"Teaching isn’t the only essential profession Musk is set to out-earn.... Each year, Musk will earn $72 billion more than all 107,950 family medicine physicians in the U.S. Musk will also out-earn all 1,057,660 construction laborers by about $46 billion.... Musk’s average yearly payment roughly equals the combined paychecks of all 3.2 million cashiers in the U.S. America’s 747,750 lawyers are... et to out-earn Musk, with his average annual payment coming in at three-quarters of their combined earnings...."
From
"Good work if you can get it: Elon Musk is set to make more than every elementary school teacher COMBINED/Tesla shareholders approved a $1 trillion pay package for the world’s richest person" (Independent).
248 komento:
1 – 200 ng 248 Mas bago› Pinakabago»First vote - yay me
…as has to be explained over and over wealth is created. It isn’t one big fixed global pile we push around to people. Relative to the size of the human population there are too few Musks to worry about…
IMO, this is a political problem for R's and DJT.
I don't have to pay Musk a dime, but I help pay for a bunch of teachers and have no choice in the matter. Morality has nothing to do with either situation.
Musk pays more in taxes than all the people who receive SNAP benefits and live in Section 8 housing pay in taxes.
Once upon a time elementary school teachers could, and did, teach kids how to read and write and do basic arithmetic. Now children are entering colleges unable to do 8th grade algebra. Whatever we pay elementary school teachers these days it’s more than they’re worth.
…crueler is to talk about the inequity of risk and labor: kindergarten teachers quickly earn a lifetime career with almost no economic risk, earn a defined benefit pension, low physical risk, can live just about any anywhere. Musk made a fortune but instead a cozy lifestyle chose to risk that fortune with no guarantee of success, sleeps on the floor at the office a lot, and as a reward gets death threats, lawsuits, grief from an ungrateful politick…all while paying a disturbing percentage of taxes.
Want a fun exercise, compare the tax bill for his companies he’s created vs those babysitters…
I know people who made millions investing in Tesla. That's more than teachers get paid too. What is this progressive obsession with how much teachers make? It's an insanely stupid metric because they always lie and say "underpaid" without offering a comparison to other jobs where the work year in 25% shorter than most workers. Why not crabbers in Alaska who only work a few months per year? Why not compare them to politician pay which far exceeds their actual value to society?
Nope we have to continuously mythologize "teachers" and it is especially important now that they no longer teach to go big on mythmaking, since government schools are no known more for their horrible ongoing leftist indoctrination and lack of tangible learning among the victims of the teaching "profession."
Oops, "now known" I meant.
Imagine if teachers were paid for performance. Unions tend to weed out the ambitious. Those that remain would starve…
Says the paper owned by a russian oligarch and ex kgb officer who flacks for extinction rebellion funded by a hedge fund
I can't see that how much money Elon Musk makes by his extraordinary efforts and intelligence has anything whatever to do with the salaries paid to public school teachers. One could redistribute all of it to the teachers (which, of course is the implication) and it wouldn't make them or the children they teach any smarter. How do we make more Elons should be the question.
I'm willing to have the teachers get equivalent pay packages: Stock options based on performance metrics. Let them take a 10% stake in their local school district. Wait, there's no value in that? We'll they've been in charge for long enough, that's their responsibility.
A model of a demos-cratic economics or capitalism. Left-wing regimes would be accompanied with progressive redistributive change schemes of shared responsibility and force exercised through liberal license.
Says the paper owned by a russian oligarch and ex kgb officer who flacks for extinction rebellion funded by a hedge fund
Heh. Yes…
Musk's money, and Sam Bankman-Fried's money, and Bernie Madoff's money, and Michael Bloomberg's money, and Bill Gates' money, and Jeffrey Epstein's money, and Harvey Weinstein's money and Bill Clinton's money, and Barack Obama's money and Donald Trump's money was NOT an issue for Democrats when they were Team Democrat donors.
Musk's pay became an issue only because he defected to (join the defector) Trump and then to his own fantasy third political party.
The analysis is emotional mush, but as @Political Junkie notes, this stands to be an issue for Republicans if they truly want to be a working class party. Trump wants to give $$$$$$$$$$ to lots of people and cut taxes too. That math doesn't add up.
I agree - all those teachers vying, and most times succeeding, to launch rockets, dig tunnels, build cars, reconnect brains and cancel cancel culture all deserve the same pay as Musk.
Babe Ruth had the best comment on this kind of silly comparison. When asked if he was embarrassed that he was paid more than the president, he said “I had a better year than he did”. The president was Herbert. Hoover and the year was 1930.
If he earns $1 trillion, my stock portfolio will increase by $285,000. Go Elon!
When you go into a profession that politicians want to control and offer to the masses “for free”, then why would you expect to earn lots of money?
Try going into a profession that has a free market and people are willing to pay for competition.
There ate too many teachers, and most of them are no damned good. In the US alone, each year, 150,000 new 4-yr B.Eds. Learning pædagogy, but not the subjects they're supposed to teach.
Again in the US, there are perhaps 50,000 teaching positions available each year. That's 100,000 surplus graduates each year. In five years, you've got half a million "supply overhang".
Teachers are paid what the market says they're worth, which is not much.
It gets worse. Most teaching, certainly from middle school up -- and I hav 11 years in the classroom from middle school throu associate level [won't count my uni and post-grad teaching] -- most of those teachers can be replaced by some combo of AI and video, presented by a handful of people who know their subjects thoroughly and teach very well.
Students will do their basic learning on-line, then go to the school to do labs or "homework", guided by experienced pros who actually know their shit. It's called "inverted classroom" and it works very well.
This is coming, so let's just abolish the 4-yr B.Ed. now, and save lots of grief. A competent historian can be taught to teach well in under a year. A B.Ed. with three history courses is nearly useless.
The Democrats' Green New Deal in the midst of Climate Change (CACC) was in retrospect a green deal, not particularly green, but a first-order forcing of green returns. LOL
The US government spends $6.8 trillion annually, and is $38 trillion in debt. State and local spending is another $2 Trillion or so. If everything Elon Musk has was seized and applied to this, it would result in a trivial and temporary reduction in the ongoing spending crisis (and, since most of Musk's "wealth" is based on the speculative value of companies run by him, the amount seized would immediately be substantially devalued). This does not take into account the loss of the real benefits produced by Musk's companies (which would be quickly run into the ground under socialist management) or the employment of thousands.
