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Can't answer for Finland, but in Norway: >Does that include their "offshore" income? Yes. It counts as taxable income even if you end up paying 0% tax on it (
by koala_man 5y ago
Can't answer for Finland, but in Norway:
>Does that include their "offshore" income?
Yes. It counts as taxable income even if you end up paying 0% tax on it (such as via foreign tax credit).
>Also, what is income?
Net realized income. You can't tell the difference between earning $1M, and earning $10M and losing $9M, and earning $10M on paper but only selling $1M.
- taeric 5y agoSo what would the public record for Musk be? The number reporting usually quotes? Or a much smaller one? (Still large, of course.)
- mariozivic 5y ago$0 for income tax as his salary is $0 and he funds his lifestyle by borrowing against shares he owns: https://www.wsj.com/articles/elon-musk-techs-cash-poor-billionaire-11588967043 https://www.wsj.com/articles/elon-musk-techs-cash-poor-billi...
- taeric 5y agoThat... Isn't accurate either. :(. He did actually pay some taxes, so income wouldn't be zero. This whole "loan against debt" story feels off.
- mariozivic 5y agoIn the current low interest rate environment, I've heard that it's common for founders like Musk to borrow against their shares instead of selling shares. The difference is that they pay small interest rate but don't pay larger income tax by realizing their income. Basically, the same thing that their companies used (or maybe still use) for avoiding high tax on repatriation or their non-US earnings. Edit: Here's a proof but with different incentives (keeping control): https://www.wsj.com/articles/elon-musk-techs-cash-poor-billionaire-11588967043 https://www.wsj.com/articles/elon-musk-techs-cash-poor-billi...