Elon Musk Again Exposed Someone – This Time Senator Elizabeth Warren: On December 13, Senator Elizabeth Warren, challenged Elon Musk with a tweet to her followers, “Let’s change the rigged tax code, so the Person of the Year will actually pay taxes and stop freeloading off everyone else.”
Senator Warren just struck the first blow in what will be one of the most famous Twitter banters ever. Elon Musk is not one to back down from a fight or an accusation and he just struck a home run as he exposes her for who she is for the world to see. This is not going to end well!
Musk: Time’s Person of the Year.
It is undeniable that Musk is one of the world’s most exciting entrepreneurs. If he’s not working on his plan to colonize Mars, he’s making sure Tesla owners and fans get the best electric cars on the market. If he’s not doing any of that, he’s helping war-torn Ukraine stay connected to the internet.
Besides being the wealthiest man on the planet with an estimated net worth of $224 billion, Musk is the first person in recent history to have a net worth of over $300 billion. Despite all those achievements, Musk is an infamous Twitter personality.
Musk’s influence cannot be understated, and this is why he was named Time’s 2021 Person of the Year. This title isn’t just given to anybody, it is granted by Time to any individual that had the most influence during the year.
Time Magazine describes the title as going to “the person or persons who most affected the news and our lives, for good or ill, and embodied what was important about the year, for better or for worse.”
In response to the title, Musk told Time Magazine, “I admire anyone who is making a positive contribution to humanity, whether that is in entertainment or technology. I think anyone who is doing things that are really useful for the rest of humanity, I admire them greatly.”
Time’s editor-in-chief, Edward Felsenthal describes Musk as “a person with extraordinary influence on life on Earth, and potentially life off earth too.” But to Senator Elizabeth Warren, Musk is nothing but a freeloader and a fraud.
Senator Elizabeth Warren’s Accusation.
On December 13, Elizabeth Warren, a Democratic senator from Massachusetts, took to Twitter to attack Elon Musk. Senator Warren claims that the tax code is rigged and favors self-made billionaires like Elon Musk.
According to the senator, the United States should change its taxation system so people like Musk will pay their due taxes. Musk took to Twitter to reply to the senator. In one of his tweets, he said, “You remind me of when I was a kid, and my friend’s angry Mom would just randomly yell at everyone for no reason.”
Musk got into a war of words on Twitter with Elizabeth Warren. He replied to the senator’s tweet and defended himself against the accusation with a tweet of his own that reads, “And if you opened your eyes for 2 seconds, you would realize I will pay more taxes than any American in history this year.”
In a tweet that reads, “Don’t spend it all at once … oh wait, you did already,” Musk taunted the senator. Instead of keeping the banter to Twitter, Senator Warren decided to criticize the billionaire in a fundraising email she sent out later that night on the day of the altercation.
She called Elon Musk a poster child for how the rigged tax code lets billionaires pay hardly any taxes. She ran through some of his greatest hits, citing the massive 100 billion dollars that Musk added to his wealth during the pandemic.
She said, “When someone makes it big in America – millionaire big, billionaire big, the person of the year big – part of it has to include paying it forward so the next kid can get a chance, too.” She called for a wealth tax again!!
Senator Warren also tweeted about the ProPublica report, calling out that Musk paid no federal income tax in 2018. She wrote that things like this showed the need for a wealth tax. Senator Warren has supported the notion of a wealth tax for a long time.
When she wanted to run in 2020, it was a keystone for her presidential platform. Since then, she has proposed legislation that will enact an ultra millionaire tax on households with a net worth of $50 million or more.
Musk didn’t hesitate to humiliate and call out the Senator in a tweet, “Please don’t call the manager on me, Senator Karen.” Aside from the fact that Karen rhymes with Warren, according to pop culture references, Karen is a middle-aged white woman with a peculiar bob cut, asking to speak with the manager at any slightest inconvenience.
It was a harsh comparison but funny and lighthearted if you compare it to being called a freeloader that cheats people out of their money.
The Highest Taxpayer in 2021
Musk paid more taxes than any other person in 2021. Musk’s federal tax bill amounted to $11 billion, while his company Tesla wouldn’t be paying one cent. Musk does have a history of using the US Tax code to pay little or no personal federal income taxes.
Reports show that in 2018, Musk and many other American billionaires didn’t pay any income tax. Senator Warren shouldn’t have accused Musk outrightly because he pays his taxes. Musk doesn’t have to pay income taxes because he doesn’t receive a salary from Tesla.
