Hal Hollis

"You made your millions because of the opportunities Canada gave you". If that's so, why haven't all Canadians like him made millions because of these opportunities? It's always the same with you vicious souls: above all else, punish the good, in the name of the good, for being good.

Didn’t your family flee Lebanon and done to Canada as refugees due to the exact “open immigration policies” that you are complaining about? You were offered asylum, given citizenship, a world class education. You made your millions because of the opportunities Canada gave you, the so called exit tax is just the capital gain tax on the things you need to sell, everyone has to pay that a certain point.

I decide to leave Quebec/Canada because: 1) the taxation system is astounding, rendering it nearly impossible to accumulate enough money to truly retire 2) the government's open immigration policies have made it unsafe for my family to remain here (due to the exponential increase in Jew-hatred). Today I found out that I shall have to pay a departure tax for exercising my right to leave, and the money that will be taken from me (because the obscene amount of taxes that I've already paid in full is not enough) will be given to new incoming immigrants who hate Jews. My taxes funded my forced exit and will fund the harassment of any remaining Jews in Canada. It would take me 10+ more years of work to save the amount that is likely to be taken via the departure tax. Is this moral? Ethical? Just? In any case, off to bed. Tomorrow is a new day.

I'll have to verify the details to be sure, but it appears that one can become a tax resident (not a citizen) of Canada and still be subjected to a departure tax when you leave. This might involve only assets purchased in Canada or all of your assets depending on how long one is a tax resident.

@RobOberTech @vesperdigital @GadSaad US taxes you wherever you live in the world, unless you renounce citizenship, and then you pay exit tax. Canada taxes you if you live in Canada. If you move away you pay exit tax, even if you remain a citizen. Which is better? Hard to say. Similar enough.

The Great Scam After what @GadSaad posted yesterday, something I had no idea existed... an "Exit Tax" I did some digging. This is what I found. Canada's departure tax is one of the biggest scam taxes on the books. Apparently when you leave the country, the government treats you as if you sold every investment you own, even if you sold nothing. You get hit with a tax bill on money you never touched, never withdrew, never spent. They literally invented a fake sale to justify taking your money. Here's what makes it even worse. The stocks they're taxing? Those are foreign companies. Apple, Samsung, whatever you hold, those grew because of what those businesses did in their own countries, their own markets, with their own workers. Canada had absolutely nothing to do with it. Zero. But they still want a cut just because you happened to live here while you owned them. They did nothing and still want to be paid like they did. And before 1996 this didn't even exist the way it does now. Chrétien's government expanded it that year and buried it in section 128.1(4)(b) of the Income Tax Act like they hoped nobody would notice. Italy doesn't do this. Portugal doesn't. Belgium, Switzerland, the UK, none of them pull this shit. You paid income tax every year. You paid sales tax. Property tax. You held up your end of the deal the whole damn time. And when you decide to go live somewhere else, they hit you with a bill for money that was never real to begin with. Canada under any Liberal is a Scam!

@kencu_web @RobOberTech @vesperdigital @GadSaad More precisely, a US citizen must file a US tax return even if they live and work in, e.g., Germany. However, one (generally) gets credit for the taxes paid in foreign countries which typically more than offsets the US tax, i.e., no money is owed to the IRS.

@t0mmyfox @GadSaad It's quite simply immoral to tax unrealized gain period. It's just plain vicious to pretend that he's sold all of his assets at FMV on the day he leaves and then demand that he pay taxes on the pretend gain with real money.

@GadSaad You accumulated those gains while you resided in Canada, and you get to pay taxes on them before you leave. Pretty simple.

SpaceX has invested revenue from their NASA contracts (along with other revenue and private funding) to develop internal assets such as Starlink. Much of the valuation of SpaceX is driven by Starlink. Orbital (now Northrop Grumman) and Boeing have made no such investment, and there is little to no outside demand for their CRS and/or CCP related products outside of NASA. Is this why you hate Musk?

SpaceX was, in fact, 'given' billions of dollars (~ $2.6B) to develop a human rated spacecraft to safely fly astronauts to and from the ISS. Boeing was 'given' $4.2B (61% more) for the same service. The result? SpaceX has successfully flown astronauts to and from the ISS over a dozen times while Boeing has yet to accomplish this feat one time. Is this why you hate Musk?

