In light of the recent tit-for-tat between Elon Musk and Liz Warren where she called him a freeloader I would like to know how billionaires actually do pay their daily way. Elon said he did not pay income tax at times as he had no income and he takes no salary from his companies. From what is mostly said on the internet these wealthy guys have hardly any cash; all their wealth lies in investments and stock etc.
Every month I have to pay rent/mortgage, council tax, water, electricity, gas, phone bill, school fees, car financing, fuel for my car and go and buy groceries; you know, the usual monthly expenditures we all have. I do have some perks and benefits with my employer but they are all taxable benefits. As example things like a company car and/or fuel card or subsidised medical aid etc. Depending on how many taxable benefits you have, they all erode your personal allowance until you get to the wonderful K tax code…
Now if they have no income how do they pay for these daily bills, costs and expenditures? Who, or how do they pay their credit cards every month? If their company pays for this then surely it must be a taxable benefit? Sure, they might have a million or two, three in the bank but with their high lifestyle that will quickly run dry. Who tops up their bank account?
Sure, they have aides taking care of the daily nifty-gritty but who pays their salaries. If all this is supplied by their company then surely it must be a taxable benefit?
I’m not attacking the rich and famous; kudos to them for all their achievements! I’m just quite curious as to how they operate compared to us regular salary-men (and women)