The LA Times carried an opinion piece on its editorial page today by a University of Indiana law professor who was complaining that billionaires like Elon Musk aren't paying their "fair share" of taxes. Musk is super rich but, since he only draws a comparatively small salary and keeps most of his wealth in Tesla stock, he doesn't pay that much in taxes. The professor's solution? Don't just tax his regular income. Tax what he would earn if he sold his Tessla stock.
This, I think, is a stunningly bad idea. The professor isn't mad about Musk's leading the extravagant lifestyle of the super-rich, because Musk is too busy working 80 hour weeks to lead the kind of lifestyle his great wealth might warrant. The good professor is mad because Musk could lead an extravagant lifestyle if he wanted to cash in his chips.
The professor and I part company here. I think Elon Musk is one of the few examples of what is right in America today. A few years ago when it wasn't yet clear that Tesla would make it, Musk was living in his Fremont plant, getting four hours sleep on the floor at night trying to iron out the bugs in the automated production line. We should be cheering that, not dreaming up new ways to tax money he hasn't even earned yet.
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