Musk to let Twitter decide on his tax contribution
Photo: Unsplash
Resentment has been building in recent months towards billionaires who seemingly vastly grew their wealth as ordinary folks got poorer during the pandemic.
However, efforts by politicians to prise cash from billionaires and their corporations, particularly the Democrats’ ‘unrealized gains’ proposal, have equally been met with derision.
Taxes on unrealized gains apply to US entrepreneurs but not hedge funds. It's destroying one of the last pillars of American values. pic.twitter.com/hQsvr0o7WA
— Justin Kan (@justinkan) November 4, 2021
Elon Musk, the maverick entrepreneur and CEO of Tesla, appears to have come up with a solution.
To let Twitter decide, of course!
Much is made lately of unrealized gains being a means of tax avoidance, so I propose selling 10% of my Tesla stock.
— Elon Musk (@elonmusk) November 6, 2021
Do you support this?
“Much is made lately of unrealized gains being a means of tax avoidance, so I propose selling 10% of my Tesla stock. Do you support this?” Musk asked his 62.5m followers alongside a Twitter poll.
“I will abide by the results of this poll, whichever way it goes,” he added.
He must drive his shareholders crazy.
Furthermore, could policymakers be about to reap what they sowed?
Makes sense.
— The Wolf Of All Streets (@scottmelker) November 6, 2021
If your unrealized gains are going to be taxed, you need to make sure to have the realized gains to cover the payment.
Mess with billionaires, you might get a market crash.
Point made. https://t.co/qDQ8syAe09
“If your unrealized gains are going to be taxed, you need to make sure to have the realized gains to cover the payment,” says crypto trader and investor Scott Melker.
“Mess with billionaires, you might get a market crash. Point made.”
So far “yes” is winning 55% to 45% with 23 hours to go, meaning Musk would sell 10% of his stock.
Let the battle between the zealous anti-capitalists and Tesla Bulls commence!