Elon Musk’s tax dollars should be dedicated to public transport

It must be hard being Elon Musk. Yep, everyone’s favourite Space Karen is crying into his Giga bier and fiddling with his flame thrower in angst. He’s aimed his ire at a proposal before the US Senate to tax Musk and his wealthiest friends

Specifically, these billionaires would fall subject to the 23.8% capital gains tax on the increased value of unsold assets like stocks and bonds.

Elon has plenty of money

Let’s be clear: the man is hardly buying no-name brand baby food for X Æ A-12. His net worth rose by a tidy $36.2 billion alone on Monday in response to a surge in Tesla stock. 

He reportedly earns $610.8 million per week — that’s $152.7 million per day, $6.3 million per hour, or $106,000 per minute.

But let’s not forget that as we pay our taxes each year (and he pays none), we’ve effectively been subsiding not only Elon Musk’s lifestyle, but also his vanity projects. While Elon pays capital gains tax and property taxes, he lives in Texas, which doesn’t have a personal income tax.

How do you feel about subsidizing Musk’s vanity projects with your tax? 

A large chunk of Elon Musk companies get government funding. In 2015, research by the LA Times into Tesla, SolarCity, and SpaceX found they had received an estimated $4.9 billion in government support in grants, loans, and contracts. 

Even dodgier, in 2020, Tesla was delivered more than $400 million from selling environmental credits to automakers that fail to sell enough zero-emissions cars to meet governmental mandates. These credits were the only reason Tesla turned a profit in its early years. 

And let’s not forget the amount of cash awarded to Musk companies to send the rich and privileged to Mars. Look, it’s not all bad, for example, SpaceX won $900 million from the US government to extend broadband access to rural America. Th​​is is a good investment into satellites, especially if it translates to connectivity to remote areas in South America, Australia, and Africa. 

But, most of the cash thrown at Elon Musk’s various enterprises is at the expense of investing in sustainable public transport.

The problem is public transport, not flying people to space

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