How billionaires like Elon Musk pay less tax than you - BBC News
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- čas přidán 26. 08. 2024
- In 2007 and 2011, Jeff Bezos paid $0 in income tax. Same for Elon Musk in 2018.
So how do billionaires end up paying less tax than you?
Here's how the 'Buy Borrow Die' mantra has become common practice amongst many of the ultra-wealthy.
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I'm 57, and I remember from childhood my across-the-road neighbor actually being sent to prison because he didn't pay his "rates" (remember that?) for a couple of months.
IRS has been gutted by the Republicans...look it up!!!
@@LK-pc4sq "Gutted" how, why, and when? What precisely do you mean by "gutted?"
nowadays they just rob it from you if you don't pay out of your payments , mega water bills on top on council tax , fin extortion . what do you get for your for paying your council tax fin woohooo sirens all fin day long
nowadays they just rob it from you if you don't pay out of your payments , mega water bills on top on council tax , fin extortion . what do you get for paying your council tax fin woohooo sirens all fin day long
@@outerlands3382 When I was a kid, growing up in London during the 60s & 70s, £6.00 could feed a family of four for an entire week; a child's cinema ticket was £00.40p, and you could rent a bedsit for £15.00 a week, sometimes less. Today in London, the sum total of those things will just about buy you a train ticket (non-return) and a happy meal. How people survive in that town these days is beyond me.
The question worth asking here is what impact these wealthy people and holding companies have on legislators, politicians and decision makers in the country.
Unfair System.
I would suggest you reaserch this : you will find wealth byes the law and probably always has throughout history.
Very true, these billionaires have friends at the US Capitol. The legislators will only make laws in favour of their friends. It is all government-sponsored tax avoidance!
Why would that be the question?
@@itsme-ty7sm what's unfair about it?
In conclusion billionaires will probably never pay a fair rate of tax so add it to your list of things to feel continuously sad about.
Boycott is the only way we can tax these mfs
@@Kask121 Except that will probably hurt the whole economy rather than the targeted attack your hoping for
@@Abdullah97484 not if you still buy the thing just somewhere other than Amazon.
Why should they?
They keep their money in stocks you can do it too & enjoy capital gains.
If billionarers are taxed then common people should be taxed more as they also keep their money in shares /property etc
@@leighbee13 Not quite. Those working for Amazon will be made redundant which could lead to more social benefit demand or just them working elsewhere (which also isn’t exactly simple and many variables to consider).
Primarily if you stop shopping with Amazon it’s often worse as that company has built up robust supply chains and efficiency. Not to mention your just making transferring what you would have spent thus making someone else richer who is just going to utilise the same tax loophole system.
It’s the legislators those dodgy politicians that are to blame. Just think of it like this, look at how much we know about those rules Boris has broken. Now imagine how many we don’t know about (sadly and probably the majority of them).
Bezos: «If you knew how much I paid in political bribes and philanthropic donations, you'd agree that I'm being taxed a lot. Buffet: «Our systems are sick or broken.» Musk: «The backbone of our civilization is corruption.»
It his backbone.
did you think this was news ? read 'the fable of the bee's', bernard mandeville
Sound as if there attempting to justify themselves: corruption is the downfall of civilisation throughout history.
Bezos and Musk are tax cheating criminals
IT'S A FACT THAT NEITHER ELON MUSK NOR BEZOS HAVE THE RIGHT TO BE EXEMPT FROM TAXES AND I DEFY ANYONE PROVE OTHERWISE
Thanks BBC, now I know how to avoid taxation when I were a billionaire
... same here. I just downloaded this because ... you can never tell where life will take you.
@@richardhart9204 Remember, Friend. Hope is a good thing.😁
That's the thing, IF you were a billionaire(putting money in the torries back pockets)... but the majority of people that can hardly pay their heating and electricity bills as it is. THESE are the people the police gang are after!
@Lesco BrandonLabour are just the same as torries since they vote with them every chance they get! Except when it night damage their image, then they will just abstain but they NEVER vote against! expecially when it comes to giving themselves a pay rise or cutting disability benefits. Just have a look at all their expenses claimes, that will tell you straight away how corrupt both parties are!
The hard part is not to know how they avoid tax - it's how to get one at first ;-)
If you know the answer to the 2nd part, we can share phone numbers
I'm honestly surprised by how many people there are in the comments in love with the idea of wealthy elites avoiding tax. It's like a Black Mirror episode.
