World News Headlines November 8, 2021 Under One Ceiling 0 Twitter users ‘force’ Elon Musk to sell Tesla stock so he can stop avoiding taxes 0 0000 0 0 more Twitter users ‘force’ Elon Musk to sell Tesla stock so he can stop avoiding taxes November 8, 2021 Under One Ceiling now playing Transferring money from UAE abroad: what are my cheapest options November 8, 2021 Under One Ceiling WIN With Nespresso This Mother’s Day November 8, 2021 Under One Ceiling NBA Playoffs 2022: A Casual Fan's Guide to the Postseason November 8, 2021 Under One Ceiling Best New Climbing Gear of 2022 November 8, 2021 Under One Ceiling A Local Weekend Travel Guide to Austin, Texas November 8, 2021 Under One Ceiling First Drive: 2022 Range Rover Ups the Luxury SUV Experience November 8, 2021 Under One Ceiling Most Stylish Rain Jackets, Parkas, and Trench Coats for Men November 8, 2021 Under One Ceiling EU eyes Russian oil import ban as Moscow strikes western Ukraine November 8, 2021 Under One Ceiling World-class Clark Int’l Airport opens new 110,000 square-meter passenger terminal November 8, 2021 Under One Ceiling PCG: Bodies of 5 children who drowned in Taal Lake found November 8, 2021 Under One Ceiling Twitter users ‘force’ Elon Musk to sell Tesla stock so he can stop avoiding taxes It started with a Twitter poll. And now a billionaire CEO will need to pay his taxes. On Saturday, Nov. 6, Elon Musk decided to pose a question to social media platform’s users. Should Musk, the co-founder and CEO of the electric car company Tesla, sell off 10 percent of his Tesla stock? Tweet may have been deleted Now, this wasn’t just another meaningless 24-hour Twitter poll to gauge public opinion. Musk said up front that there were consequences to this poll. The billionaire had promised to “abide by the results of this poll, whichever way it goes.” Now that the poll has ended 24 hours later, we have our answer: 57.9% of the more than three and a half million Twitter users who voted said “yes.” The reason for the poll, according to Musk, was in response to a policy being floated around to “tax unrealized gains.” Treasury Secretary Janet Yellen has recently discussed it and a proposal for such a “Billionaires Income Tax” has been introduced by Senator Ron Wyden (D-OR). Musk has publicly opposed plans to tax unrealized gains. The proposal would basically tax very wealthy people on the increased value of their stock holdings, even if they don’t sell the assets off. Taxing unrealized gains would essentially close a loophole that billionaires utilize to avoid paying income taxes. Instead of selling their stocks and paying taxes, they accumulate their wealth by borrowing against their assets. Tweet may have been deleted In fact, as ProPublica’s Jesse Eisinger notes, Musk confirms this in one of the tweets connected to his poll. “Note, I do not take a cash salary or bonus from anywhere,” Musk tweeted. “I only have stock, thus the only way for me to pay taxes personally is to sell stock.” Senator Wyden, the Congressperson behind the Billionaires Income Tax proposal is not sold on Musk’s Twitter stunt. Tweet may have been deleted “Whether or not the world’s wealthiest man pays any taxes at all shouldn’t depend on the results of a Twitter poll,” the senator tweeted. “It’s time for the Billionaires Income Tax.” And, as The Verge points out. Musk has floated the idea of selling some of his Tesla stock before due to expiring stock options. So, while Musk might actually follow through and sell off 10 percent of his Tesla stock, the Twitter poll may not have much to do with it. However, what is interesting is how Musk posed his question. Whether it was intentional or not, the billionaire really ended up asking if he should pay his income taxes. And the Twitter masses responded with a resounding “yes.” We will update this post with Elon Musk’s response now that the poll has ended. Related Related posts: Russia hits new record for daily COVID-19 deaths – 973 COVID: London declares ‘major incident’ over Omicron spread LG has a bunch of transparent TVs so you can see behind the TV while you watch TV No injuries reported after rocket hits base in Iraq housing US troops tags: RSS Feed World News 0000 0 0 previous Big Bird got vaxxed and people are thrilled, confused, and of course, outraged next Palestinians slam Israeli comments on US consulate in Jerusalem
