The Tesla CEO has already saved $500 million by moving his life and business out of the state with the most taxes on the wealthy, Bloomberg estimates.
Wealthy people can use stock portfolios or other assets to tap cheap loans and avoid the capital-gains tax. Here's how it works.
Congress should tax the personal loans that wealthy Americans take out to avoid paying taxes on their wealth.
On November 6, Musk tweeted that he would sell 10% of his stock if social-media users approved. A majority of them agreed with the sale.
The Joint Committee on Taxation first said Biden's economic plan will cut taxes for the rich, but in a major correction, said it will do the opposite.
Under the proposal, the IRS would hire nearly 87,000 new workers in an effort to collect unpaid taxes owed by large corporations and wealthy individuals.
Musk needs to sell another 9 million shares or so to fulfill his Twitter pledge, suggesting the disposals could continue for a couple more weeks.
Roth 401(k) and Roth IRA accounts are funded with after-tax dollars and provide tax-free distributions in retirement.
The Tesla CEO, who has committed to selling 10% of his stake, described his stock-selling strategy as "closer to tax maximization than minimization."
"While only about 60% of the population is white, white Americans hold about 86% of the nation's wealth," says Paul Constant.
Musk sold around 4.5 million shares, or about 3% of his total holdings, well short of the possible 10% sale he hinted at to his Twitter followers.
Burry, who was short Tesla as recently as June this year, noted Amazon and other high-flying stocks plummeted when the dot-com bubble crashed.
Burry rejoined Twitter to suggest why Musk may be looking to cash out and to draw a parallel between tulip mania and market speculation today.
Musk's net worth ballooned this year to $335 billion as Tesla stock has soared. A 10% sale of his Tesla stake would amount to around $21 billion.
In the Twitter poll, Tesla CEO Elon Musk promised to "abide by the results of this poll, whichever way it goes."
Congress should reject proposals to repeal or increase the state and local tax deductions cap, a tax cut that would benefit wealthy households.
Charlie Munger slammed SPACs, delivered an inflation warning, and suggested the US government may have overstimulated the economy.