Because they are stupid sheeps who think bezos or elon gives a single crap that they exist . They act like those 2 are their friends which is funny as hell. While at the same time those 2 are riding these donkeys who support them avoiding tax.
It's because they are stupid enough to believe in trickle down economics
@@1newme425 what a stupid comparison 🤡
I don’t like the idea of anyone avoiding tax. 👊
I dont know why you care? Is it cos they are rich and you are not!
We also need to monitor where the tax actually goes once it's collected by the government. The government should give a periodical update of where every penny of tax is spent.
I think we are just starting to find out where that’s been going
They won't even let us audit the Fed, or find out why every budget can't be balanced ever.
The westminster government are corrupt to the core, doesn’t matter if it's tory or labour, they will NEVER disclose where all tax money is being spent! Mainly because it goes in their own pockets! and of course the bbc gets their cut for not showing any of this to the public.
Its public info
@@homewall744 we can't audit Fort Knox either
Elon Musk just stated he paid 11 billion dollars in taxes this year
What about previous years?
He didn't sold any shares in previous year
Because he sold his stock for no good reason. And he’s furious about it.
@@ULHIS he didn't pay taxes in 2018 cause he overpaid his taxes previous year lol
Because he slipped up and sold his shares
They have much better accountants than you and they can write off a lot more than you.
False. Elon Musk will pay over 10 billion in tax for 2021.
The confusion stems from the fact that you don't pay tax on losses. So some years they pay 0 tax.
They are using the same laws available to everyone. The problem is the laws benefit the rich.
At the end of the day they are doing nothing wrong. They're just smart with money.
10 billion is nothing to him, he made 36 billion in one day, he should be arrested, have his assets and wealth seized and put on trial for his enslavement of 3rd world miners, the criminal way he treats his employees and the devastation his rockets are causing the environment, stop licking his boots, you sound so pathetic
What happens if a company makes a profit, but puts all that profit into research and development? Would they not be taxed?
@@eldio2124 If you reinvest in a like industry that the profits come from, I believe you can write it off. Except for Cryptocurrency gains. But you can with real estate, for example. I can sell a rental property and buy more rental property with the gains and avoid the tax.
@@ByddinRhyddidCymru I want whatever drugs you're having.
@@nothingtoseehere96 Me too! Or maybe we rather not if that makes you so tunnelvisioned to hate, from slavery to badly treated employees in a companies that are on the top of the 'I want to work here' within their fields and then top it off with rocket pollution which even considering the ENTIRE supply chain, R&D and launch is a fart in the Sahara wind compared to global CO2 emissions. What a rollercoaster of a post.
The reason Elon didn’t pay any tax in 2018 is because he had no income plus he paid more tax in 2017, which he offset in 2018.
“What these historical dates fail to reveal is that both of these taxes were initially levied against only the rich. It was this point that rich dad wanted Mike and me to understand. He explained that the idea of taxes was made popular, and accepted by the majority, by telling the poor and the middle class that taxes were created only to punish the rich. This is how the masses voted for the law, and it became constitutionally legal. Although it was intended to punish the rich, in reality it wound up punishing the very people who voted for it, the poor and middle class.” Rich dad poor dad
Rich dad and poor dad. Good books.
@@troll2637 Indeed, changed my life for good 👍
Irrelevant, Elon Skum doesn't have any legal right to be tax exempt,he should pay taxes like everyone else,I defy anyone prove otherwise
Irrelevant, Scum Musk and Dirtbag Bezos don't have the legal right to be tax exempt and I defy anyone prove otherwise
Irrelevant Scum Musk and Dirtbag Bezos don't have the legal right to be tax exempt and I dare you prove otherwise
I pay no taxes because I'm a dog.
smartest comment on here.
I’m Snoopy
I’m Snoopy
Government: Ok Elon, Bezos, time to pay tax on your income
Elon/Bezos: LOL what income?
Government: LOL!!!!!! *high five*
2:06 please be objective in your reporting without pushing a narrative.
You show they borrow, but you still fail to explain where they get the money they pay back the loan. They probably earn some income in some years and pay taxes and repay the loan, but you don't want to explain that.