Elon Musk was given tens of billions in government contracts and tax breaks and was able to take a company that’s lost $41 billion and somehow become a “trillionaire.” You will pay social security your whole life and they’ll tell you it’s an “entitlement” when you try to collect

The IRS is demanding much of an 88-year-old retiree's savings; @IJ is fighting the excessive fine. Tuncay Saydam (pronounced Toon-jai) dutifully paid his taxes every year, using one of the big filing services millions of Americans work with. He didn’t know that he needed to fill out a one-page form to tell the government about a foreign bank account he was keeping as his nest egg—money he’d earned decades earlier from teaching and consulting in Europe. When the IRS audited him, they said he owed $29,000 in back taxes and $12,000 in late penalties. But because of the missing forms alone, the IRS is demanding another $437,000. That would gut Tuncay’s life savings. Tuncay earned the money in his account by being a pioneering computer science professor respected worldwide. Tuncay was born in poverty in Turkey but excelled in mathematics from a young age. He first came to the United States as a Fulbright Scholar in the early 60s and worked on early computers at the University of Texas. He helped found the first computer science program in Turkey and gained an international reputation for his work. In 1979, he was invited by the University of Delaware to teach, and a decade later he and his wife became American citizens. Today, his children and grandchildren are successful and he is retired and living near family in San Francisco. During several sabbaticals in the 80s and 90s, he taught in Switzerland and also did consulting work for Swiss telecommunications firms. He left his earnings in a bank account overseas that he intended to keep for retirement. For years, he didn’t do much with it, only moving it to Turkey after his Swiss bank decided to close all American accounts. Under the 1970 Bank Secrecy Act, Americans with foreign bank accounts containing over $10,000 must file annually a one-page “FBAR” form with the government. If someone fails to file the form, the penalty can be either $100,000 per report or half of whatever the unreported bank account contained for each unreported year. The law was passed in the intention of uncovering transnational crime, but it has become a trap for unwary retirees. A few years ago, for example, IJ appealed a similar case on behalf of a woman who had a foreign bank account that her father had passed down to her. The father had escaped Germany during the rise of Naziism and told her the money should be used in case the family ever needed to flee because of persecution. And her and Tuncay’s experiences are hardly unique. As one advocacy organization explained in Tuncay’s case, “the FBAR has ensnared everyone from Holocaust survivors and their families for maintaining ‘escape funds’ to guard against another genocide to American citizens who live overseas and simply deposit their overseas earnings into overseas accounts.” The Eighth Amendment is short and simple: “Excessive bail shall not be required, nor excessive fines imposed, nor cruel and unusual punishments inflicted.” But when a fine becomes excessive isn’t a simple matter for courts right now. In Tuncay’s case, the district court said that the IRS was best positioned to determine for itself when a fine becomes excessive. But the fine Tuncay is facing is fifteen times more than his back taxes. And for its part, the IRS stridently maintains that the Excessive Fines Clause doesn’t constrain its FBAR penalties at all. They’re “penalties,” you see, not “fines.” And if that strikes you as a distinction with a difference, you’re not alone. IJ litigated the last major excessive fines case to be considered by the Supreme Court. That 2019 decision said that the Eighth Amendment applies not just to the feds, but to state and local governments as well. There, Indiana was trying to punish a man with the forfeiture of his car for a low-level drug offense. Ultimately, the Indiana state courts agreed with IJ that forfeiting the car was “grossly disproportionate” to the serious of the crime. If the federal court were to follow the same standards IJ successfully argued for in Indiana, Tuncay would certainly owe a much more reasonable amount. Fines cannot be grossly disproportional to the offense, and Tuncay’s offense was failing to file a handful of forms, not doing anything illegal or illicit with his money. Tuncay is facing a devastating blow to his finances, but he remains optimistic and hopes that his case could make the promise of the Eighth Amendment real for more Americans. His case will be heard at the federal appeals court later this year. Stay tuned.

@snakes979112411 @KonstantinKisin Seriously, is that all you've got, that's the best you can come up with?

@HalHollis @KonstantinKisin Where's the free market you preposterous nitwit?

I think possibly the best thing about Elon Musk becoming a trillionaire is how angry it makes a bunch of losers who've never built a thing in their lives.

Behold: pre·pos·ta·dor /prē-ˌpäs-tə-ˈdȯr/ noun 1. A person who arrogantly clings to and flamboyantly defends beliefs or opinions that are obviously, spectacularly, and preposterously wrong—yet remains completely oblivious to their absurdity, much like a matador waving a cape at a bull only they can see. 2. informal Someone whose misplaced confidence in a ridiculous idea turns them into an unwitting performer of intellectual bullfighting, cape and all. Etymology A portmanteau of preposterous (absurd, contrary to reason) + matador (the bullfighter who brandishes a cape), evoking the image of someone dramatically flaunting their flawed convictions while the rest of the world watches in bemused disbelief.

@RubinReport @elonmusk @BernieSanders No, this is not ordinary envy and jealousy... that's somewhat relatable and understandable. This is a deep hatred of the good (the producers of values in abundance) by those with an inverted morality devoted to destroying values in the name of 'the good'.

