Don’t mean to get into the argument here, but the way that people like him have spending money is to take loans out against their investments, so they go into debt and don’t pay taxes on that. The banks don’t care because if they need to cover the debt they can just sell some of the shares.
WR5@lemmy.world 4 weeks ago
What does this mean? By this metric, the wealthiest person in the world is not considered rich. Elon Musk both works and has an income.
Ilovethebomb@lemm.ee 4 weeks ago
Just FYI, I’ve tagged this guy as “kinda a dumbass” in the app I use.
I wouldn’t spend too much effort arguing with them.
WR5@lemmy.world 4 weeks ago
Yeah good shout. I gave up after I realized. Thanks!
Aux@feddit.uk 4 weeks ago
His wealth doesn’t come from his income. His salary doesn’t mean shit to him.
WR5@lemmy.world 4 weeks ago
His investments and stocks do provide income (although not a salary). Regardless, my earlier statement still stands.
Aux@feddit.uk 4 weeks ago
No, it doesn’t.
strongarm@lemmy.dbzer0.com 4 weeks ago
Don’t mean to get into the argument here, but the way that people like him have spending money is to take loans out against their investments, so they go into debt and don’t pay taxes on that. The banks don’t care because if they need to cover the debt they can just sell some of the shares.