“There’s been a lot of talk lately about unrealized gains as a means of tax avoidance,” tweeted Elon Musk. “So I propose to sell ten percent of my Tesla shares.” He does not receive any cash wages or bonuses, explained the multi-billionaire. Therefore, selling shares is the only way for him to become taxable. According to calculations by the Reuters news agency, the 50-year-old would earn a good $ 20 billion from the sale.
His tweet contains a survey scheduled for 24 hours – with the answer options “Yes” or “No”. Musk promised that he would keep the results of the poll – “no matter how it turns out”. The Tesla founder has almost 63 million Twitter followers.
Tax free rich
Price gains on stocks are only taxed in the USA if the papers are sold and a profit is thus realized. This is considered to be one reason why US corporations like to buy back their own shares – and thus support the price – instead of paying out the money as dividends.
Critics complain that rich citizens can build up a fortune without having to pay taxes themselves. US President Joe Biden wants to change this in the course of planned tax reforms. With the money raised from a “billionaire tax”, Biden wants to finance planned social and climate projects.
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