This road has been traveled many times. It never works.
Those who bet on Tesla when it went public in 2010 did very well. But is it a good bet now? The stock market seems to be regarding the pay deal as a sell signal.
It’s easy to see why. Tesla has a stock market capitalization of $1.26 trillion, so the $1 trillion pay package essentially means the Tesla board is giving Musk 80% of the company in exchange for the future growth he might add to the value of the company.
Trump doesn’t get the full $1 trillion unless Tesla hits certain targets, so maybe it’s not as expensive a pay deal as it seems. Nonetheless, it’s probably time for Tesla investors to look for the next Musk.
It’s a useful illustration of the diminishing value of marginal increases in wealth. But it really doesn’t go far enough. Those teachers are paying tax in their income at a higher marginal rate than Musk will ever see for his compensation.
Add a choice: Bitching about Musk’s potential pay is jealously and envy and is designed to create class division. Marxism.
On the basis of the value he has created and the costs he has saved, he's badly underpaid. He needs a better lawyer to negotiate for him next time..
Trump… Musk… Trump… Musk… fevered dreams enhanced by the dirty water of the river Charles…
Here is the #Unsaid thing. Artificial Intelligence could do what every elementary school teacher does at a fraction of the cost of a human. While AI could not have foreseen Tesla taking off while every other big tech CEO turned down Musk when Tesla floundered at the beginning.
So, yeah. 'This is emotional mush for dummies who don't understand economics.'
Most of the people bitching about Trump's pay package are not reading what he has to do to get paid.
If you do not address what he has to do to get paid in one of these juvenile rants you should not be allowed to vote.
It is really time that we addressed the stupidity of the average voter in the United States.
Oompa loompa weingarten now flacking for baristas is the face of the teachers
Well, Wolf's Razor is The act of creation is always right wing but destruction is always the goal of progressives. and this story comports with it perfectly.
Musk used to think he was left wing but now he knows better.
New topic:
Most of the people bitching about Trump's pay package are not reading what he has to do to get paid.
NVIDIA, too. Let's ask Grok, Genesis, OpenAI et al. Regulatory privilege or opportunity? Innovation? Productivity? Redistributive change? What is our unPlanned demos-cracy's choice? X marks the spot.
We do have a problem with income inequality in the USA. The top 5 percent owns 75 percent of the assets or some crazy number.
But the liberal/left doesn't care. They only care when some Non-leftist like Musk gets $$$. Go back before Musk bought twitter and you'll find zero concern over "Rich guys in politics".
I get paid ~100,000$ by my working.
I provide more value than 95% of the K-12 public education teachers in the country combined.
I provide more value than Every US bureaucrat our federal government employs.
You could fire every HR department and DEI counselor in the country and you would lose nothing.
You could completely eliminate every major outside of STEM on college campuses and those students would do better by watching youtube.
The only good thing here is that AI is going to purge those jobs anyway.
It is not a decisive win for Musk. It is a decisive and (highly dilutive) loss for the remaining shareholders who gave money out of their pockets to him in the mistaken belief that somehow they would lose if they didn't give it up
Of course most investors didn't have a choice. It was made for them by the fund managers who chose on their behalf.
"The deal sets up ambitious targets for Musk to unlock his stock payouts in a series of instalments. To reach $1tn, he must sextuple Tesla’s valuation to $8.5tn, boost earnings 24-fold to $400bn and sell millions of robots and autonomous driving subscriptions. Over the 10 years the plan covers, Musk will receive no salary or bonus." ~ FT
What the article fails to report is that the agreement is written in very vague terms. The board has discretion as to whether to award the shares in the event he doesn't meet the agreed targets.
He also, has exemptions and still gets the renumeration if, external events if the board deems them beyond his control.
And the cherry on top of the cake, is that, he only has to meet two of the twelve targets in any event to get most of the renumeration package.
In my personal opinion -- this board doesn't seem to have much credibility.
After they literally tried to destroy his business and even attempt to murder him
RCOCEAN II said...
We do have a problem with income inequality in the USA. The top 5 percent owns 75 percent of the assets or some crazy number.
I believe ~62% of households own stock. 10% of house holds own 92% of stock.
This is mostly a fed reserve problem although the Bush and Obama bailouts after the 2008 crash were a core driver of the asset inflation bubble.
Those teachers are paying tax in their income at a higher marginal rate than Musk will ever see for his compensation.
Irrelevant. All the people who, like the one I mentioned, became millionaires from investing in Tesla paid Capital Gains Tax on their investment income at much higher rates than the average teacher pays. The workers making excellent high salaries from Tesla also paid in at higher rates than teachers. No doubt the gross amount of taxes paid by Tesla and its workforce and its investors far outweighs what all the teachers pay in.
And never forget teachers are generally exempt from paying into Social Security and have their own retirement scheme separate from us so they can hire fund managers to make sure their retirement income is higher than for us regular wage earners.
I like Musk. He doesn't take summers off.
I picked the "economics" option, even though how much a CEO gets paid isn't really "economics". Giving Musk 100 billion a year instead of 1 billion isn't going to make Tesla 100x better. The R2 between CEO compensation and stock market performance is rather low.
Who are the investors? Teachers? Chinese oligarchs who sold us Climate Change (CACC) solutions while constructing coal and nuclear alternatives?
Left Bank,
Musk is not getting cash, as you seem to imply. He is getting stock. He only becomes a trillionaire if the stock grows quite a bit, largely due to his efforts.
If he cashes in his stock, the value goes down quite a bit. Musk uses his stock valuations to create new businesses, not to buy mega yachts.
Also we don't tax wealth. We tax INCOME. He will pay in almost half that Trillion under current state and federal laws. And I dispute that teachers will pay in at a higher rate when you count only INCOME taxes.
When the liberal/left gets big money out of politics then I'll believe all their hot air about "income inequality". But of course, they never have and they never will. They no beliefs or principles except winning and and maintaining power.
And how much in taxes will that comp generate that would not exist otherwise?
Kakistocracy said...
"The deal sets up ambitious targets for Musk to unlock his stock payouts in a series of instalments. To reach $1tn, he must sextuple Tesla’s valuation to $8.5tn, boost earnings 24-fold to $400bn and sell millions of robots and autonomous driving subscriptions. Over the 10 years the plan covers, Musk will receive no salary or bonus." ~ FT
What the article fails to report is that the agreement is written in very vague terms. The board has discretion as to whether to award the shares in the event he doesn't meet the agreed targets.
