Elon Musk Schools Lizzie Warren On Tax Realities
Elon Musk Schools Lizzie Warren On Tax Realities
Elon Musk has really had just about enough of Lizzie Warren. Yesterday she once again went on a rant about Elon not paying his fair share of taxes.
I tell you what, she just cannot quit him! I’ve never seen someone so jealous of another’s success. Yes, Lizzie is green with envy. Elon Musk is a crazy brilliant guy who has put his wild ideas into practice and it is paying off.
She already went after him in January, and boy that didn’t end well.
Elon Musk hit back at Sen. Elizabeth Warren (D-Mass.) on Tuesday, saying she reminded him of an “angry mom” after the progressive senator accused the billionaire and entrepreneur of “freeloading” on Monday.
The news came after Musk was named Time’s 2021 “Person of the Year” on Monday. At the time, Warren tweeted: “Let’s change the rigged tax code so The Person of the Year will actually pay taxes and stop freeloading off everyone else.”
Musk followed up the next day, telling her to “stop projecting.”
Please don’t call the manager on me, Senator Karen 🙏— Elon Musk (@elonmusk) December 14, 2021
Now, Senator Karen is trying again. She really cannot quit him!
One: she bluntly stated that she’s actually SEEN his 2018 taxes. Now, how could she see/read his taxes unless he willingly gave them to her? Guess what? She can’t. It’s against the law. So her claim is a major MAJOR problem.
Two: Her ignorance or gaslighting or both regarding how businesses work is award winning.
Yes, it is true that in 2018, Musk paid no income tax—because, after writing off losses and deductions, he had no net taxable income. In fact, he does not take a salary from Tesla, other than the required California minimum wage of roughly $37,000/year. Musk’s billions in compensation come from receiving Tesla stock. So, of course, he doesn’t pay income taxes—they only apply to, well, income.
I know SO many business owners, myself included, who’ve built up their businesses, but have taken ZERO salary until the company turns a profit. In fact, I’ve a good friend who has been in business for 15 years and just this month, FINALLY took home a personal paycheck!
That doesn’t mean we don’t pay taxes, because we certainly do. Taxes are paid on the buildings, taxes are paid out every time you write a paycheck for one of your employees, and yes any item that is bought in order to make that product or provide that service is, you guessed it, TAXED.
Given that, in 2018, the sheer amount of business and personal property Elon Musk owned, and given California’s insanely high tax rates, you can darned well bet Musk wrote some hefty checks to the IRS and the State of California. But because he PERSONALLY didn’t have any income that year, he didn’t have to write a check.
Tell me again how is it that Lizzie Warren claims she’s actually seen his 2018 tax return?
Meanwhile, Elon Musk is facing some major tax bills this year. A key part of that is due to a significant portion of his stock options that vested last year.
Musk was granted the options in 2012 as part of his pay package, and the options vested as Tesla hit various financial and operational targets in subsequent years. But he did not have to pay taxes on the options until he exercised them, which he started to do in November.
The value of the shares he acquired by exercising the options, less the nominal purchase price of $6.24 a share, will be taxed equal to $23.5 billion of regular income, a substantial sum, but still modest for the world’s richest person, whose net worth Forbes has estimated to be $280 billion. With a top tax rate of 40.8%, he faces of a federal tax bill of about $10.7 billion from the exercise of these shares.
Read that again. Just on the FEDERAL level, Elon Musk has to pony up nearly $11 BILLION to the IRS. Yet Senator Karen is once again claiming he doesn’t pay taxes.
Elon Musk doesn’t play political games. Which is why the establishment hates him. He’s providing jobs to thousands of people, his Space-X program is showing more success than NASA has built in recent years, and he thumbs his nose at our political betters. And they HATE that. Lizzie most of all.
No one is allowed to be a success, let alone a financial success, unless they are granted permission to be a success by the establishment. Elon Musk has flat out ignored that, which is why he’s a favorite target of theirs.
Will visit IRS next time I’m in DC just to say hi, since I paid the most taxes ever in history for an individual last year. Maybe I can have a cookie or something …— Elon Musk (@elonmusk) February 20, 2022
Those had better be the gold standard of cookies! If Elon Musk is feeling generous, maybe he’ll let Lizzie have a crumb or two from what’s left.
Feature Photo Credit: Original artwork by Victory Girls Darleen Click