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      Senator behind billionaires tax denounces Elon Musk Twitter poll stunt

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      US taxationSenator behind billionaires tax denounces Elon Musk Twitter poll stuntTesla owner offers to sell 10% of shares – as poll demandsRon Wyden has proposed tax to help fund Biden plans Martin Pengelly in New York@MartinPengellySun 7 Nov 2021 14.19 ESTFirst published on Sun 7 Nov 2021 07.45 ESTAfter Elon Musk asked his Twitter followers to vote on whether he should sell 10% of his Tesla stock, the architect of the proposed billionaires tax that prompted the move dismissed the tweet as a stunt.It’s not all about the culture war – Democrats helped shaft the working class | Robert ReichRead more“Whether or not the world’s wealthiest man pays any taxes at all shouldn’t depend on the results of a Twitter poll,” said Ron Wyden, an Oregon Democrat and chair of the Senate finance committee. “It’s time for the billionaires income tax.”When the poll closed on Sunday, nearly 3.5 million people had voted: 58% said Musk should sell the Tesla stock and 42% said he should not.Asked for comment, he tweeted: “I was prepared to accept either outcome.”Musk, who also owns SpaceX, was named by Forbes magazine as the first person worth more than $300bn. Reuters calculated that selling 10% of his Tesla shareholding would raise close to $21bn.Wyden has led Democrats pushing for billionaires to pay taxes when stock prices go up even if they do not sell shares, a concept called “unrealised gains”.Proponents of the tax say it would affect about 700 super-rich Americans, who would thus help pay for Joe Biden’s $1.75tn 10-year public spending proposal, which seeks to boost health and social care and to fund initiatives to tackle the climate crisis.Unveiling his proposal last month, Wyden said: “There are two tax codes in America. The first is mandatory for workers who pay taxes out of every paycheck. The second is voluntary for billionaires who defer paying taxes for years, if not indefinitely.“The billionaires income tax would ensure billionaires pay tax every year, just like working Americans. No working person in America thinks it’s right that they pay their taxes and billionaires don’t.”Musk has a history of controversial behaviour on Twitter. Responding to Wyden’s original proposal, he tweeted: “Eventually, they run out of other people’s money and then they come for you.”On Saturday, he said: “Much is made lately of unrealised gains being a means of tax avoidance, so I propose selling 10% of my Tesla stock. Do you support this?“I will abide by the results of this poll, whichever way it goes. Note, I do not take a cash salary or bonus from anywhere. I only have stock, thus the only way for me to pay taxes personally is to sell stock.”In one response, the Berkeley economist Gabriel Zucman tweeted: “Looking forward to the day when the richest person in the world paying some tax does not depend on a Twitter poll.”When Wyden introduced his proposed billionaires tax, Chuck Marr of the Center on Budget and Policy Priorities, a nonpartisan think tank, used the example of Jeff Bezos, with Musk a competitor for the title of world’s richest person, to explain how the proposal would work.The Amazon founder, Marr said, would contribute to the federal government on the basis of unrealised gains from his stock holdings, worth around $10bn, rather than a declared salary of around $80,000.Citing a bombshell ProPublica report from June this year which showed how little Bezos, Musk and other super-rich Americans pay into federal coffers, Marr titled his analysis: “Why a billionaires tax makes sense – or why the richest people in the country should pay income taxes as if they were the richest people in the country.”Democrats ‘thank God’ for infrastructure win after state election warningsRead moreThe Biden spending plan Wyden wants to help fund, known as Build Back Better, remains held up in Congress. House centrists are demanding nonpartisan analysis of its costs while centrist senators remain opposed to many of its goals.Democrats are also split over the proposed billionaires tax. Among those opposed is Joe Manchin, the senator from West Virginia who with Kyrsten Sinema of Arizona stands in the way of Build Back Better, wielding tremendous power in a chamber split 50-50 and therefore controlled by the casting vote of Vice-President Kamala Harris.Speaking to reporters in October, Manchin said: “Everybody in this country that has been blessed and prospered should pay a patriotic tax.“If you’re to the point where you can use all of the tax forms to your advantage, and you end up with a zero tax-liability but have had a very, very good life and have had a lot of opportunities, there should be a 15% patriotic tax.”TopicsUS taxationElon MuskUS domestic policyBiden administrationUS SenateUS CongressUS politicsnewsReuse this content More

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      Elon Musk asks Twitter followers if he should sell 10% of Tesla stock