"very vague terms" is a euphemism for the sock muppet being too stupid to understand the targets and his attempt to confuse people that are even dumber than he is.
Just because it is vague to you doesn't mean that the shareholders found them vague. The shareholders overwhelmingly found the terms understandable and wanted the deal.
Just because you are a retard doesn't mean the shareholders who own Tesla stock are as stupid as you.
I will note that your advise to sell Tesla stock made a lot of people smarter than you a lot of money.
Actually, we should have a tax wealth. I'd say a 2 percent tax on assets over $10 million would raise quite a bit of money. given our massive deficit we need it.
economic(adj.)
1590s, "pertaining to management of a household," perhaps shortened from economical, or else from French économique or directly from Latin oeconomicus "of domestic economy," from Greek oikonomikos "practiced in the management of a household or family" (also the name of a treatise by Xenophon on the duties of domestic life), hence, "frugal, thrifty," from oikonomia "household management" (see economy (n.)).
- etymonline.com
Left Bank of the Charles said...
Those who bet on Tesla when it went public in 2010 did very well. But is it a good bet now?
I bet $230 on it in April when Bich pulled the same stunt you are doing now. Musk doubled the market value in that time. It is going down now (the past week), because the left is talking it down, which is fine. I already got out. Just a little more and I’ll get back in as Musk works to octuple the value.
A trillion dollars ain’t what it used to be, with inflation and all…
Mike (MJB Wolf) said...
Also we don't tax wealth. We tax INCOME. He will pay in almost half that Trillion under current state and federal laws. And I dispute that teachers will pay in at a higher rate when you count only INCOME taxes.
We have to stop taxing income.
We must start taxing capital.
Soon there will be almost no income to tax and everything is going to be capital.
Our tax system is built to punish labor and make capital owners rich. This will systemically lead to the affordability crisis we see today.
Instead the R's are going in the opposite direction, and want to get rid of the property tax in florida. I ask, what will replace it and provide the needed revenue? And get crickets, as usual. People want and need government services but they don't want to pay for them. And that's especially true of rich people. We need a massive military, we need to give Israel and Ukraine billions, we need to help poor and black people, etc. But lets not pay for that.
Our 40 trillion dollar debt is primarily a product of redistributive change schemes under the Obamacares umbrella, first, academic license, second, and the New Green Deal, too. Who is the next "burden" to drop?
The govt doesnt do to earn the money in fact it puts all sorts of barriers to properly operate the company (ir requiring foreign nationals and illegals to apply)
I'll assume that this is just a screamer headline. Did they actually sit down and run all the numbers together?
That's because, unlike these "teachers" Musk is smarter than their "mUh eQUitY mATh! (TM), and knows that 2+2≠ 5 , despite what CRT claims.
According to Grok, Elon has created 600,000 direct and indirect jobs via his various businesses. Well paying jobs mostly in the U.S.
Capital is retained earnings. The issue is capital stagnation, regulatory privilege, redistributive change schemes, and monopolistic practices.
FOR IMMEDIATE RELEASE
Tesla CEO Elon Musk Announces ‘Modest’ 10 Trillion Dollar Compensation Package To Maintain Interest In Humanity
Austin, Texas – December 12, 2027 – In a bold move described by financial analysts as “either transcendent or terrifying,” Elon Musk has proposed a $10 trillion compensation package to retain his position as Tesla’s CEO and, reportedly, to “stay mildly interested in Earth-based business activity”
Musk said : “Running Tesla, SpaceX, X, Neuralink, and civilization is exhausting work. Ten trillion seems fair for keeping me engaged with humanity through 2037.”
Investors appeared split. Some hailed the announcement as visionary, while others questioned whether Earth’s total GDP could technically support it. Markets briefly dipped before recovering.
In an internal memo leaked to reporters early this morning,
Tesla’s Board of Directors expressed unanimous and almost poetic approval of Elon Musk’s $10 trillion compensation proposal.
“We are humbled to even be considered participants in Elon’s ongoing experiment known as reality,” the memo began. “Our duty is not to question numbers, but to make sure the universe rearranges itself to justify them.”
’I'd say a 2 percent tax on assets over $10 million would raise quite a bit of money. given our massive deficit we need it.’
That’s a great idea!! I look forward to sending my certified list of real and investment assets to the IRS every year…
2+2 "=" 5
RCOCEAN II said...
Actually, we should have a tax wealth. I'd say a 2 percent tax on assets over $10 million would raise quite a bit of money. given our massive deficit we need it.
Most of that wealth is tied up in capital markets. It isn't really something you can tax without causing a lot of economic ruin.
Unless you are prepared for government to become the owner of a lot of stocks and bonds and debt assets a wealth tax wont work well. I am kinda curious what the US government would do with a share of Chinese corporate paper though.
Also 2% is a number that will not work at all. That is an insane number.
A more effective approach would be a flat VAT tax. The 9 9 9 flat tax would be a good place to start. Herman Cain was ahead of his time.
According to Grok, Elon has created 600,000 direct and indirect jobs via his various businesses. Well paying jobs mostly in the U.S.
According to Google's AI, there are about 7.4 million unemployed people in the country. So what we really need is twelve more Musks, and unemployment will be eradicated!
Trump doesn’t get the full $1 trillion unless Tesla hits certain targets,
Tell us more, Left Bank.
Income inequality isn’t a problem. Some people committed themselves to building something amazing, some people understand finance and capital helping them do it, some people are committed to something where they earn income, some people want to smoke weed all day. You want inequality compare the group pulling the wagon vs the group riding in the wagon…
Actually, RCOCEAN II, there already is a 2% tax on certain assets. It's called the "property tax". How are you liking that?
Jersey Fled said...
According to Grok, Elon has created 600,000 direct and indirect jobs via his various businesses. Well paying jobs mostly in the U.S.
People who create jobs for American's should get tax breaks.
I love that story, Dr. Weevil. Another baseball book -- The Catcher was A Spy: the Mysterious Life of Moe Berg.
