Elon Musk now owns 9.2% of twitter...update.. will soon be the sole owner as Board of Directors accepts his purchase offer

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uclaLabrat

Diamond Member
Aug 2, 2007
5,586
2,946
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So we have a chance to save something for a retirement? If you tax savings, they will dwindles instead of grow.
Im confused. As fski has stated im talking just taxing income as income regardless of source.

The argument that treating capital/investments the same will somehow spell the end of investment is ludicrous as:
1) investments will ALWAYS be the sensible use of idle cash reserves (possibly exceptions to this but i cant think of any)

2) we have a surfeit of capital around the entire globe.
 
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Zorba

Lifer
Oct 22, 1999
15,282
10,879
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So say lets do a hypothetical.

Someone has 10,000,000 shares of Tesla and it currently trades at $1,000 share. This person decides to leverage this stock and gets a loan for $2B.
You would update the cost basis on all the shares used as collateral and they would owe taxes based on the updated cost basis of any stock they leverage for the loan?
Yes, just like if they had sold and immediately rebought the stocks.
 
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uclaLabrat

Diamond Member
Aug 2, 2007
5,586
2,946
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You said: "Why not tax any assets? "

Assets and income are different things.
And you said savings...are equities savings or you talking idle cash in an account? Either way, impose a tax on total assets as stated above.

And as above if selling assets, tax as ordinary income.
 

IronWing

No Lifer
Jul 20, 2001
70,266
29,008
136
At some point the loans have to be repaid. He'll have to liquidate his assets and pay back what he borrowed, along with the taxes due.
I don't have a fundamental issue with a wealth tax, but punishing success is never a good idea.
High marginal tax rates aren't "punishing success", they are punishing excess. Every dollar Musk pockets was produced by someone else; he's skimming the fruits of other people's labor.
 

cytg111

Lifer
Mar 17, 2008
24,027
13,536
136
We can approximate what information silo Elon sits in when he tweets like this. It sorta works like with ads right, tell me what ads you see and I can guesstimate your browsing habits.

He is well and properly red pilled, I am not sure there is a way back for him at this point. America has created yet another asshole billionaire.

 
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VashHT

Diamond Member
Feb 1, 2007
3,128
987
136
We can approximate what information silo Elon sits in when he tweets like this. It sorta works like with ads right, tell me what ads you see and I can guesstimate your browsing habits.

He is well and properly red pilled, I am not sure there is a way back for him at this point. America has created yet another asshole billionaire.

JFC the comments responding to that are so pathetic it makes me not want any part of this world.
 
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