Elon Musk: Crony Capitalist Hall of Shame Inductee–$4.9 BILLION of Your Tax $

Elon Musk: Crony Capitalist Hall of Shame Inductee–$4.9 BILLION of Your Tax $

 Want to be a billionaire? Just figure out how to get the government to give you the money for your ideas. No need to go to Well Fargo for a loan, who needs to sell bonds or stock for capital when you have government willing to give you billions.

“Tesla CEO Elon Musk has one very important supporter in his quest to build the future: the U.S. government, which has subsidized Musk’s companies with an estimated $4.9 billion.

Space X, Tesla Motors and SolarCity maintain a public-private financing model that relies on public funding for growth, according to a report out from the Los Angeles Times on Saturday. The paper based its estimates off a variety of government incentives, including grants, tax breaks, factory construction, discounted loans and environmental credits, in addition to tax credits and rebates to buyers of solar panels and electric cars.”

Crony capitalists take money from the poor and middle class, so they can become rich. The Left and the Right unite on this point—end the crony capitalists ownership—with unions—of government.

Tesla_logo

Elon Musk’s companies receive $4.9 billion in subsidies

Gina Hall, San Francvisco Business Journal, 6/1/15 

Tesla CEO Elon Musk has one very important supporter in his quest to build the future: the U.S. government, which has subsidized Musk’s companies with an estimated $4.9 billion.

Space X, Tesla Motors and SolarCity maintain a public-private financing model that relies on public funding for growth, according to a report out from the Los Angeles Times on Saturday. The paper based its estimates off a variety of government incentives, including grants, tax breaks, factory construction, discounted loans and environmental credits, in addition to tax credits and rebates to buyers of solar panels and electric cars.

So how much is the government paying for Musk’s business? Here’s a breakdown of some of the largest subsidies each company receives.

Tesla
Nevada doled out $1.3 billion in incentives to woo Tesla’s Gigafactory, which will build lithium-ion batteries outside of Reno. At first, Nevada was only willing to offer its usual package, up to $700 million in incentives, but it eventually upped the amount because of the 6,000 jobs the factory will create in the state.

The federal government gives Tesla buyers a $7,500 federal income tax credit, while California grants a $2,500 rebate. However, don’t expect the subsidies to last for long. The federal government capped the $7,500 credit at a total of 200,000 vehicles per manufacturer. The Palo Alto-based automaker has used 25 percent of that total.

California has pending legislation that could limit who receives its rebate, essentially cutting off the wealthy from taking advantage of the subsidy. The average Tesla buyer makes over $300,000 annually, per the report. So far Tesla buyers have received an estimated $284 million in federal tax incentives and collected more than $38 million in California rebates. The electric car company has also collected more than $517 million from competing automakers by selling environmental credits.

And as the company moves into energy storage with Tesla-branded batteries, expect Musk to look for more incentives. Tesla already solidified a $126 million commitment from California, which subsidizes companies developing energy storage technology.

SolarCity
New York state is building a $750 million solar panel factory in Buffalo for SolarCity, which the company will lease for $1 a year, per the Times. The San Mateo-based solar panel provider will not pay property taxes for a decade, which equals $260 million in savings. The 1.2-million-square-foot facility, which will be completed in 2017, will be the largest solar panel factory in the Western Hemisphere and should create 3,000 jobs.

For SolarCity customers, the federal government is providing grants or tax credits that will cover 30 percent of the cost of solar installations. SolarCity has already received $497.5 million in direct grants from the Treasury Department.

SpaceX
SpaceX received $20 million in economic development subsidies from Texas to build a launch facility in the state. Local governments contributed an additional $5 million to woo the company. Included in the local subsidies is a 15-year property tax break from a local school district worth $3.1 million, according to the report.

Musk’s stake in the firms is now worth $10 billion. Musk is the chief executive of both Tesla and SpaceX and the chairman of SolarCity. He holds a 27 percent stake in Tesla and a 23 percent stake in SolarCity. SpaceX is not a publicly traded company.

 

 
About Stephen Frank

Stephen Frank is the publisher and editor of California Political News and Views. He speaks all over California and appears as a guest on several radio shows each week. He has also served as a guest host on radio talk shows. He is a fulltime political consultant.

 

How Did Elon Musk get involved in so many dirty schemes?