K-12 teachers need to admit their actual hours worked and vast bucket of time off; admit that after the first three years they could do the lessons in their sleep; admit they use or crib most of what they teach from online sources: just stop lying. And stop "emotional teaching." Also stop bragging about making the students teach themselves and each other collaboratively, which "teaches [us] so much too." A quote from pervert Bill Ayers. You're the damn teacher. Stop politically propagandizing kids, and stop babysitting them -- I admit there's a bad problem with students in some schools physically assaulting teachers and creating sheer chaos and fistfights in classrooms, but if you don't talk about it and strike over those conditions, we can't help you with the one crisis we agree needs to be stopped. You get special student loan forgiveness, summers off -- yes, off. Just shut up. Please.
How much democracy can a trillion dollars buy, influence, cajole, compel?
…the dirty secret on equity compensation: liquidity events like ipos are taxed but once that happens shareholders never have to cash out and take cap gains. Equity is collateral lenders are eager to lend against. Line of credit are three magical words…
We absolutely do have a tax on wealth, but we call it a death tax. No sane Congresscritter would ever seriously advance a tax on wealth, and if you think the nitpicking over Trump's property valuations were fun just wait until leftists try to implement a wealth tax and dispute your assessed value as "too low" or decide that "if you sold your house it would generate Z" so they tax you on Z as the value.
"Wealth" is a term that almost as misused as the word tax.
Great now they will want to tax lines of credit too Rehajm. Don't give them ideas. Please.
RCOCEAN II said...
I picked the "economics" option, even though how much a CEO gets paid isn't really "economics". Giving Musk 100 billion a year instead of 1 billion isn't going to make Tesla 100x better. The R2 between CEO compensation and stock market performance is rather low.
Musk doesn't sell his stock to get cash. He leverages it to get capital to fund his projects.
Your ire should not be focused on people like Musk who actually do things with capital.
You should be focused on the finance sector where people use financial tools and derivatives to make money out of buying and selling stock.
I am all for soaking banks and financial investor gains of over 10 million dollars in order to subsidize people like Musk who create jobs.
Over the 10 years the plan covers, Musk will receive no salary or bonus.
Isn't it time we talk about how much more the average teacher will take home in salary in the coming decade than Musk? Where is the equity??
Huh, RCOCEAN II, I didn't take you for a Herman Cain fan. Aww Shucky Ducky. I loved him. A good man, much missed. I worked on his campaign.
Should there be a wealth tax on productivity, beauty, brains, brawn, etc?
I should also address Usury.
Institutions that horde money through savings and lending arbitrage and the use of financial derivatives should be taxed to subsidize the builders who create actual jobs for people.
Government has a spending problem not a revenue problem…
The french seem intent on a wealth tax that will drive business elsewhere starmer meanwhile seens eager to confiscate family farms
The Trump for Musk thing is a pretty funny mistake, unless I did it on purpose. Or maybe blogspot did it, due to Larry Page’s envy of Elon Musk.
I guess the lesson here is that building rockets and electric cars pays more than elementary teacher. Musk was given nothing more to start than those teachers. They just took a different path.
When those teachers were twerking at the sorority parties, Musk was on his 26th hour of working out a program. They both ended up sleeping on the floor.
One of the great things about the richest man in history is that there is really nothing about his rise that's beyond most of us. That either inspires or depresses you.
Just to educate RCOCEAN II a little more on the lack of brilliance of his plan to tax wealth regarding how it usually starts and where it always leads, let's examine the property tax a bit further. If you bought a nice little home in California for $100,000 30 years ago and it's now assessed at $2,000,000 (no joke, in many places), your annual 2% property (wealth) tax is now $40,000 a year. Enjoy your retirement in your otherwise fully paid off home, RC.
Who gives a fuck how much other people make or have. This is an issue I can’t stand when is raised. Senators Saunders and Warren complain about wealth a lot, but for most they are wealthy pigs. So what. Bernie has three houses, the comrades should be up in arms about this but aren’t. Always someone richer than you, except maybe Musk, so he is the apex target.
Huh again, sorry Achilles. Quotes within quotes are hard to read. You, I'm not surprised, speak well of Cain.
Musk uses his stock valuations to create new businesses, not to buy mega yachts.
Mega yachts won’t get him to his destination, Mars.
Musk first made his money by creating PayPal.
Musk then used that money to create Tesla, to improve the batteries he would need for Mars. He later turned Tesla public.
Musk then used that money to create SpaceX, to provide the spacecraft he would need to get to Mars. He lowered launch costs to 5% of legacy costs, yet still makes enough profit to do other endeavors.
Musk then created the Boring Company to build the underground facilities he would need for Mars.
Musk also created Starlink to build the communication and navigation infrastructure he would need for Mars.
Musk then purchased X to expose the corruption that was attempting to derail his plans to get to Mars.
In the process, Musk has hired hundreds of thousands of employees and made many of them multimillionaires, while making it easier for people to buy things on the internet, afford high performing EV cars, expand our space program, build underground infrastructure cheaply, and make high speed internet available everywhere on Earth for $40 a month.
Tina Trent said...
Huh, RCOCEAN II, I didn't take you for a Herman Cain fan. Aww Shucky Ducky. I loved him. A good man, much missed. I worked on his campaign.
I am the Herman Cain fan. RC uses caps in his name. ;)
I was skeptical for an hour or so about the value added 9% tax when Cain first proposed it because all of the Desantis wing Republicans were aghast and I was young enough to be impressionable.
Now anytime the old Republican guard comes out against something the bias cuts the other way.
A 999 tax with an additional 9% on financial institution capital growth would be a good start to address our system.
In the process, Musk has hired hundreds of thousands of employees and made many of them multimillionaires
…who also pay taxes…
Norway recently put a tax on capital. They expected $450mm or so additional revenue
They got a decline in revenue of $150mm or so
Virtually every country that has tried taxing capital has had similar experience. Most have repealed their capital taxes.
I
Meanwhile a pirate like soros who cracked the pound 'then bought the stage' all over the world with his philanthropy that helped shatter cities ruin lives through drug legalization et al
... Nonetheless, it’s probably time for Tesla investors to look for the next Musk.
Sure, Swami. Tell us who that is.
usury(n.)
c. 1300, usurie, "practice of lending money at interest," later, at excessive rates of interest, from Anglo-French usurie (Old French usure) and directly from Medieval Latin usuria, which is an alteration of Latin usura "payment for the use of money, interest," literally "a usage, use, enjoyment,"
Based on capital, credit/debt, or force? What is the charitable alternative in a world of finitely available, accessible resources and disparate returns?