Also don't cherry pick the years, tell us the full story of how much tax they paid in other years. If someone makes their money from capital assets and not ordinary income, its fine. If they have 100million in bank to sustain them for whatever years, why do you want them to sell more capital assets every year for tax when they don't need more cash.
Sure, there are social problems and governments are largely to blame for their mismanagement and yes the wealthy could do more to help but please be objective in your reporting.
They use their assets as collateral.......
And no way in hell would these people have $100 million in the bank, probably at most a few millions tops. Reason being is because inflation would eat at it since the banks offer barely anything as interest.
Regardless if they don't pay much or any in tax, they're providing a huge amount of wealth to the country and spent their whole entire living moment doing so.
@@Nixa44 usd100 million is an example sir. I don't know the actual figure. Elon will is selling billions of stock, I don't know how much will be left in cash but a lot
I hope the billionaires are paying you to defend them, otherwise you will look very silly for defending billionaires for free
@@EclecticoIconoclasta all I am asking for is objective reporting. Donno why you have a problem with that!
That's why I don't like msm
@@EclecticoIconoclasta nah they don’t
This video ages well, doesn't it? I wish I can just have 1% of the tax he paid
According to a guy the replied to my comment he said $455 million paid in taxes isn’t shit
@@WaltGlizney 11 Billion is the latest figure so far ive heard.
Lol the one time Elon Musk fucked himself over which resulted in a taxable event you rush to lick his boots and defend him "See! He pays his taxes!!!!"
That was merely a paper cut for him.. I bet you he wont slip up ever again
@@werdsfanklf68 do you even know what he did resulted in a taxable event? Bet you don't know that because you didn't bother to find out the truth. I dare you answer that question
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Elon: TIME Person of the year 😀
And your choice would’ve been?
@@himwhoisnottobenamed5427 No one.
Not a complete report unfortunately !
You still pay corporate tax on the shares and on any dividend distribution ..
You don't pay social security and Medicare taxes on shares or dividends
@@Xx-po1fu You create Jobs by investing in stocks so just do it , and even the big shots get some salary to buy things so they still pay their dues, equal percentage is fare play .
Capital gains actually....
@@wolfiestreet6899 absolutely, as well as capital gains when you sell .
if you borrow money from a bank, using shares as collateral, how do you actually pay back the bank?
Had the same question.
You pay them the collateral
keep paying them in 'shares'. If the shares crash and become worthless and the bank goes broke they just ask the government to give them TAXPAYER MONEY and the billionaires continue their scam.
@@BobMarley-vl5gl I see, so I guess, the moment the bank receives the shares, they can sell them for cash?
@@DemonofChaos264 Or the government will donate the money to Musk to pay for his debts. Musk is very dependent on state support. Too big to fall. Profit
funny how he doesnt mention the $450 million taxes paid in 2014-2018 and totally forgot about the $11 billion paid taxes in 2021
Tax them now.
You do know Elon pays around 53% in taxes when he sells his stocks
@Mohammed A yh lol nearly every news outlet sadly but not all.
Great content guys like always, just wanted to bring this to your attention as this maybe useful to you. Mr. Buffet is in favor of paying more tax, he is the man behind the Buffett Rule. He was not happy that people earning less then him paid more in taxes in percentage terms.
Taxes make civilisation work. Tax avoidance is simply parasitism.
@@PETE4955 how about nobody pay tax that way nobody is feeding off of someone else’s money and everyone can fend for themselves
HERE IS A FACT THAT IS IMPOSSIBLE TO PROVE WRONG,AND THAT FACT IS PEON SCUM MUSK IS A WORTHLESS TAX CHEATING CRIMINAL
@@ramzan.k9266 Oh yes, and then we only have private hospitals, private schools, private roads... A system the very rich would appreciate! It's not like cooperation is what got us this far as a species.
If the politicians (wanted) to create a fair system, they could.
Maybe after they have got rid of 6 billion people they may have to do it fairly if the new world order wants to keep them around when the agenda is complete
That’s happening soon so cheerio
This is the best humans are capable of. Otherwise, we had no problems.
They already have
@@jackduane5555f they are then tell me this
1. Why is inflation still going up?
2. How come Universal Healthcare isn't a thing?
3. And most importantly, look at these rich pieces of shit and look at the poor homeless people and those who can't afford groceries...
