on $1.34B earnings on exercising stock options...44% tax rate is pretty harsh!
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…
>>Figuratively speaking, what can you do with 747M that you can't do with 300M? Invest in starting brain-computer interface and rocket companies
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.
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…
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…
>>Figuratively speaking, what can you do with 747M that you can't do with 300M? Invest in starting brain-computer interface and rocket companies
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,…
I'll go as far as to say simplicity should be the driving motivation, not equality.
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…
That's $593M taxes on $1.34B earnings on exercising stock options...44% tax rate is pretty harsh!
That's $593M taxes on $1.34B earnings on exercising stock options...44% tax rate is pretty harsh!
Earlier quoted context omitted.
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.
At some point, theft becomes a more suitable word for it.
That's $593M taxes on $1.34B earnings on exercising stock options...44% tax rate is pretty harsh!
Not really. Go look at the tax-rates of the 1950's. The only way he was able to acquire that much money was because of the infrastructure paid for by tax revenue. The only reason he wasn't robbed by someone else was because of the law enforcement paid for by tax revenue. I could go on, but I think you get the point. His wealth is built upon the shoulders of tax revenue.
Traditionally, all the things you mention are NOT paid for by income taxes even now.