Left Bank of the Charles said...
The Trump for Musk thing is a pretty funny mistake, unless I did it on purpose. Or maybe blogspot did it, due to Larry Page’s envy of Elon Musk.
I made that original mistake. I saw it and almost posted since it F'd up the whole point of my post.
Most people would understand and there is nothing I could do about it.
@planetgeo on California's property tax system.
No. California passed Proposition 13 in 1978. It limited tax increases to the home PURCHASE value plus a 2% annual increase. It resulted in massive tax differences between a buyer in the 1970s and a buyer in the 2000s next door. The early buyers pay almost no property taxes (e.g., $700/yr) while their neighbors pay $7,000 or $20,000 per year.
This had numerous consequences for California, to include allowing retired/no income people to occupy pricey real estate and limit turnover, it drove young working families from the state, and led to a zillion myopic copycat state propositions that caused 90% of California's political issues today.
Some random union or activist group gets some random knee-jerk proposition passed, and it soon destroys the budget. The school teachers unions got 40% or 45% of the entire state budget that way...
https://en.wikipedia.org/wiki/1978_California_Proposition_13
Begley: Add a choice: Bitching about Musk’s potential pay is jealously and envy and is designed to create class division. Marxism.
This.
We already tax wealth in a variety of ways.
Property taxes
Inheritance and estate taxes
Capital gains taxes
Taxes on investment income
Taxes on cars and boats in some states
See your favorite AI for further details.
What an embarrassing article.
Musk has launched more communication satellites than all of the cardiologists who ever lived. Combined.
Musk has sold more electric vehicles than all of the service dogs in North America.
Musk has more users on his social media platform than there are people in Australia.
Any of those 1.4 million elementary school teachers could choose a struggling tech sector and dominate it with an audacious new strategy. They just don't want to because they value the summer break to decompress.
California wants to apply a "one-time" 5% wealth tax on billionaires - their wealth anywhere in the world. Their wealth will be assessed as of Jan. 1, 2026, the bill actually voted on in November 2026, collection as of December 2026, is my understanding, and if they spent one day in CA during 2026 the state will consider that tax due.
So... Step 1: create a bureaucracy to assess their wealth, which CA estimates will take a year for the 280-ish billionaires resident there. ("One-time," my sore knees.) Step 2: attempt to collect. Step 3: battle it out in court. Step 4: scramble to assess an exit tax for the ones who leave in disgust. Step 5: make excuses for the market distortions the state created by forcing 280 billionaires to sell a bleepload of stock.
Step 6: lower the threshold to anyone with $100,000,000 or more... and counting. Step 7: for the politicians, anyway - rally behind the angry calls of disaffected youth to raise the percentage to 20. Or why not 25%?
$1 trillion ÷ 660,000 jobs = about $1.5 million per job. Sounds like a government program to me.
Remember when the lefties here were assuring us that Musk's purchase of X was going to be his downfall? I do.
narciso: there are a bunch of French people in Ruskin, Florida because the government seized their farms decades ago. One, who looked like an older Audrey Hepburn (how do they do it?) was my real estate agent. I was talking to her about the government seizing their farm one day, and she said, "you do not forget the smell when you must pull 500 baby goats from their mothers' wombs."
Of course, she only smelled faintly of lilacs. Yet she was hard as steel. If I was a man, I'd court one of those women.
Leftist billionaires - who support corrupt programs - are not included in these emotional discussions.
n.n said...
usury(n.)
c. 1300, usurie, "practice of lending money at interest," later, at excessive rates of interest, from Anglo-French usurie (Old French usure) and directly from Medieval Latin usuria, which is an alteration of Latin usura "payment for the use of money, interest," literally "a usage, use, enjoyment,"
Based on capital, credit/debt, or force? What is the charitable alternative in a world of finitely available, accessible resources and disparate returns?
The only function lending institutions ostensibly provide is to improve efficiency of applying capital.
You are assuming that a banker with billions of dollars will make better choices than hundreds of people making their individual choices of where to invest.
Maybe yes maybe no, but this type of lending income needs to be taxed. People who build things and create jobs are far more valuable.
Liberal use of planned parenthood (e.g. one-child, selective-child, no-child) is a wealth multiplier. Stuffing sardines... people in urban high-density cans, too.
I don't believe the responses on this. The commentariat here lives for resentment of the elite. Maybe there is some hope if the magas recognize this "emotional mush" when it concerns money, they might also start to recognize it in other areas.
Elon Musk is smart and works hard
The us and world is full of hardworking smart people not accomplishing much or creating much.
What Musk has that sets him apart is vision and the willingness to follow it.
NOBODY thought starlink could work. Mainly latency but also cost of building satellites and putting them in orbit. They were wrong.
Evertbody said stainless steel is a horrible mater for rocket skins. Musk is infatuated with stainless (his word) and used it anyway. Turns out he was right to trust his gut.
Nobody thought it possible to die-cast an entire auto frame. Screw 'em, Elon said and did it anyway. Etc.
John Henry
They got a decline in revenue of $150mm or so
…the stupid part for the EU is taxes are territorial. The targets declare somewhere else their home et voila. France tried this a few years ago with similar results../
Our Public schools are being destroyed by anti-science anti-education sex-obsessed predators.
Be amazing if Musk could save it all.
See they are never satisfied of course then they imported two generations of newcomers starting with the harkis that settled their ban lieus
Mr. D said...
"I don't have to pay Musk a dime, but I help pay for a bunch of teachers and have no choice in the matter. Morality has nothing to do with either situation."
What's the ROI for each? Consider that education has become indoctrination before evaluating.
Achilles, I apologize again. Poor eyesight, tiny screen. I think he could have put our country on a good path, economically and cordially. He was much loved in Atlanta.
Sandy Cortez(D) from Westchester - the lying bar tender casting call face of the socialist kommunist lying corrupt democratic party - calls Musk "stupid"
If, Big if, Elon gets his payout, at some point it will become income and taxable. Perhaps at death.
If he pays 30%, that will be a $300,000, 000, 000 tax bill
John Henry
Musk as head of DOE would be interesting. And he could shutter the offices when he left.
