Yeah, that’s just the economics of capitalist dictatorship, where the wealthy write the laws to benefit themselves.
The problem with Musk much worse than that; he has numerous cases of fraud, corruption and other shady dealings that he has already admitted would have put him in prison if Trump didn’t win and let him gut them via DOGE.
Then add all the debt recycling where he’s rolled up failed businesses into spacex, and all the dogfooding between like 10 companies who are artificially inflating each others revenues and valuations, and the fact he’s a paper-trillionaire means that this entire pyramid scheme is corrupt as fuck.
They never lose the stock. The stock is worth more than the loan by the end of the loan’s term. They negotiate a new loan that covers the old loan and the difference the collateral is worth. They never sell shit so they never get taxed.
The estate tax designed to finally get something back got renamed death tax and get removed. As Whoopi Goldberg said, “I’m getting taxed because I DIED?”
That is how every rich person lives. Loans using stock as collateral.
The stock isn’t sold, so no capital gains tax. Those loans are not taxed directly either. So it’s effectively tax free income.
If they don’t pay the loan, bank takes the collateral stock. At that level, “credit score” isn’t a thing so there’s no disincentives for this process.
Rinse and repeat as needed.
This is simplified of course, but the basic process.
Yeah, that’s just the economics of capitalist dictatorship, where the wealthy write the laws to benefit themselves.
The problem with Musk much worse than that; he has numerous cases of fraud, corruption and other shady dealings that he has already admitted would have put him in prison if Trump didn’t win and let him gut them via DOGE.
Then add all the debt recycling where he’s rolled up failed businesses into spacex, and all the dogfooding between like 10 companies who are artificially inflating each others revenues and valuations, and the fact he’s a paper-trillionaire means that this entire pyramid scheme is corrupt as fuck.
They never lose the stock. The stock is worth more than the loan by the end of the loan’s term. They negotiate a new loan that covers the old loan and the difference the collateral is worth. They never sell shit so they never get taxed.
The estate tax designed to finally get something back got renamed death tax and get removed. As Whoopi Goldberg said, “I’m getting taxed because I DIED?”