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      Elon MuskElon Musk asks Twitter followers if he should sell 10% of Tesla stockEntrepreneur refers to US proposal for ‘billionaires tax’Nearly 56% of respondents say Musk should sell shares Reuters in New YorkSat 6 Nov 2021 17.38 EDTLast modified on Sat 6 Nov 2021 21.05 EDTElon Musk on Saturday asked his 62.5 million followers on Twitter if he should sell 10% of his Tesla stock.Let them eat space! Elon Musk and the race to end world hunger | Arwa MahdawiRead more“Much is made lately of unrealized gains being a means of tax avoidance, so I propose selling 10% of my Tesla stock,” Musk wrote in a tweet referring to a “billionaires’ tax” proposed by Democrats in the US Senate.Musk tweeted that he would abide by the results of the poll. It received more than 700,000 responses in the hour after Musk posted it, with nearly 56% of respondents approving the proposal to sell the shares.Musk’s shareholding in Tesla comes to about 170.5 million shares as of 30 June and selling 10% of his stock would amount close to $21bn based on Friday’s closing, according to Reuters calculations.Analysts say he may have to offload a significant number of shares anyway to pay taxes since a large number of options will expire next year.The comments from Musk come after the proposal in Congress to tax billionaires’ assets to help pay for Joe Biden’s social and climate-change agenda. Musk is one of the world’s richest people and owner of companies including SpaceX and Neuralink. He has criticized the billionaires’ tax on Twitter.“Note, I do not take a cash salary or bonus from anywhere,” Musk said. “I only have stock, thus the only way for me to pay taxes personally is to sell stock.”Tesla board members including Elon Musk’s brother Kimbal have recently sold shares in the electric carmaker. Kimbal Musk sold 88,500 shares while fellow board member Ira Ehrenpreis sold shares worth more than $200m.TopicsElon MuskTeslaUS taxationUS domestic policyUS politicsBiden administrationUS CongressnewsReuse this content More

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      In space, no one will hear Bezos and Musk’s workers call for basic rights | Robert Reich

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      Elon Musk’s SpaceX just won a $2.9bn Nasa contract to land astronauts on the moon, beating out Jeff Bezos.The money isn’t a big deal for either of them. Musk is worth $179.7bn. Bezos, $197.8bn. Together, that’s almost as much as the bottom 40% of Americans combined.And the moon is only their stepping stone.Musk says SpaceX will land humans on Mars by 2026 and wants to establish a colony by 2050. Its purpose, he says, will be to ensure the survival of our species.“If we make life multi-planetary, there may come a day when some plants and animals die out on Earth but are still alive on Mars,” he tweeted.Bezos is also aiming to build extraterrestrial colonies, but in space rather than on Mars. He envisions “very large structures, miles on end” that will “hold a million people or more each”.Back on our home planet, Musk is building electric cars, which will help the environment. And Bezos is allowing us to shop from home, which might save a bit on gas and thereby also help the environment.But Musk and Bezos are treating their workers like, well, dirt.Most workers won’t be able to escape into outer space. A few billionaires are already lining upLast spring, after calling government stay-at-home orders “fascist” and tweeting “FREE AMERICA NOW”, Musk reopened his Tesla factory in Fremont, California before health officials said it was safe to do so. Almost immediately, 10 workers came down with the virus. As cases mounted, Musk fired workers who took unpaid leave. Seven months later, at least 450 Tesla workers had been infected.Musk’s production assistants, as they’re called, earn $19 an hour – hardly enough to afford rent and other costs of living in northern California. Musk is virulently anti-union. A few weeks ago, the National Labor Relations Board found that Tesla illegally interrogated workers over suspected efforts to form a union, fired one and disciplined another for union-related activities, threatened workers if they unionized and barred employees from communicating with the media.Bezos isn’t treating his earthling employees much better. His warehouses impose strict production quotas and subject workers to seemingly arbitrary firings, total surveillance and 10-hour workdays with only two half-hour breaks – often not enough time to get to a bathroom and back. Bezos boasts that his workers get $15 an hour but that comes to about $31,000 a year for a full-time worker, less than half the US median family income. And no paid sick leave.Bezos has fired at least two employees who publicly complained about lack of protective equipment during the pandemic. To thwart the recent union drive in Bessemer, Alabama, Amazon required workers to attend anti-union meetings, warned they’d have to pay union dues (untrue – Alabama is a “right-to-work” state), and threatened them with lost pay and benefits.Musk and Bezos are the richest people in America and their companies are among the country’s fastest growing. They thereby exert huge influence on how other chief executives understand their obligations to employees.The gap between the compensation of CEOs and average workers is already at a record high. They inhabit different worlds.If Musk and Bezos achieve their extraterrestrial aims, these worlds could be literally different. Most workers won’t be able to escape into outer space. A few billionaires are already lining up.The super-rich have always found means of escaping the perils of everyday life. During the plagues of the 17th century, European aristocrats decamped to their country estates. During the 2020 pandemic, wealthy Americans headed to the Hamptons, their ranches in Wyoming or their yachts.The rich have also found ways to protect themselves from the rest of humanity – in fortified castles, on hillsides safely above smoke and sewage, in grand mansions far from the madding crowds. Some of today’s super rich have created doomsday bunkers in case of nuclear war or social strife.But as earthly hazards grow – not just environmental menaces but also social instability related to growing inequality – escape will become more difficult. Bunkers won’t suffice. Not even space colonies can be counted on.I’m grateful to Musk for making electric cars and to Bezos for making it easy to order stuff online. But I wish they’d set better examples for protecting and lifting the people who do the work.It’s understandable that the super wealthy might wish to escape the gravitational pull of the rest of us. But there’s really no escape. If they’re serious about survival of the species, they need to act more responsibly toward working people here on terra firma. More

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      America's billionaires are giving to charity – but much of it is self-serving rubbish | Robert Reich

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      America’s billionaires are giving to charity – but much of it is self-serving rubbish Robert Reich Well-publicized philanthropy shows how afraid the super-rich are of a larger social safety net – and higher taxes Jeff Bezos’s $100m donation, for example, amounts to about 11 days of his income. Photograph: Katherine Taylor/Reuters As millions of jobless Americans […] More