Some Democrats have been pushing for billions to pay their taxes while the stock market they keep is rising, even though they are not selling any shares.
Tesla chief executive Elon Musk is asking on Twitter if he should sell 10 percent of his assets in a power utility company amid pressure in Washington to raise taxes for billions like him.
Some Democrats have been forcing billions of people to pay their taxes while the stock prices they hold are rising, even though they are not selling any shares. It’s a concept called “unfulfilled profits,” and Musk lives on most of them with a net worth of about $ 300bn.
“Most of it has been made recently due to unprofitable profits as a way to avoid taxes, which is why I want to sell 10 percent of my Tesla,” he said on Saturday. “Do you support this?”
At 5:40 pm Eastern Time (22:40 GMT), two hours after Musk wrote his first tweet, 54 percent said yes to 876,189 votes.
Most of Musk’s assets are stored in Tesla shares, which do not charge him a fee. “I only own shares, so the only way to pay the taxes on my own is to sell the shares,” he tweeted.
Musk, who is known for his tweets that are sometimes unwavering, said he “followed the results of the investigation”.
I will follow the results of this survey, wherever they go
– Elon Musk (@elonmusk) November 6, 2021