He was an actual rocket scientist (look how the garbage press treated him)
I have been in the trenches of education so i can sympathize up to a point
How ever these tik tok dancers to charlie kirks death i dont get them at all
I can never vote in Althouse surveys because the certificate comes back invalid on my Macbook. Didn't used to happen on my Chromebook. I voted A. If Musk meets the requirements, he deserves the payoff.
pacwest said...
$1 trillion ÷ 660,000 jobs = about $1.5 million per job. Sounds like a government program to me.
We also get cheap access to space, worldwide internet, automated vehicles, tunnels for better transportation systems...
Not sure if you were making a joke or not.
Perhaps at death
Perhaps but there’s instruments for avoiding that…and he has lots of heirs and now some other ambitions, like reinventing government…
This is another case of the 'cost' of something being argued by those who understand nothing about 'value'. And I find that people who tend to argue 'cost' are those who cannot argue a case about the 'value' they provide to others, in their day-to-day life.
The case of American public school teachers, and their union, is a great example. The dismal track record and results over time are indisputable, yet because of the power of the union and lack of spine from political leadership, they continue to dominate our children with damaging indoctrination, rather than be held to proven educational methods, and continue to do their utmost to eliminate competition.
It's our own fault for accepting it. We all know that construction laborers, lawyers, and teachers are incapable of providing worldwide satellite communications or putting men on the moon or delivering any other of Musk's improvements and innovations. Yet here they are, squawking yet again about how 'unfair' it all is, while they are comfortably working towards fat pensions and systematically brainwashing our children with crap curriculum.
You are assuming that a banker with billions of dollars will make better choices than hundreds of people making their individual choice
No, that is not my assumption. The issue is wealth management, the value of capital (i.e. retained earnings), and the pursuit of Life, Liberty, and Happiness. The issue is regulatory privilege, monopolistic practices, etc used to manipulate, distort the market.
"We must start taxing capital."
Wrong. Capital is already heavily taxed. Most capital is already purchased from income that has been taxed. Then the earnings from capital are taxed again, and gains in the value are taxed. And then to cap it off, we have the estate tax.
How many of those would forego ANY paycheck unless you increase the company value 8 fold. Did this article mention he won’t get a penny if he doesn’t hit astronomical goals?
Thou shalt not covet thy neighbor's house, thou shalt not covet thy neighbor's wife, nor his manservant, nor his maidservant, nor his ox, nor his ass, nor any thing that is thy neighbor's.
The Althouse poll was encouraging, the depraved article in The Independent was disheartening.
Imagine thinking you're the good guy, while promoting a violation of the 10th Commandment? Any reader should be muttering under their breath, " Satan, get behind me."
Steven said...
I don't believe the responses on this. The commentariat here lives for resentment of the elite. Maybe there is some hope if the magas recognize this "emotional mush" when it concerns money, they might also start to recognize it in other areas.
2012 was the last year the emotional mush worked.
Now you got Trump.
I am also seeing positive signs out of Trump and Vance over the affordability issue.
We realize Elon Musk makes things more affordable.
It is the government and bankers that make things less affordable.
Financial institutions, traders, investors do something immensely valuable- access to capital for investment and liquidity for markets. Places that have those- humanity thrives. Places that don’t have those- humanity suffers.
We are spending progressively more per capita yet returns in terms of results are an inverse curve
Musk is a model of Anthropogenic Intelligence (AI); assembly, discernment, and creativity with distributed benefits.
Teachers ought to earn even less.
In CO - the corrupt evil dems are attempting to shut down all school choice and popular charter schools.
Our school boards are packed with vile leftists who make horrific decisions and do not care at all about education or our children. Often they are indeed predators. Oh just the other day a female teacher was caught after having an affair with a young under-age boy in her class.
James K said...
"We must start taxing capital."
Wrong. Capital is already heavily taxed. Most capital is already purchased from income that has been taxed. Then the earnings from capital are taxed again, and gains in the value are taxed. And then to cap it off, we have the estate tax.
If McDonalds pays someone to flip burgers the government takes 30% of that paycheck right off the top.
If McDonalds buys the BurgerRobot9000 they get to depreciate their investment to reduce their taxes.
I ran businesses. I know exactly how much tax businesses pay on corporate income.(Hint: it is all expensed and income = 0)
If you want meaningful employment to be a thing this must be addressed. There has to be a VAT tax.
There will be no wages or income soon. Maintaining a tax system based off of income and wages at this point is insanity.
@Steven ... I'm so old I remember when Elon Musk was a hero to you lefties. Resentment is the foundation of all leftist ideas. Don't try to gaslight us with your projection.
’The commentariat here lives for resentment of the elite. Maybe there is some hope if the magas recognize this "emotional mush" when it concerns money, they might also start to recognize it in other areas.’
I enjoy starting the morning with a bite of false premise washed down with a big glass of cognitive dissonance.
Government is a central manager of services and arbitrage. Banks manage a repository of capital as investments. There are charitable alternatives, but in a world of finitely available, accessible resources they are few and far between. All's fair in lust and abortion?
’I ran businesses. I know exactly how much tax businesses pay on corporate income.’
Jimmy K doesn’t know much about business, finance, or economics, so I appreciate you keeping him straight…
Evergreen CO - same day Charlie Kirk was assassinated by a radical leftist - another high school shooter was able to shoot several students - one was severely injured by the bullet, and will suffer the rest of his life with the injuries.
The investigation stopped after they found that the young shooter was radicalized on social media. Boom - that's it.
It was leftwing radicalization - but the media dropped it all because it didn't fit the narrative.
This is so disgusting. Jeez, you'd think five or ten or fifteen million dollars and you're rich. Nope. We need to stop this BS!
Proposed reforms that MAGA will love -- no more stock buybacks that allow companies to artificially inflate their stock prices. Higher corporate tax rates. Stop corporations from directly influencing politics (this means ending Citizens United). Implement Warren Buffet's proposal to limit CEO compensation to 20 times the average salary. More unions (real unions, not BS public sector unions). No more H1B1 retards and their thirty kids (sorry but Walmart doesn't need "Indian PhDs" to work as cashiers and we don't need 30 more people on Medicaid).
Stopping illegal immigration is the key to all these reforms! With less crime, less downward pressure on wages and a stronger safety net, Americans can focus on much needed reforms. Go Trump!
Aktually hes pretty sharp on economics
ack - No School Resource officer at Evergreen High School that day. We are taxed up the ying-yang - and the left (who are in charge! total control - given to them by stupid voters) refuse to protect our kids.
