Some Democrats have pushed for billionaires to pay taxes when the price of their shares goes up, even if they do not sell any shares.
Tesla CEO Elon Musk asks on Twitter if he should sell 10 percent of his shares in the electric car company in the middle of pressure in Washington to increase the tax on billionaires like him.
Some Democrats have pushed for billionaires to pay taxes when the price of their shares goes up, even if they do not sell any shares. There is a concept called “unrealized gains”, and Musk sits on many of them with a net worth of around $ 300 billion.
“A lot has been done lately of unrealized gains as a means of tax evasion, so I propose to sell 1[ads1]0 percent of my Tesla stock,” he tweeted on Saturday. “Do you support this?”
By 17:40 Eastern Time (22:40 GMT), just over two hours after Musk’s first tweet, 54 percent said yes out of a total of 876,189 votes.
Much of Musk’s fortune is held in shares of Tesla, which does not pay him a cash salary. “I only have shares, so the only way for me to pay taxes personally is to sell shares,” he tweeted.
Musk, who is known for his sometimes flippant tweets, said he would “follow the results of this poll”.
I will follow the results of this vote, no matter how it goes
– Elon Musk (@elonmusk) November 6, 2021