AND TELL ME HOW THE FUCK YOU THINK THEY'RE DOING ANYTHING?!
I don't get how you can borrow money from a bank to buy their stuff? Surely if you borrow 10 million from the bank you have to pay that back somehow right? do they pay back that money with their shares?
You borrow more next year. Just like every government does
I guess they borrow 20 mill from another bank and so on....
Eventually they have to pay back the money by selling shares. This is what this article avoided saying.
Life's too short, take advantage of it now !
I wanted her from the first moment I laid my eyes on her, I patiently waited for four long years before I made my move.
I'm a fifty five year old man and have recently started having an intimate relationship with a seventeen year old female employee of mine
Former friends have laughed and scoffed at my new lease on life, but they're just jealous and envious in my opinion.
Her lithe body just feels incredible, and seeing her tears of joy & pain from back-door entry always brings a smile to my face.
I'm moving her into my property next week along with her 16 year old sister and nothing on earth is going to stop me from enjoying them both !
The Brazilian political and economic system is ridiculous, but as a Brazilian the system of the US seems even more ridiculous. So the US is one of the richest countries in the world, but people don't have access to healthy food? Billionaires don't pay taxes but people have to pay absurd amounts of money just to receive healthcare? It's almost comedic
Also a system that allows tyrants such as Bill Gates and Fraudchi to access and grossly misuse disproportionate amounts of power... Is fundamentally corrupt.
As far as i know its the same around the world, there is no capital gains tax of stocks until you sell it, in my opinion its far more ridiculous if the government taxed your unrealized gains on stocks, it basically like taxing home owner because the property appreciated in value, for example if your house valued $100k at the start of the year, and by the end of the year its appreciated to $150k meaning there is $50k unrealized gains, and now because of that you need to paid 53% or $26.5k of the $50k unrealized gains you has, will it be more fair?????
It’s called being a pro gamer
It's called " Golden Rule". Those with the gold make the rules.
czcams.com/users/shortsF7jPcEgP-d8?feature=share
Hii
Make the billionaires pay up.
They could literally end world hunger but nah
@@GrayDogNowIDK A lots more of what they have has been spent trying to end world hunger.
@@GrayDogNowIDK you think that's more important than advancing technology and making our lives easier? Besides such problems can't be solved by simply throwing money at it
@@strangeman5698
Yes they can, that's what charities do. Plus these people are only advancing tech for the rich. Whether it be teslas or spacex its made fir the rich not for the common people. The argument of "We could end child poverty and starvation but I want a new tesla" is the most selfish sentiment I've seen
@@GrayDogNowIDK a tesla is far cheaper than any other electric car would be. And spacex rockets are far cheaper than nasa rockets. And they are making these products for thier customers. They don't care if they are rich or poor. A poor man or a billionaire buying a tesla is the same yo them. Elon musk literally said if the un can give him a detailed plan of how they will use his money to end world hunger he would give his money away. The African nations certainly have the money to feed the people but its the African politicians preventing them from getting the money and food so they can keep themselves rich. Also if that statement is selfish, do not buy anything other than the bare minimum from now on as that money could be given to the poor
Or the US government should change its spending habit instead of increasing tax
Weirdos on the internet defending billionaires will never cease to amaze me. Just tax the rich, they'll survive I promise
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I was literally just thinking about how I was in awe at how many people are willing to ride them so hard. People making arguments they can't possibly know for certain
@@Sheetza their arguments are stupid in all aspects
As a retired CPA, I can certify that most people don't understand the more obscure facets of tax law. There can be loss carryovers, tax credits, etc. to offset tax. Now, there also can be gray areas or simply wrong entries on anyone's financial statement(s) or tax returns. That is what the SEC and the IRS are for and God-willing, they may ferret out any wrongdoing for the sake of all of us...
Irrelevant SCUM MUSK AND DIRTBAG BEZOS DON'T HAVE ANY LEGAL RIGHT TO BE TAX EXEMPT AND I DARE ANYONE PROVE OTHERWISE
I DARE YOU PROVE THAT MUSK AND BEZOS ARE ACTUALLY EXEMPT FROM TAXES
Musk and Bezos DON'T HAVE ANY LEGAL RIGHT TO BE EXEMPT FROM TAXES AND I DARE YOU PROVE OTHERWISE 🤬🤬🤬
If they tax wealth, housing prices are going to get crushed. People will still complain about the system picking on the little guy by taxing their property. Also, we already have property tax.