NOBODY thought starlink could work. Mainly latency but also cost of building satellites and putting them in orbit. They were wrong.
Evertbody said stainless steel is a horrible mater for rocket skins. Musk is infatuated with stainless (his word) and used it anyway. Turns out he was right to trust his gut.
Nobody thought it possible to die-cast an entire auto frame. Screw 'em, Elon said and did it anyway. Etc.
John Henry
I appreciate what you do JH…
Musk - save our education system! We are a nation of economic illiterates and leftwing emotionalists.
In a world of finitely available, accessible resources, diverse egos, wicked solutions, what is a fair... optimal model of distribution and management? Is a human life a viable choice or liability?
This is emotional mush for dummies who don't understand economics.
It's the conflation of consumption and investment. Detractors want to make Musk appear like Daffy Duck diving into chests of gold coins.
"I'm comfortably well off. WAHOO!
Instead, Tesla shareholders are betting on Musk being the best to decide of how to invest that capital.
’Aktually hes pretty sharp on economics’
Just a little bit. :)
Robert Heinlein has a definition of "Bad Luck". We are seeing the beginnings of our bad luck with the election of a variety of Socialists across the nation.
“Throughout history, poverty is the normal condition of man. Advances which permit this norm to be exceeded — here and there, now and then — are the work of an extremely small minority, frequently despised, often condemned, and almost always opposed by all right-thinking people. Whenever this tiny minority is kept from creating, or (as sometimes happens) is driven out of a society, the people then slip back into abject poverty.
This is known as "bad luck.”
― Robert Heinlein
In my opinion teachers are some of life's most successful people financially. I was in a small credit union office when I overheard a retired public school teacher tell the loan officer his social security income was $1500 per month and his pension was $5000 per month. A guaranteed $6500 per month can make for a good life.
The person explaining his income is in my church so I know he is a retired public school teacher. I recognized his voice and later watched him walk out to his car. He did not know I was at the next desk over opening a checking account. He could not see me and I did not make a point of popping out and saying hi after he had explained his income. There is a divider between the desks but they are only about 15 feet apart.
I once had a job at a university. The retirement fund match was 200%. It is a 403b for educational institutions instead of a 401k I had from other jobs. I worked there eight years. That 403b is still one of the main parts of my retirement funds.
I wonder how much tax revenue is generated by Elon and others loans against their capital. There is some number of dollars earned from that.
Thank you R
Also, new rocket factory in Texas to build 1000 rockets per year.
Think what that will do to launch costs
Another 90% drop?
Maybe not that much.
But maybe.
John Henry
Peachy, you want safer schools, try hiring more male teachers. An old, obese cop making $150,000 per year isn't going to stop a school shooting.
I chose the first option in the poll because it was the only one that supported the idea that Musk is free to earn his trillions, but I wish there was different option because I didn't chose it for economic reasons, or efficient allocation of resources, but because it just feels fair to me that people ought to be able to earn what they are freely able to earn and keep it. And it seems unfair to me that other people would get to take that away just because it feels to them that someone has too much. In other words my position is based on my own emotional mush.
Notice I said OVER $10 million. So if you have a 2 million home, your tax = zero.
Nothing is more stupid than personalizing public issues. The idea to derail from the actual topic to someone's personal motives.
So instead of addressing the question: Income inequality, they want to talk about how you personally are "full of resentment" or "you're just jealous" or "Why don't you stop complaining and get off your duff and earn $$".
Its just childish name calling. And it works. Its an old commie rhetorical trick. Don't talk about the subject - talk about how someone is a "fascist" or a "Reactionary". Then other people started using it for other purposes. Now, its to attack anyone who doesn't worship rich people!
Spiros - I'm not in charge of schools in CO - the corrupt left are.
Tell them.
I suggest that since Musk's dream of colonizing Mars is still a few years off, he take some of his cash reserves and purchase a small bit of land - perhaps Portugal or Nicaragua, say, or even the Gaza strip, and see what he can do regarding building a working society not based on socialist pipe dreams, drug money, or nihilistic religion over the next 20 years in any of those places. Could be interesting.
I wonder what Gahrie would have thought about this article. He was a teacher.
I've been reading this: https://www.theargumentmag.com/p/when-grades-stop-meaning-anything
It's about UCSD admitting that it's accepting a lot of kids who never learned math and writing to a 4th grad level, let alone to a high school graduating level.
Why?
Because schools are not teaching, but they're still giving out As & Bs to kids who haven't learned anything. And because "standardized testing is evil", the schools aren't being caught cheating those kids until they get to a college that wants to know what they actually know. These are kids getting As in AP Calculus in high school, then getting a 1 (utter failure) on the AP Calc test, and then failing to correctly solve basic math questions like "what is X if 2 + 7 = 6 + X".
So please don't whine about Musk getting paid more than every elementary school "teacher" in teh nation combined, because he's clearly doing more of the country than every single one of them combined
Why do we have cash, credit, and other financial instruments? What purpose do taxes serve? Why aren't people more charitable with their Choices... uh, choices?
Progressives don't understand progress.
Oh, and words matter. If Musk EARNS that money (by running the companies so that their value grows by $8.5 trillion, he will deserve it"
I voted my shares to approve the pay package. He doesn't get paid unless Tesla hits the milestones set out in the agreement. Wonder if the teachers would agree to condition their pay on outcomes?
I don’t understand why so many have wealth envy. They have it to the point of attacking wealth, cutting it off, ending it. If they cannot have it, no one should. They think wealth is a finite thing, not the dynamic, fluid, ever-created thing that it is.
Elon Musk is dragging humanity, kicking and screaming, into the future. Our schoolteachers, as a class, as a profession, have failed. The last generation and a half of kids cannot read. They cannot add. They cannot compose a paragraph in proper English. They cannot think for themselves.
You can no more compare their incomes than you can my ability to run through NFL defensive lines with Saquon Barkley’s ability to do the same. He should make X times more than me: he produces that much more.
And no matter the whining or the op-eds, it won’t change that reality.
Teachers will never make what Elon does. But they could make more if they taught at a higher level of success in the private sector, instead of carrying the water for a corrupt teachers union while our kids continue to get dumbed down.
