Stupid Comment Of The Day:
Lets count the ways that this comment is just plain stupid:
- Homelessness is a political issue, not a fiscal issue. The US Federal government takes in more than 2 Trillion per year plus, probably another 1 Trillion by the states. They can solve homelessness any time they want. Collecting more taxes isn’t going to solve homelessness because the government folks don’t care enough about it as an issue.
- How will Elon Musk pay that tax? By selling shares. You know who owns many of those shares? Pension funds, college funds, mutual funds. All of which will probably be hit as those shares flood the market. Middle class net worth goes down. Given the valuation of these shares, that drop is going to make a difference…
- Following on #2 above, the value of options owned by employees of Musk’s business goes down, future capital gains taxes paid by all those folks to the government is reduced.
- Future capital gains taxes received by the government from Musk goes down because the net value of all his assets go down.
- Basically, the overall total taxes received by the government from Musk over his lifetime will be far lower.
Do I even have to mention the reduction in value of the overall market which will reduce the aggregate tax the government will receive in the long run if a national asset tax is enacted?
Stupid Stupid Stupid.
Related note: I’ve said it in prior articles and I’ll say it again here – the Government doesn’t have an income problem, they have an allocation problem. They have plenty of income; they just choose spend it on dumb stuff. More taxes isn’t going to fix anything – the government just gets more money to spend on the dumb stuff they’re already spending it on. 750+ BILLION on military…