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billionaires
Elon Musk: Governing While High
This is the man whom President Donald Trump has chosen to advise him and to oversee the workings of the federal government, nuclear weapons included. Is he “almost always sober” when he does it?
Apr 01, 2025
Though this column comes to you on April Fool’s Day, it’s no joke. By now, it’s likely that many of you reading this piece have seen enough of our de facto president’s behavior to wonder if he’s in his right mind.
On January 6 last year, The Wall Street Journalran this headline:
Elon Musk Has Used Illegal Drugs, Worrying Leaders at Tesla and Space X
In this case, the drug in question is ketamine, a powerful anesthetic and hallucinogen known to be addictive. In answer to questions about his drug use, Musk has stated that he uses the drug under medical supervision to treat chronic depression, adding that he’s “almost always sober” when he writes posts on social media during the pre-dawn hours, and that he makes sure his drug use doesn’t get in the way of his 16-hour work days.
This is the man whom President Donald Trump has chosen to advise him and to oversee the workings of the federal government, nuclear weapons included. Is he “almost always sober” when he does it? This is the man who spoke at greater length than anyone else at Trump’s first Cabinet meeting, where the barely confirmed secretary of defense was present, and where neither he nor his newly concocted department of government efficiency (no capital letters for its title, please) has Congress’ blessing. Somehow he and Trump pulled it out of the thin air of an executive order. Never mind that the Constitution places the power to create federal departments in the hands of Congress. Apparently the Constitution is nothing but a silly formality as far as he and Trump are concerned.
Then there was that little infomercial party he threw with Trump’s approval when he turned the White House into a Tesla dealership. Maybe Trump collected a commission. As for his values, this is the man who refused to say whether he would allow hate speech on his social media platform. This is the man who made his sense of right and wrong plain when he said, “The fundamental weakness of Western civilization is empathy.”
Now ask yourself: Would you allow this fellow to provide official cover and excuse for Trump’s tariffs, which are increasing the price of your food, fuel, and housing? Would you allow him to ignore or defy court orders whenever he wants, as he has already done? Would you allow him to rip apart Medicare and Social Security, on which many of you depend? Would you allow him to undo the effort to control the nationwide damage which climate change has done? Would you let him pry into your personal information? Would you allow him access to our nuclear arsenal, at a very time when the nuclear arms race has reached what the Bulletin of Atomic Scientists has called its most dangerous point ever?
Evidently most of our resident billionaires would, as long as the money rolls in, now that the world’s richest man is in charge.
Maybe Mr. Musk is taking ketamine under medical supervision to treat chronic depression. For the moment, let us suspend disbelief and grant that point. Does it follow that he should be running the federal show at the expense of badly needed social programs, while Mr. Trump offers us his special brand of strange entertainment?
Meanwhile, those in charge of Congress are compliant, while those in charge of the opposition cave in and pray meekly for some sort of deliverance in 2026.
Such is the prank our leaders play on us on this year’s Feast of Fools.
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'Zero Self-Awareness': Musk Invokes Soros While 'Literally' Bribing People to Vote in Wisconsin
"The world's richest Nazi, Elon Musk, claims hecklers are paid Soros operatives while he literally bribes people to vote for the fascist, far-right candidates of his choosing."
Mar 31, 2025
World's richest man and top Trump lieutenant Elon Musk was heckled during a rally in Wisconsin on Sunday—and subsequently roasted online once the clip emerged—for saying those who shouted him down were paid operatives of billionaire philanthropist George Soros, a boogie man of right-wingers in the U.S. who claim he's the funding source and puppet master of the nation's left opposition.
The moment was especially rich optically as Musk was in Green Bay ahead of Tuesday's pivotal state supreme court elections, in which the Musk-backed Brad Schimel, the Republican choice, faces off against Democratic favorite Susan Crawford. As part of his deep-pocketed efforts to get Schimel elected, Musk gave $1 million checks away at Sunday night's rally to compel them to vote—a tactic critics have denounced as openly corrupt and a blatant form of illegal vote-buying.
"It was inevitable at least a few Soros operatives would be in the audience," Musk said from the stage after heckling came from the audience. Laughing, he added, “Give my regards to George. Say 'Hi' to George for me."
Musk responds to being heckled: it was inevitable at least a few Soros operatives would be in the audience. Give my regards to George. Say hi to George for me. pic.twitter.com/2sGiaDfwTm
— Acyn (@Acyn) March 31, 2025
"Sorry—is Elon Musk attacking George Soros... while he's literally buying an election in Wisconsin... the exact thing that Republicans baselessly claim that George Soros does?" asked Brian Tyler Cohen, a political commentator.
"Showing ZERO self-awareness," added social justice activist and musician Bill Madden, "the world's richest Nazi, Elon Musk, claims hecklers are paid Soros operatives while he literally bribes people to vote for the fascist, far-right candidates of his choosing."
And journalist Krystal Ball quipped: "Pretending like they are paid Soros operatives while you are LITERALLY THERE TO BRIBE PEOPLE TO VOTE!"
As the victor in Tuesday's contest between Schimel and Crawford will determine the ideological bent of the state's highest court, the implications for the outcome could not be higher. With Musk putting himself at the center of the story, including the tens of millions of dollars he has pumped in the race, many now see it as a referendum on Musk as well as President Trump.