Elon Musk is a Lying Scumbag” say critics!

It is, now, well known that all of Elon Musk’s companies would not exist, today, if not for White House kick-backs and West Wing mandated steam-rolling of his competitors, in order to protect his loose relationship with morality.

The many news article about how Musk has based his whole career on getting handed taxpayer cash, as Payola, in exchange for his partners funding political campaigns, are published around the world.

While Musk may be a con-artist, carpet bagger and public funds thief, one has to wonder if his ability to convincingly lie is incumbent to his nature.

Is he like all of those zillions of guys that you see on that TV show: “48 Hours”? You know, the ones who meet the girl, her family says “he is wonderful”, his co-workers say he “was the nicest guy”. His neighbor says he “wouldn’t hurt a fly’… and you always find out he cut off her head, ate her liver and chopped her into sausage. Is he like that? Always smiling, but hiding a meat cleaver behind the smile?

Musk has taken nearly two decades to sell only as many cars as a “real” car company sells in two weeks? He says he had to “figure out” how to build a car, so that is why it took so long. Is that true? Why did he spend so long, on something so rudimentary, only to have it turn out to be “ the official car of douchebags and assholes”?

In those two decades, he has spent more money on those few cars than other real car companies spent on 10 cars. He says his run of the mill car was “so hard to build” and that was why it was $118,000.00 over budget PER CAR, at the time he applied for federal emergency cash. Was it really hard to build or was he siphoning money out to political campaigns?

He says the car is “Totally different” but it is the same electric car layout that electric cars have had since the 1800’s. The Nissan Leaf and all of the other famous car company electric cars did not have any of the problems, delays or issues that Musk always has. Is he lying or just an idiot?

Critics say that Tesla was created to war-profiteer Afghan lithium that his campaign financier partners had inside deals with Russian mobsters for. They say that Solar City was created to accept kick-backs from Steven Chu at the Department of Energy and that Space X was created so Musk’s partners, at spy agency IN-Q-Tel, could profit off of public surveillance systems. Musk says “no”, in spite of millions of pages of evidence to the contrary. Is he lying?

Bernie Tse, and about 18 Tesla employees, worked for Elon Musk to create a battery sales division, but that fell apart when massive amounts of federal reports emerged, in 2006 and 2007 that proved that Tesla partner: Panasonic, was involved in bribes, crime, dumping, killing workers with poison chemicals and other crimes. At the same time, Elon Musk saw reports that confirmed that his lithium ion would blow up spontaneously, catch on fire when stressed by a car, exude toxic fumes that cause cancer, liver damage, cellular breakdown and fetal mutation and that you had to invade Afghanistan and Bolivia to get the lithium. Even, today, as Tesla’s, hover-boards, and numerous lithium ion devices, explode regularly, Musk says there is “no problem” with lithium ion. Is he lying?

The Department of Energy documents filed by Elon Musk, to get taxpayer cash have over 100 things that Musk promised, in writing, that turned out to never have happened and/or never been true. Did he lie..or just have a few typos?

His numerous divorces and break-ups have resulted in people, who knew him intimately, saying he was a “fraud and a “liar”.

His co-founders at Tesla sued him saying he was a “liar” and a “scam artist”.

His investors have said, in lawsuits, that he is a “liar” and a “fraud”.

Erick Strickland, the head of the highway safety agency, was confronted with covering up the DRAMATIC number of safety issues known about the Tesla. He quit the next day. What doesn’t Musk quit?

In a recent article about Musk and Space X, with a cover photo depicting Musk in the company of rats, his own employees are quoted calling him a “liar”.

There are hundreds and hundreds of news articles describing different things that Musk has lied about.

Is Musk really a liar? Is he a scumbag Silicon Valley misogynist laboring under another facade of self-deluded privilege and narcissistic self-promoting elitism?

While Musk’s partner: Google, gladly spins out Musk’s “Look-at-me” self glorification press hype on a daily basis, is Musk telling the truth in those wild-eyed pronouncements?

In his latest press hype: Musk now wants to build a haven for the 1%, On Mars, much like his peer: Vinohd Khosla tried to build a haven for 1%-ers on a public beach, he took over, in Half Moon Bay, California.

We can only pray that Musk will go to Mars as soon as possible. Ideally, tomorrow…and stay there!

 

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