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Elon Musk moves to Texas

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Re: Elon Musk moves to Texas

#71

Post by beerandt »

jcampbell1 wrote: post #56
nickthemagicman wrote: post #27

Earlier quoted context omitted.

What are unrecognized capital gains?

Let’s say you are a painter, and you paint 20 pictures and sell 10 for 100,000 each. You pay taxes on the 1m you receive. The other 10 painting are sitting in a storage unit. Then at some point in the future someone, one of you previous customers sells their painting in a private sale for 10M. They pay capital gains on $9.9m. Now you as the painter hypothetically have $100M worth of in paintings in your storage unit.…

Put another way, it's taxing money (value) that you haven't actually made yet.

Re: Elon Musk moves to Texas

#72

Post by P_I_Staker »

toomuchtodo wrote: post #15
goshx wrote: post #12

Earlier quoted context omitted.

"These laws make it illegal to buy a car from Tesla in person, at a Tesla Gallery. Thus, all Texas orders are taken via the internet or over the phone. Texas residents can still easily buy a car from Tesla, but the purchase is handled as an out-of-state transaction and must be completed before the vehicle ships to Texas." Tesla is not your regular dealership. Car purchases are made online anyways.

This. All of our Teslas were bought online, and we showed up at the gallery or service center only to take delivery ("here's your [fob|rfid key] and we'll auth the vehicle in your Tesla account"). Carvana has a similar model for used vehicles, and they are very successful with the demo they cater to (buy online or in app, with a test drive period after purchase if you want to return the vehicle). People hate the trad…

I'd buy a car through Carvana (in principle), but I don't recall the prices being very attractive. It was the same or slightly more than what was available at traditional local places.

Re: Elon Musk moves to Texas

#73

Post by boringg »

busterarm wrote: post #62
apcragg wrote: post #50

Earlier quoted context omitted.

Failing budget? I get that it's super popular right-wing talking point but it just hasn't been true for years. Prior to COVID (which has decimated state budgets Red and Blue) California had a huge surplus and massive rainy-day fund.

California has a $54B deficit this year. It's been all over the news, including very left-wing sources like NY Times and Politico. The state _projected_ a surplus and was off by an entire order of magnitude into the red. The state has been campaigning to Congress all year for about $14B in bailout money.

Yes, most places in the country have a massive deficit this year because states are spending money to protect their citizens and stimulate the economy. So this year is an odd year for most states... don't try and single out California as this bad actor that can't manage its finances. That narrative is misleading.

Re: Elon Musk moves to Texas

#74

Post by Traster »

zaroth wrote: post #6

California is actively looking for ways to extract more money from Elon. It likely posed an appreciable risk to his business ventures that CA at some point will try to tax unrecognized capital gains, which would require him to liquidate shares to pay the tax. Basically akin to a hostile government takeover. If CA were to aggressively pursue such a policy, they would likely go after anyone they perceived as fleeing ju…

>Basically akin to a hostile government takeover.

Or, you know, taxes to pay for the government subsidies that have funded all of Musk's current business operations.

Re: Elon Musk moves to Texas

#75

Post by rootsudo »

bitxbitxbitcoin wrote: post #31
bzb6 wrote: post #3

Earlier quoted context omitted.

Great contribution. By the way I’ll never understand people who are proud of their Hispanic heritage but then can’t be arsed to write their own names with the proper accents.

I want to point out that she mentions Latinos, not Hispanics. Latinos are people who hail from Latin America - the kind of people that had Hispanic last names forced on them at some point in history. Makes sense to me why they can't be arsed to write their own names with "proper" accents.

At the same time, what is "latino" what is "hispanic?"

Are they a real identity, or were they created for the US census as a form of red lining?

What is "hailing" from anymore, someone whose born to a south american family, whose an indingious south american family?

But I would say I don't write my name in proper accents and I don't know anyone else that do, but I dont' care about accents, the question of the labeling and who created the label is more interesting.

Dropping accents is just vernacular.

Re: Elon Musk moves to Texas

#76

Post by [deleted] »

sidlls wrote: post #42
zaroth wrote: post #6

California is actively looking for ways to extract more money from Elon. It likely posed an appreciable risk to his business ventures that CA at some point will try to tax unrecognized capital gains, which would require him to liquidate shares to pay the tax. Basically akin to a hostile government takeover. If CA were to aggressively pursue such a policy, they would likely go after anyone they perceived as fleeing ju…

It likely posed an appreciable risk to his business ventures that CA at some point will try to tax unrecognized capital gains, People like Musk leverage their paper wealth into real (risky) loans and the like to support their business ventures (and personal lives)--part of the "socialize risk, privatize profits" model of pseudo-capitalism they practice. A thoughtless approach to taxing unrecognized gains is not a goo…

[deleted]

Re: Elon Musk moves to Texas

#78

Post by pokstad »

dglass wrote: post #61
zaroth wrote: post #6

California is actively looking for ways to extract more money from Elon. It likely posed an appreciable risk to his business ventures that CA at some point will try to tax unrecognized capital gains, which would require him to liquidate shares to pay the tax. Basically akin to a hostile government takeover. If CA were to aggressively pursue such a policy, they would likely go after anyone they perceived as fleeing ju…

Where is the source that CA is likely to tax unrealized gains?

I don’t know about this, but California law makers were discussing an asset tax at one point. The discussed law would have worked across state lines for up to 10 years to catch rich people who leave state lines. Just the discussion of such a law probably spooked the ultra rich. More details: https://weaver.com/blog/california-proposed-wealth-tax-impac...

Re: Elon Musk moves to Texas

#79

Post by jlmorton »

busterarm wrote: post #62
apcragg wrote: post #50

Earlier quoted context omitted.

Failing budget? I get that it's super popular right-wing talking point but it just hasn't been true for years. Prior to COVID (which has decimated state budgets Red and Blue) California had a huge surplus and massive rainy-day fund.

California has a $54B deficit this year. It's been all over the news, including very left-wing sources like NY Times and Politico. The state _projected_ a surplus and was off by an entire order of magnitude into the red. The state has been campaigning to Congress all year for about $14B in bailout money.

Did you miss the part where there's been a massive pandemic and sky-high unemployment for the past year?

California had the nation's healthiest budget prior to the pandemic, with the highest per-capita surplus, largest rainy day fund.

It's true that California relies heavily on income taxes, which include capital gains, both of which are much more strongly impacted by the business cycle than states primarily funded by property taxes. You can make an argument about that, but California's budget was extremely healthy prior to the pandemic.

Re: Elon Musk moves to Texas

#80

Post by elindbe2 »

toomuchtodo wrote: post #15
goshx wrote: post #12

Earlier quoted context omitted.

"These laws make it illegal to buy a car from Tesla in person, at a Tesla Gallery. Thus, all Texas orders are taken via the internet or over the phone. Texas residents can still easily buy a car from Tesla, but the purchase is handled as an out-of-state transaction and must be completed before the vehicle ships to Texas." Tesla is not your regular dealership. Car purchases are made online anyways.

This. All of our Teslas were bought online, and we showed up at the gallery or service center only to take delivery ("here's your [fob|rfid key] and we'll auth the vehicle in your Tesla account"). Carvana has a similar model for used vehicles, and they are very successful with the demo they cater to (buy online or in app, with a test drive period after purchase if you want to return the vehicle). People hate the trad…

Having gone through it, the Tesla process makes it super easy to buy a car.
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