"Trump has already put America's richest people in charge of dismantling the U.S. government, exacting supposed savings from programs that mostly benefit those most in need to help extend the tax cuts for the rich that are expiring later this year," wroteCapital Times columnist Dave Zweifel on Monday.
"Thwarting this duo's brazen attempt to use Wisconsin to sanction their methods would go a long way to signal the people's disgust," he said.
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The Ultra-Rich Have Exploited Our Tax System Long Enough—Make Them Pay!
Funny how these same apologists for our richest don’t have much sympathy for ordinary Americans who lack the “wherewithal” to pay for medical care, adequate housing, and other necessities.
Mar 30, 2025
The most gaping loophole in our tax law? The tax-free compounding of gains on investments.
This classic loophole enables the two most lucrative inequality-driving income tax avoidance strategies. The first, buy-borrow-die, allows wealthy Americans to avoid income tax entirely on even billions in investment gains.
These wealthy need only hold on to their appreciated assets until death. What if they need cash before then? They merely borrow against the appreciated assets, typically at very low interest rates.
Are rich Americans, including billionaires, truly unable to pay tax on their investment gains before they sell the assets yielding those gains? Wanna buy a bridge?
The second avoidance strategy, buy-hold for decades-sell, lets wealthy investors pay a super low effective annual tax rate on investments that appreciate at high rates over long periods of time. These investors typically experience decades of compounding gains without taxation.
The effective tax rates involved in this second strategy won’t reach buy-borrow-die’s zero tax, but may in some cases get as low as a 4% effective annual rate. A 4% effective annual tax rate would have an investment with a pre-tax growth rate of 20% per year enjoying an after-tax growth rate of 19.2% per year.
Congressional apologists for the ultra-rich on both sides of the aisle regularly claim that their wealthy patrons should be entitled to endless tax-free compounding of investment gains. Without this tax-free compounding, the argument goes, our richest wouldn’t have the “wherewithal to pay” tax on their investment gains before their assets get sold. U.S. Sen. Ron Johnson (R-Wis.) invoked this tired canard at a recent Senate Finance Committee hearing.
Funny how these same apologists for our richest don’t have much sympathy for ordinary Americans who lack the “wherewithal” to pay for medical care, adequate housing, and other necessities. Average wage earners, under current law, can’t even wait until year-end to pay Uncle Sam their taxes. Those taxes come out of each paycheck, wherewithal to pay or not.
Are rich Americans, including billionaires, truly unable to pay tax on their investment gains before they sell the assets yielding those gains? Wanna buy a bridge?
Let’s start with the easiest case: a publicly traded investment that can be sold in smaller units, an investment in stocks, for instance. Say Rich, a wealthy investor, buys 1 million shares of Nvidia at $100 per share, and those shares, by year’s end, increase in value to $120 per share.
Our investor Rich now has a $20 million gain. If that annual gain faced a 25% tax rate, Rich would have a $5 million tax liability. To raise the cash to pay that tax, Rich could sell off 41,667 of his shares, leaving him with 958,333 shares, now worth just under $115 million.
That doesn’t seem very painful.
Now, let’s say Rich didn’t want to sell any shares. He could instead just borrow $5 million against the shares to pay the tax.
Or what if Rich had bought a parcel of land instead of Nvidia shares and, for whatever reason, having him borrow to pay tax on his annual investment gains didn’t turn out to be feasible?
Still no problem for Rich. For gains on illiquid assets, Rich could defer the payment of tax until he sold the assets, but the tax could be computed as if it accrued annually. How might this work? Say, for example, that Rich’s $100 million parcel of land grew at an annual rate of 10% for 20 years, at which point he sold it at its appreciated value of $672,749,995.
Had Rich paid tax at 25% on his gain each year, his rate of return would have been 7.5% per year, and after 20 years his investment would be worth $424,785,110.
The $247,964,885 difference between his sale price and the value of his investment with its actual rate of return reduced by the tax paid would be his tax liability upon sale. Payment of that amount would leave Rich with the same sum, $424,785,110, had he been able to sell a small share of his parcel each year, to pay the tax on his investment gain.
Put another way, Rich would be left with the same amount using this tax computation as he would if he sold his parcel each year, paid tax on the gain, and reinvested the remaining proceeds in another parcel.
And if Rich died before selling his parcel? His income tax could be determined for the year of his death in the same fashion as if he’d sold the parcel for its fair market value at the time of his death. Or, in the alternative, his inheritors could step into his shoes and pay the same tax when they sold the parcel as Rich would have had he survived and sold it at that time.
The bottom line: If we closed the tax-free compounding of investment gains loophole, some situations might exist where the immediate payment of tax on investment gains could pose a problem. But we can address those situations by deferring payment of the tax until investments get sold and accounting for the tax-free compounding in the determination of the tax.
These problematic situations, in other words, don’t justify leaving a gaping loophole in place.
So the obstacle to shutting down buy-borrow-die and buy-hold for decades-sell has absolutely nothing to do with ultra-rich investors lacking the wherewithal to pay taxes. That obstacle remains the politicians in Washington, D.C. who lack the wherewithal to summon the courage to make our rich pay the taxes they owe our nation.
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