Are the green publications because he's African-American, and right, right? Because he rejected the trans/sim infatuation of social liberal club? Because he and his wives retained more burdens of Posterity by choice than "burdens" by Choice?
@Christopher B - I like Musk fine. I'm not a lefty. I'm an actual conservative. It's you maga people who've become socialists and statists. It is my hope that you will realize that the "emotional mush" you recognize on the left applies to your own resentments.
maga is a movement motivated by resentment mob that hides their lawlessness behind a facade of pseudo-conservative rhetoric. But you are not conservatives.
All Across America - our classrooms are papered with Homosexual flags... and other various leftwing lectures and inappropriate obsessions about sex and gender... and these same tolerance lectures are laced with hatred towards young boys or anyone who dare not tow the line in regards to the they-them sex and gender obsessions. Tolerance! - they scream.
All of that should be banned from the classroom.
Musk will lose 75% of his existing wealth long before he has a chance at the $1 trillion.
As some here know. I knew gahrie IRL in his formative years (we went to high school together). I'm pretty confident he would've gone with Option 1.
Steven - where's the wealth envy among the non-lefties here? The couple who have expressed thoughts about reforming the tax code, however misguided I myself might think they are, are going for two things: keeping capital moving and deficit reduction. That's quite different from Obama's statement that if higher taxes on the rich were to result in lower revenue (as ultimately tends to happen), they'd still be warranted because it would be more "fair."
So I don't get whom you're talking about.
About one of those wishing for tax code changes: RC, why $10mm? It seems arbitrary... and arbitrary numbers are easy to change. (Also, the property tax example with the house now valued at $2mm wasn't supposed to be a direct reference to your $10mm threshold but rather an example of what happens when "wealth" is taxed. at any level.)
If my child's choice for school included walls papered with the pride flag - I would not allow my child at the school.
My values about sex and gender - as a parent - are paramount. Hands off my child - you predators hiding behind "tolerance"
School should not be a leftist lecture - with sex and gender obsessions - (again - all hiding behind so called "tolerance")
That tolerance is anything but...
Children should learn the value of earning and saving money.
Children must learn all of the basics - without leftwing-communist tinge
I should add that, to their credit, our resident lefties aren't expressing wealth envy either for the most part.
Leland said...
Musk also created Starlink to build the communication and navigation infrastructure he would need for Mars.
The rest was right, but I'm pretty sure this one is wrong. Musk created Starlink because he needed a customer for SpaceX with big enough launch requirements to justify and pay for Starship, which he needs to get to Mars.
It was a chicken & egg problem: laugh costs were too high, so usage and therefore capacity were low. Musk found a revenue generating way to drive up launch need, and therefore drive down launch costs
Musk employs around 110,000 people at an average salary of $108,000.
Performance compensation through democratic choice. Novel, no. Green, perhaps, but with tangible productivity, who is to judge what is material? It's your capital.
Virtually every country that has tried taxing capital has had similar experience.
And all WILL have that result because unlike Congress's laws, the laws of physics and economics are immutable. When you tax something you get less of it, which is why "sin taxes" worked until government got into the liquor and gambling businesses. Too many programs now are designed to subsidize capital and even if it was a good idea taxing capital would be at odds with the incentive system of subsidies. Maybe they should all disappear, like libertarians argue. But that would get government 100% out of the incentive business leaving only their peacekeeping and punishment jobs.
Steven writes, "I'm an actual conservative."
Okay, Steven, what are you conserving? Unlimited illegal immigration? The continued existence of taxpayer-funded NGOs? Untouchable regulatory agencies? Unfettered flow of cocaine and fentanyl from foreign cartels into taxpayer-funded addict encampments? The extermination of the Jews?
I ran businesses. I know exactly how much tax businesses pay on corporate income.(Hint: it is all expensed and income = 0)
That is NOT the typical corporate experience. Did you expense away your state and local taxes too? The IRS tends to look at businesses that regularly generate zero NI as suspicious. Because it is.
A pride flag of lions, lionesses, and their unPlanned cubs in gay parade would be marginally novel. A Rainbow banner of albinophobic character would be a testimony to a liberal caricature hoisted on a progressive petard.
Wow now making America great is a socialist grifter con because the "real" conservative said so. Trump must be the first socialist to reduce the size power and scope of government.
Teachers and their enablers don’t approve of pay for results. Given their results over the last few decades that is understandable.
“Peachy said...
Musk - save our education system! We are a nation of economic illiterates and leftwing emotionalists.”
I read that musks foundation was planning a university but it appears it has withered. If we could convince him that a university would help him get to mars, watch out.
What is the teachers' return on investment? Individually or a fund in an economic incorporation?
The alternative is to have the government choose where the economy is headed, and when they choose wrong, we are saddled with the debt abd the economic pain of the misallocation of trillions in resources.
“$1 trillion ÷ 660,000 jobs = about $1.5 million per job. Sounds like a government program to me.”
You might be right.
Now do Obama’s American Recovery and Reinvestment Act which cost $831 billion and essentially created zero permanent jobs.
Nope. Not even close.
"Virtually every country that has tried taxing capital has had similar experience. Most have repealed their capital taxes."
The left has a real fetish for failure like this. They can't resist it, especially if you tell them about the failures of the past.
“$1 trillion ÷ 660,000 jobs = about $1.5 million per job. Sounds like a government program to me.”
The 660,000 jobs are what currently exist. If he increases Tesla by the necessary amount, it will mean a further increase in jobs.
Am listening to NPR which is featuring a South African intellectual is is arguing that South Africa should be allowed to lower its interest payments to the IMF because it is spending more on interest than education. Imagine what the could afford if they had not dfiven Elon put and his companies where all in Johannesburg.
Regulatory capture can be exploited for grift. Is it democratic, dictatorial, or monopolistic? Is it regulation with compelling cause or plausible evidence? Musk is a model of economy and opportunity, teachers included.
“$1 trillion ÷ 660,000 jobs = about $1.5 million per job. Sounds like a government program to me.”
The difference is in the results. Government doesn't produce much of anything useful for the money. Imagine how much it would cost and how long it would take for the government to do what Musk has. That's one definition of infinity.
If Elon’s businesses were as unsuccessful as American teachers he would be out of business. Who would buy a Tesla if only 1 in 3 could actually get you where you want to go?
953rd vote - yay me
It would be worth it to pay teachers the same if they could increase test scores 8 fold.
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