Why you guys tell half truth musk didn't pay tax in 2018, but he paid tax in advance in 2017 for 2018 tax
This would have been a better piece if Elon Musk wasn’t going to pay $12B in taxes this year. More than any American ever!
Elon musk is paying 11billion dollars this year…. I wouldn’t refer to that amount as “little”
@@nl5076 how is paying 455 million ever considered as “didn’t pay shit” that is near half a billion dollars. I could care less how much he made at any point because it none my business nor anyone else’s
@@nl5076 on the other hand Sen. warren made 12 million but is only paying $5,000 in taxes.. the federal and state withholds a lot more on the average worker paycheck than what she paid.
@@nl5076 that maybe, however the rich create jobs and opportunities for people who are not rich to have a better way of life. It for this reason people want to migrate to capitalist societies while trying to escape communism
@@nl5076 a job is still a job in which can only be created by the wealthy business owners. with a free market the wealthy are forced to become competitive in order to stay afloat, some of those competitive tactics are to have a better work force, so the have to offer better wages in order to out perform the rivals. another is to lower the price of products and services.
A great way to protest a corrupt business owner is to simply boycott the products and services they offer. A failing business should fail in order to allow smaller businesses to flourish Smaller business can only operate locally. this is true capitalism.
in a socialist society, government bail outs, subsides, (tax payer money) would be given to a failing business even if the business owners were corrupt exploiting slave labor of other foreign nations
@@nl5076 I understand however, without the rich there wouldn’t be any jobs. Being an entry level employee is not easy however you can work hard in order to be promoted, which comes with more responsibilities and pay, or you can work hard save up and start your own business.. it’s not going to be easy be it can be done and it has been done before.. capitalism brings prosperity and wealth for all.. socialism has historically destroyed civilizations.
Elon stated that when he sold shares this year that he paid 53% in tax on them, a total of $12bn went to the US Bank. Why is his 53% when you stated it should only be 20%?
I don't know the answer but why do you assume that he is telling the truth?
“And again I say unto you, It is easier for a camel to go through the eye of a needle, than for a rich man to enter into the kingdom of God.” Matthew 19:24
Maybe but they don't care so the statement has become irrelevant.
How much money politicians paying 🤔
The system needs to change!
How BBC employees are advised by the people at the top (BBC) on how to avoid paying their taxes. - Still waiting for that news segment.
I'd rather Elon spent money on SpaceX and other new tech than having it wasted on the government any day.
Good for you Christian but what about the rest of us?
Why should they pay tax?
They keep their money in stocks you can do it too & enjoy capital gains.
If billionarers are taxed then common people should be taxed more as they also keep their money in shares /property etc
F@*k taxes!
Video: The "evil" billionaire will win
Reality: The person who manages their wealth better than you will become billionaire and win
keep on licking those boots you tool
@@jamilakatze2128 why do you think so?
The squandering of public cash is the real issue
Please don't mention that. The media and politicians have brainwashed us too much, saying the truth will just complicate matters. We can't handle complexity at the moment. Thank you
There's nothing wrong with finding a way to pay as little taxes as the legal system allows you. That's actually smart, and we should aim to be smart. In my opinion, the tax system is not really fair, and it punishes successful people, while at the same time it demotivates others from making more money. If you had to pay a lower % of taxes as your income increased, it would motivate more people to become successful, yet you'd still pay more taxes than those who earn less. We are doing things backwards.
It's illegal for Scum Musk and Dirtbag Bezos to be tax exempt , it's a fact that if the middle class and poor have to pay taxes then AUTOMATICALLY so does Scum Musk and Dirtbag Bezos
yes, it's just lack of motivation that only so few are successful. Definitely not a rigged system.
@@ZeonGenesis MUSK KNOW ABSOLUTELY NOTHING ABOUT REAL LIFE BECAUSE EVERYTHING IS DONE FOR HIM AS WELL AS EVERYTHING IS HANDED TO HIM
@@ZeonGenesis no is TAX CHEATING ELON MUSK DOESN'T HAVE ANY LEGAL RIGHT TO BE TAX EXEMPT AND I DEFY YOU PROVE ME WRONG 😡😡😡
🤣🤣🤣🤣🙏🙏🙏🙏@@ethanshelbyskateboarding9980
But if you borrow all these massive amounts, you still have to make payments plus interest on what you borrow, that's how banks make money, they charge or lending money.... so how do Billionaires pay for the borrowing??
