Elon Musk will pay an estimated $11 Billion in taxes in 2021.
Imagine if Elon Musk had stayed in South Africa. The land of opportunity and capitalism is what drives these self starters to the United States. Elon Musk is changing the world as we know it, and in the process has grown to be the worlds richest man. Recently he was named by TIME Magazine as the “Person of The Year ‘and the current run he is on this past year is unmatched by any other founders or CEO’s. He is creating change for our world through electric cars, reusable rockets, solar panels and his underground tunnel project “The Boring Company.” Through all of these endeavors he is employing thousands of people, amassing a great wealth, and as he states it: “will pay more in taxes than any other American in history.” You would think with these accomplishments by himself and his companies would be welcome wherever they want to do business and counseled for their advice. Instead, in a most recent jab at Musk to try and get her 15 minutes of fame Elizabeth Warren tweeted this about Musk “Let’s change the rigged tax code so The Person of the Year will actually pay taxes and stop freeloading off everyone else.”
Musk had several quick witted responses to Senator Warren but the one that caught the most attention was this one: “And if you opened your eyes for 2 seconds, you would realize I will pay more taxes than any American in history this year.” He also followed that up with this tweet “Don’t spend it all at once … oh wait you did already”
These taxes that he will pay is due to the exercising of his Tesla stock options. It is estimated that he could have an equally large tax bill as well next year. Elon Musk has been able to do things that any politician cannot accomplish and is leaving a lasting impact on this world. Senator Warren used her 15 minutes to then send out an email to all of her supporters to try and raise money. This push against a progressive agenda and more of a centralist approach took place in the Democratic primary when Joe Biden defeated Elizabeth Warren and Bernie Sanders.
See the full Twitter exchange here: https://twitter.com/elonmusk/status/1470899663087747072
Mark Cuban wrote a blog posted back in 2011 and titled: “The Most Patriotic Thing You Can Do.” Within this article Cuban explains that the most patriotic thing you can do is to make a boatload of money and pay your taxes. He states: “Make a boatload of money. Pay your taxes. Lots of taxes. Hire people. Train people. Pay people. Spend money on rent, equipment, services. Pay more taxes. When you make a shitload of money. Do something positive with it. If you are smart enough to make it, you will be smart enough to know where to put it to work.”
Cuban also explains how he is not against the use of government involvement but he believes this money is better put to use in the hands of entrepreneurs and job creators. Read the full blog post here: https://blogmaverick.com/2011/09/19/the-most-patriotic-thing-you-can-do-2/
Mandatory Minimum Wage
The Federal minimum wage still remains the same at $7.25 and this has been a hot button topic amongst politicians that want to see this increased to $15/hour. Minimum wages are being increased at the state level and now politicians are pushing for an even higher minimum wage of $18/hour. However, what has the private sector done? Companies now are jumping on board and setting their own minimum wage. Amazon, a company that often comes under fire by politicians has set its own minimum wage at $15/hour since 2018. Costco raised it’s minimum wage to $17/hour and Hobby Lobby raised their hourly late for full time employees to $18.50/hour. T-Mobile has committed to pay all of its 75,000 employees a minimum pay of $20/hour. Darden Restaurants are also on a path to increase its minimum wage to at least $12/hour.
The private sector has been able to accomplish what the public sector and our politicians have not be able to do. The market, competition and well run companies have taken the lead to drive our nation forward. This is the strength of the United States and the power of opportunity. The free market inspires entrepreneurs to innovate, create and build a brighter future.
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