CAN CRYPTO HELP WITH TAX BURDEN?
Every time tax gets into the forum, it is no longer a pleasant moment for everyone. Some are okay to pay taxes for services rendered while many prefer to go to jail instead of paying the due. As we say in the states, Uncle Sam will get his fair share no matter what. I must say there are two things that will happen to everyone. Either you die or you pay your taxes. Harsh life isn't it?
Folks consider the wealthy in a different pedestal when it comes to taxes. In black and while it looks like the wealthy pay more taxes than the average people. The answer is no. Easy to understand when you do not know the loophole to not pay on your earning. If you make the minimum, it will be hard to find holes and pay less. Actually digging deeper, both parties will continue to argue with no end near.
This is the case for #musk. Inevitably he will have to pay a looming tax bill amount near $15 billion US. #musk took no salary since Tesla starts to pump value. He made more as the company is beating expectations. He earned a whooping amount all in stocks of Tesla. He continued to earn more as Tesla is appreciating. You wonder, how does he get money for everyday life? This is how the riches avoid paying taxes on earning. He managed to take loans backed by a portion of his stocks. That way the burden of taxes is lower for him.
It is a win win for everyone involved except Uncle Sam. It is like an incoming train where it will come to a halt for him to pay some taxes. As you know having a twitter poll to decide how to do it, this is again Musk's way of showing transparency. He has to sell shares in order to pay back loans and pay his due in taxes.
MICHAEL SAYLOR SAVIOR
Every time Micheal talks, you know crypto is the main dish. He advises Musk to purchase some crypto while he is finding ways to reduce his taxes. Investing $25 billion in crypto is a no brainer for Musk. If you want to know why BITCOIN will reach $250k, there you have the announcement in plain view. If Musk makes this move, he will single out a generational wealth going forward for the next 10 years.
By having Musk going this route, he will force many to follow, giving a poignant lift to all longtime holders. This idea is so brilliant, it can change the way many see crypto as the real edge against inflation. I think this move could enable a persistent of the 5% rate of inflation going forward. Unless you participate in crypto, life will be rough for years to come.
One important fact for crypto, money will flock like flying geese. The perception is permeable now if you look at the momentum of key token like BTC... As the year comes to an end, value earned will turn to value gained. The advise of Mr. Saylor to Musk finds a sweet spot for anyone looking to stay a step ahead for taxes purposes and fight inflation heads on.
Another purchase by Musk or Tesla in the crypto realm will just take the whole marketcap to another level. The benefit will be tenfold. Taxes will remain where it is. Wherever you are it could be part of the agenda and you have to find ways to remain diluted. Most importantly, keep yourself on top of the learning chain. Keep vesting on you.
Posted Using LeoFinance Beta