By selling shares and be taxed. This article avoided this part.
@@clam4597 yep, whatever tax they do or don't pay, or assets they owen, they still need to have money coming in for themselves.
They also didn't mention the regular dividend payment from Shares, which for them would be a huge income. - In the US: "These payments are subject to tax whether cash is received or dividends are reinvested to purchase more shares."
Oh, will take your advice BBC....now wheres your buddy Jimmy Saville?
However, I heard that Elon Musk will pay $30 billion in taxes this year. That’s a lot more than I pay.
@Follow the howl Still a tad bit than I will ever pay even on % basis over lifetime income, so the argument of is it 15 or 30 is irrelevant I'd say.
Elon Musk earned over 300 billion this year. That's only 10% total tax, plus he gets to keep the 270 billion in his golden vaults, money which would be better spent elsewhere
@@rickrolld1367 Hehe, I'll take the bait! He did not earn 300b, troll somewhere else :)
@Follow the howl What? Who said I believe the 30b lol! I most certainly did NOT. But it's nice you twist it like that. I only said in this context it really doesnt matter, in either case he still pays more taxes than all of the commenters here total, over lifetime and certainly more in %. I mean I don't live in the US, but assuming I did and paid your tax rates ect. No matter what you twist up, better stop complaining about at least Elon Musk's taxes, just sound moronic at this point.
@Follow the howl Yeah whereever he dug out the 30B is bullshit lol, or if he just typed it out on his own, I've not seen any video or whatever claim of 30b lol. tbh I think he just came up with it on his own, you know how ppl are online lol.
But how do they pay back the bank if they don't have a salary and don't sell their stocks?
Easy. They can afford the best accounts who know all the loopholes and “creative” accounting tricks.
Id rather Elon spends a billion than the federal government. Look at NASA vs SpaceX for example.
pay tax bbc
12% of 100000$ is 12000$
24% of 1 billions is 240$ millions
12% of 1 billion is 120$ millions.
240$ millions is not 12% higher than 12000$. It’s 200000% more.
120 millions is not equal to 12000$. It’s 99000% more.
Billionnaires has usually more than 1 billion and also creates YOUR job that YOUR gov is taking credit for.
It take 20000 workers at 100k$ to = to 1 billionnaire (240 millions divided by 12000 = 20000).
Why you guys would be ecstatic to learn about the creation of 20000 new 100$k jobs but are mad about billionnaires?
As I said billionnaire probably created those 20000 x 100$k jobs…not your gov.
Best tips to become a billionaire. Start a company as early as possible and own massive sums of equity in the company and don't sell the equity instead used it as collateral in bank and borrow money from them.
So Elon has said himself, he doesn't have an income. So then when he borrows money for a Yacht, what money does he pay off the borrowed money with?
Are you not paying attention, he uses his shares as collateral.
@@kaylamalinga5912 okay let's say the shares are doing well. then taking out a cash advance on your portfolio, using it as collateral... is it a loan with no payback date? he does then need cash to pay this money taken out right? where does that come from if he doesn't take a traditional income?
@@kaylamalinga5912 don't you understand you have to payback a loan with interest, whether it has collateral or not!
@@BondJFK shares collapse, bank starts going under. Government bails out the bank with YOUR TAXPAYER MONEY. Billionaires laughing the whole way to the bank at how genius this is for them.
@@william_8844 you don’t have to pay the interest. This interest is simply added to the loan. Which is still covered by the stocks. So debt increases. And so do the stocks. He is only in trouble if the stock collapses. But then he has SpaceX or other assets he can use to cover that.
In India also same problem
You sure Musk is still paying less tax than us?
@@nl5076 Yeah right, another fake news.
Do you dislike this video?
This is partially misleading. We know Musk didn't pay in 2018 because he overpaid in 2017. He also sold a lot of Tesla stock recently which will result in several billions in taxes. Doesn't mean the system isn't broken though.
You could argue that everyone employed by them pays tax.
Yes. It's almost like these news channels have some propaganda going on. Very one sided and old repetitive news. These people are paying billions through their employees and putting out jobs. In fact, they are doing a better job with 'tax money' than the government would have.