Musk receives valuable stock options as compensation for the work he does. Under the US Tax code, Musk doesn’t have to pay taxes on these options until he exercises them to buy shares of stock at a fraction of their current value.
Musk will have to pay taxes if he sells shares because of his earlier investment in Tesla. In 2021, Musk was the highest taxpayer because he exercised his options to buy additional shares. The shares were expiring in August 2022, so he had to buy them.
Musk spent $142.6 million to buy shares worth $23.6 billion. He earned $23.5 billion in taxable income, taxable for 2021 at a federal rate of about 41%. After his altercation with Senator Warren, Musk tweeted about his tax bill, saying, “For those wondering, I will pay over $11 billion in taxes this year.”
Senator Warren seems to be out for Elon Musk’s blood. Even after he paid what’s probably the highest income tax in the history of the United States, she still had something to say about Musk’s acquisition of Twitter.
As talk about income tax went back and forth, Senator Warren said Musk prefers to make things personal rather than engage. She made this comment when she appeared on a New York Times podcast.
Kara Swisher asked Senator Warren about the December Twitter exchange. She asked Musk to start paying taxes and stop freeloading off everyone else; Swisher specifically asked if she was concerned about the insult.
Warren answered, saying that Musk wants to make things personal instead of talking about what’s wrong with the tax system. Musk has criticized the tax Democrats recommended on the unrealized gains of billionaires.
If this wealth tax were to be passed, he would owe about 50 billion dollars. He wrote on Twitter, “Exactly. Eventually, they run out of other people’s money, and then they come for you.” Musk’s wealth is not some profound mystery that needs to be deciphered.
It is not the first time he has been called out about tax on Twitter. In November, he got in a row with Bernie Sanders. The Senator from Vermont targeted the extremely wealthy people in a tweet that reads, “We must demand that the extremely wealthy pay their fair share, period.”
Musk replied to this tweet, saying, “I keep forgetting that you are still alive.” Musk is a man who can change the flow of financial markets with just one tweet. He threw a shade on Senator Elizabeth Warren in an interview with BabylonBee when he said, “I’m literally paying the most tax than any individual in history has ever paid this year, ever, and she doesn’t pay taxes, basically.
And her salary is paid for by the taxpayer like me. If you could die by irony, she would be dead.” Musk told Babylon Bee that he could do his taxes by himself in a few hours. Musk said, “My taxes are super simple, I do not have any offshore accounts, I don’t have any tax shelters.”
He added that he had no tax avoidance schemes or anything like that. The billionaire told the publication that he owned stocks in Tesla and SpaceX, and everything was highly transparent. He went on to say that his worth was calculated by multiplying his ownership of the two companies by their valuations.
Musk and Senator Warren’s Twitter spat resurfaced again when the Senator made headlines for calling Musk’s acquisition of the social media platform Twitter, a danger to our democracy.
Senator Karen Says Musk’s Purchase of Twitter is Dangerous for our Democracy.
On April 24, Elon Musk took over Twitter in a dramatic coup. The social media platform is Elon Musk’s new acquisition. Its board of directors agreed that Musk could pay $54.20 per share and acquire the company for $44 billion.
Initially, the board wasn’t okay with the acquisition and even used a poison pill defense. Musk decided to acquire Twitter to improve it by enhancing the platform with new features, making the algorithms open source to increase trust, eliminate spambots, and authenticate every account.
Senator Warren doesn’t think Musk’s acquisition is a good thing. On April 25, the Senator sent a tweet to her followers that said, “This deal is dangerous for our democracy. Billionaires like Elon Musk play by a different set of rules than everyone else, accumulating power for their own gain.
We need a wealth tax and strong rules to hold Big Tech accountable.” The senator had this to say about Elon Musk and the twitter deal in an interview. This time around, Musk didn’t reply to the Senator’s tweet despite previous arguments and history that they’ve both had on the platform.
The Public’s Reaction
The public is divided between these two camps. Some people think Musk is doing enough already. But some people believe Senator Warren is correct and agree that Musk should pay more taxes.
One Twitter user says, “He’s skirting the laws by not taking a Salary, sells stock at a loss/gain, so he has write-offs on the gains from the losses. He was originally given Govt grants and loans for his companies. Why not pay some taxes for the generosity he’s been given.”
Another user supports the senator with a tweet, “She isn’t “randomly yelling at everyone for no reason.” She’s pointing out that you & other wealthy Americans pay an amount in taxes that doesn’t reflect your wealth. She has said that it’s great that you all are self-made billionaires; but that you need to pay your fair share.”
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Information Source: Elon Musk Live