https://www.seattletimes.com/busine...d-musk-pay-relatively-little-in-income-taxes/
Very good read. So their trick is, don’t sell the stock just leverage the stock by taking out loans against it and the loans are not income. Hmm.. Buffet argues he can do better than the government by giving away his money as he sees fit. Bezos claimed a salary of like 86,000 and also $1,600,000 in other income one year while his wealth increased by billions but since he never sells the stock it isn’t realized. In 2011 he actually claimed a loss and received $4,000 in a child tax credit. I get it is fvcked to pay on stocks you haven’t sold, if you are a poor like me. But these dudes are clearly exploiting the laws but not committing a crime. That said Icahn makes a point that you want these folks to continue to invest etc and not be discouraged. Fair point, to a point. All that said, even at their shit rate they are still paying hundreds of millions on taxes. Just nowhere near the percentage of us simpletons.
Very good read. So their trick is, don’t sell the stock just leverage the stock by taking out loans against it and the loans are not income. Hmm.. Buffet argues he can do better than the government by giving away his money as he sees fit. Bezos claimed a salary of like 86,000 and also $1,600,000 in other income one year while his wealth increased by billions but since he never sells the stock it isn’t realized. In 2011 he actually claimed a loss and received $4,000 in a child tax credit. I get it is fvcked to pay on stocks you haven’t sold, if you are a poor like me. But these dudes are clearly exploiting the laws but not committing a crime. That said Icahn makes a point that you want these folks to continue to invest etc and not be discouraged. Fair point, to a point. All that said, even at their shit rate they are still paying hundreds of millions on taxes. Just nowhere near the percentage of us simpletons.