But how do they pay the loans off without triggering tax….
More loans.
@@CapAnson12345 not sure about that one . . .
@@phreak074 oh yeah I have no idea I just made it up.
Fun fact: Trump paid $750 in taxes over a decade. Smart guy
@@waynealan3067 The truth hurts:
"In 2016, Trump paid only $750 in federal income tax, and in 2017, he paid another $750 in federal income tax.[46] This was much less than other recent presidents paid while in office. His immediate two predecessors, Barack Obama and George W. Bush, routinely paid $100,000 annually in federal income tax, and sometimes far more."
People will be kicking themselves in few weeks if they miss the opportunity to buy and invest in Crypto as it's retracing....BE WISE
I invested in both gold and crypto but the crypto is more profitable
I wanted to trade crypto but got confused by the fluctuations in price , from,
That won't bother you if you trade with a professional like Mr Mason Waiter
I heard his strategies are really good
My first Investment with Mr Mason Waiter profits of over $24,320 US dollars and ever since then he has Been delivering
If they are borrowing from the bank, they must still be paying it back as well. You cannot just give a collateral and spend money borrowed from the bank without paying them back.
I am wondering the same thing..
I bet they try to postpone this unpleasant moment for years.
the bank just receives the collateral, which are usually stock options
It's difficult but I think one should become influential to change the system... Like Nobel winner Dr Younus founder of Grameen bank Bangladesh, Edhi from Pakistan, Indra Gandhi's legislation on land reforms from India and many more from the rest of the world
Sweden already solved the problem. For everyone. A wealth tax on all your stocks. Your old stocks are not affected and you can choose to join it or not. It’s so good, everyone freely joins it and every swede now owns stocks and is prepared for their retirement.
Flat Taxes for Everyone with no Deductions!!!
Are you serious have you seen his tax bill this year?
And the taxpayers pay all the subsidies they get. Why on earth do we let them get away with that?
As far as I’m concerned I never paid $12.5 billion at one time in taxes to the federal government
This story didn’t age well
Maybe educate your readers on how business owners estimate taxes and how it’s not the same every year before you lie to them so you can pretend Biden’s good
They pay less in taxes but spend millions in capital projects that create more jobs and thus more taxes, translating into employee taxes, incomes taxes, sales taxes and employee consumer spending…it’s a fallacy to make billionaires pay more taxes cuz their capital investments cannot be afforded my the average man. You all forget the multiplier effects that these investments create for the community and govt coffers.
It is like saying that because price of property you own is increasing every year due to market effect so you have to pay tax on that property every year.This is complete nonsense.
Don’t people pay property tax in your country based on current valuation?
If you're ugly chances are you'll be a billionaire.
But they have more money.
If you have more money, you should pay more taxes. If you have more, you should pay more. End the loopholes, increase the taxes. Abolish capitalism. Idk. But this isn't the way it fawken should be
No, they pay way more. Billionaire bashing is for those who can't think from first principles.
It is only in an amoral society that people are criticised not for their weaknesses but for their strengths, such that the most productive people who contribute more to society than anyone else are scapegoats for the least productive. If one were to assume that these people had a conscious reason for their hatred of productivity, the reason would necessarily be the destruction of human life, which relies upon the yield of production, and therefore lies on the shoulders of the most persecuted minority on earth: the businessman
We should tax BBC more.
I may love to shop but I will never buy your bull.
@@thefifthdoctor6780 Imagine defending rich corporations like BBC. I'll never comprehend your ignorance.
The ultra should have separate law about their taxes
Not just those two, there' two tax systems one for those that don't have and one for those that have, who can use the tax laws to their advantage and the justice system doesn't differ from the two tier system much neither.
Irrelevant, Musk and Bezos don't have any legal right to be tax exempt,
and there not this video is mostly nonsense@@ethanshelbyskateboarding9980
A simple thing to know is, stock value doesn’t = real money/wealth. Musk can be the world “richest” because stock speculation in one day, and lose all those value the next day because stock market crash. So if you want to tax Musk for the fact that Tesla stock rises, then do you also refund the tax to Musk when Tesla stock crashes? (And it probably will)
czcams.com/users/shortsF7jPcEgP-d8?feature=share
You explained it very simply, so what i understand is elon hides all his wealth in stock market in form of shares, right? For example, lets say i invested in coca cola 20 years ago and have made a profit of 10 billion dollars, but there would be no tax on my profit unless i withdraw it, right? As soon as a withdraw it the tax men will start bothering me to pay taxes. So i make a very few and necessary withdrawal to prevent my self from paying taxes. In short, government can't put a tax on money i have invested in stocks , and that's what elon does ,his income is 0$ ,so he doesn't have to pay any tax, all of his wealth is invested in businesses, projects and market shares.
