Elizabeth Warren takes on Musk and others over tax breaks
Elizabeth Warren (1/512th Native American);taking on the extension of the tax bill signed by Trump in his first term that is scheduled to expire, wrote a letter to Elon Musk and other corporate masters of the universe.
U.S. Senator Elizabeth Warren | Warren Slams Big Tech CEO...
Here are her letters
Warren to Big Tech CEOs re: R&D Expensing
To Musk she wrote
“American taxpayers will shoulder the burden of tax cuts for Tesla, and they deserve answers about your efforts to secure massive tax breaks for billionaire corporations,”
She cites a report by the 'Institute on Taxation and Economic Policy' claiming Tesla paid no federal income tax last year and only $48 million over the last three years on $10.8 billion in U.S. profits.
Those stats are probably correct . But her ire is misplaced . She blames Tesla for taking advantage of tax breaks that Congress passes. She also falsely blames the Trump tax cuts.
The real fault lies in the Green New Steal aka the Inflation Reduction Act.
While developing the Tesla EV into the green car that the libs used to love, (before they started using Molotov cocktails on them) , Tesla had years of no profits and losses . These losses were allowed to carry over under provisions of the Green New Steal.
Tesla (NASDAQ:TSLA) “Didn’t Evade Tax” says Elon Musk | Markets Insider
First the Dems created an alternate minimum tax for corporations ;and them created green loopholes in the law including various credits for green technology like solar energy and EVs. to incentive the industry .
Musk took advantage of the law as all smart business people would do. But now that he works for Trump he is an evil greedy person.
I of course applaud Warren's efforts to eliminate all subsidies to green energy corporations. The difference between Tesla and most of the others is that Tesla did not go belly up . Lesson to Warren . This is why you don't use the tax code to influence economic and social behavior .
