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James Gleick (jamesgleick@zirk.us)'s status on Tuesday, 12-Mar-2024 02:42:25 JST James Gleick

Musk avoided capital gains tax on the value of his shares. Plus (due to this loophole) he deducted the FULL value against other income. Plus (due to being a cheat) he then used the tax-free money for his personal benefit.
So once again taxpayers subsidize him to the tune of billions. https://masto.ai/@Nonilex/112077717376261001
In conversation about 9 months ago from zirk.us permalink
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  Nonilex (@Nonilex@masto.ai)
  
  from Nonilex
  
  @Suran@toot.cat #Tax #law gives execs sitting on huge stores of their companies’ stock a way to lower their personal tax bill: #charity. #ElonMusk could donate shares of #Tesla, to a #nonprofit & take a tax deduction based on the value of the stock. What #Musk did was give shares to his own foundation: e.g. in 2021 he gave 5M Tesla shares, worth $5.7B at the time. Tax experts said it could have saved Musk more than $2 billion off his tax bill.

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