Am i right? Correct me if I'm wrong, I'm learning this stuff.
@@Bhavesh_verma the thing is, the “10 billion profit” you made in stock market simply doesn’t exist. There’s no 10 billion dollar sitting at stock market’ account that wait for you to withdraw. You may think you have made 10 billion profits based on the current transaction price of individual Coca Cola stock price, but the only way you can get actually get 10 billion is if there are people with 10 billion cash and they are ready to pay you 10 billion for the stocks. So if other people aren’t ready to pay, or if they ran out of cash, then you will never get your 10 billion dollar. The fact is: all the money that currently exist in the world put together, is not enough to buy all the stocks at the current price
@@moonshadow7057 what I understand is money invested in the stock isn't real money, it can go up and down According to the market, so govt can only put a tax on us if we sell the stocks and withdraw the cash , is that right?
@@Bhavesh_verma If goverment taxes on stock value, they are taxing on the idea and on the promise of wealth, not on actually wealth. The moment Elon Musk decides to sell all his Tesla stocks, Tesla stock will fall because supply overflow demand, and he will instantly lose the "richest" man perception
so ?
Maybe the question of whether wealthy individuals pay more or less taxes is partially a red herring.
Question should be how governments or bureaucracies harness or mismanage taxes for the common good.
Tax them a million tines for every tax dollar stolen.
Elon musk is paying a lot of taxes this year from exercising his stock options based on his compensation plan and is selling additional shares.
Its local property taxes that creates homeless good people. Not talking about rude criminal druggie street people that the media call homeless
Stupid background music.
In the US, you get also pay taxes when you exercise stock options based on the value of the stock when you get it (income) minus the strike price. So it's not true that taxes are only paid when the stock is sold. That's why Elon Musk recently paid billions in taxes...how much did you pay?
You're talking about the US, this is the bbc channel, which is in the "uk" which has different laws
Oh... "as a proportion of their earnings" wouldn't fit in the headline? Not defending these leeches, just alarmed by the headline as I'm pretty sure bezos pays more than me.
Death or Taxes ...billionaires always going to choose death first.
They willing to kill to save their taxes?
The way he pronounces Bezoz 😂
I don’t like the idea of ANYONE avoiding tax
Your Democrats just tried to pass a SALT cap tax cut for the rich in their BBB bill.
@@Misaka-gt5yj “Two things are infinite: the universe and human stupidity; and I'm not sure about the universe.”
- Albert Einstein
If you don't understand taxes and what gets taxed, economics, or stocks... just don't talk about this. Its embarrassing to read. Simplified to the extreme, Elon musk total tax amount is more than anyone in human history, this is a fact.
Any business owner pays less tax in percentage than someone who just gets paid through PAYE, including the person who runs your corner shop, because they have a lot more options when they are a company, they can choose to pay themselves minimum wage, they can take dividends. It doesn't change the fact that someone like Elon Musk paid 11 billion dollar in capital gains tax in just one year, the entire budget of the James Webb telescope and 5 years of its running cost. Wanting to tax someone for their unrealised gains is like someone wanting to tax you every year based on your house's market value, even though you aren't selling the house yet.
Elon Musk just paid 8 billion dollars in taxes
The politician's won't change anything because they are rich and doing this too. Nanci Pelosi wants to continue to be able to do insider trading.
They stopped showing the thumbs down count for segments like this.
CNBC: Elon Musk will pay 12 Billion dollars in taxes this year.
BBC: How billionaires like Elon Musk pay less tax than you.
Me: smh.
Maybe this was made before but they forgot to upload.
What no British billionaires to talk about BBC? Surely you have your own citizens in this boat or does that not matter or is it a case of let’s not start something we don’t seriously want to follow up on.
Elon and Jeff are basically the richest people in the world, it's not as if they're just random rich people.