One @elonmusk has created more value than a trillion @BernieSanders ever could. Envy and jealously is all this is really about…

@snakes979112411 @KonstantinKisin JFC, you preposterous, incurious nitwit:

@KonstantinKisin Hey dipshit, how much of that "wealth" came from EV tax credits under Obama which literally saved Tesla from bankruptcy and direct taxpayer subsidy through Space X and Starlink

@RoKhanna I'm quite sure that, for the American Left in general, and the Democratic Party of the United States of America in particular, there is nothing more terrifying than a prosperous and productive America.

This the basic difference. Republicans believe that that if you let the wealthy spend capital it will make Americans prosperous. Democrats believe that the federal government investing in the healthcare & education of our people will make America prosperous & productive.

@DarrigoMelanie I see you, and all the others making such statements, as preposterous moral frauds. I don't think you're interested in helping reduce homelessness, etc., I think you're interested in creating more.

It is a moral failure of our country that we changed the rules to create a trillionaire while doing nothing about the 771,000 homeless and over 18 million who do not have enough to eat.

God bless Elon Musk and all the good folk at SpaceX.

@bugmanoncampus @DrJayRichards You preposterous frauds don't even give the slightest damn that your claims are obviously, plainly, and simply false. For the benefit of the still curious readers:

@DrJayRichards Well they are HEAVILY subsidized by the govt and given many MANY grants and incentives by the govt as well. Plus the hire cheap af H1Bs so.....

Now that @elonmusk has become the first trillionaire in history, let's recall some of the media personalities, short sellers, analysts & industry "experts" who predicted his companies would fail or go bankrupt. Many were spectacularly wrong. 🧵 1/9

@gnoble79 I suppose time will tell. Reality is the final arbiter.

Peter Lynch would have HATED everything about this SpaceX IPO. I know because I worked with him at Fidelity in the 1980s. Companies like this came across our desks all the time - the hot story, the charismatic founder, the trillion-dollar promise. The answer was always the same: Pass, move on, and find a REAL business. Today, SpaceX prices at $135 a share. $1.77 TRILLION valuation while all the numbers that actually matter look TERRIBLE. "Long shots almost never pay off." Peter spent his entire career proving this. He made his money on Dunkin' Donuts, Taco Bell, Hanes, Chrysler - businesses you could walk into, understand in 30 seconds, and value off a napkin. He avoided the hot moonshot stocks of his era because the math never worked. SpaceX is one GIANT long shot... - Starship has to work at scale - Starlink margins have to hold as the satellite competition floods in - xAI has to catch OpenAI and Anthropic in a race it is currently losing - Mars has to generate returns inside our lifetimes Every one of those is a coin flip. But the $1.77 trillion price tag assumes ALL FOUR are near-certainties. Peter taught me a stock should be describable in a sentence a sixth-grader could understand. SpaceX cannot be described in a paragraph an MBA can understand. What even is SpaceX? Is it a rocket company? A satellite internet company? An AI company? A defense contractor? A Mars colonization project? The honest answer is yes to all five. Which means no real answer at all. That alone would be enough for Peter to pass. He also had a soft spot for what he called the boring profitable company. His favorite example was Kellogg's. As he put it, no matter how bad things get, people still eat cornflakes. Now look at SpaceX. It lost $4.9 BILLION in 2025. The xAI division alone burned $6.36 billion at the operating line. The only segment actually making real money is Starlink, at $11.4 billion in revenue. Strip out Starlink and you are left with a money furnace. Peter would have looked at this and bought Kellogg's instead. He would have laughed at the idea of paying $1.77 trillion for a company that loses money everywhere except one segment. By the time a hot company hits the public market, the institutions have already taken the upside and the public is being handed the bag. Just look at this offering: 30% allocated to retail investors worth $22.5 BILLION. That's triple the industry norm. I have seen this with Pets .com, Webvan, Snap, Peloton, Robinhood, Coinbase, and many more. Every one of them was the future on day one. And every one of them destroyed retail capital after the hype faded. SpaceX enters the Nasdaq-100 15 days from now. MSCI inclusion starts tomorrow. An estimated $22 to $27 BILLION in mechanical, forced buying from index funds is the entire short-term bull case. Peter built his career getting into stocks BEFORE the institutions arrived. He believed your edge came from being early. SpaceX is the opposite - every passive index fund in America is about to be forced to buy this thing at $1.77 trillion whether they want to or not. The smart money is NOT buying SpaceX today. You shouldn't either.

@ArturoGiov21594 @CynicalPublius I acknowledge that you've written symbols that superficially resemble a human language but lack, on my view, an essential quality thereof - that of having been the product of a functioning rational faculty.

@CynicalPublius The owners create nothing. Labor creates everything. Without labor, ideas and the owners are nothing. Nothing in your screed or existence happens without the actual producers. The producers are collective labor. You're a braindead fucking clown and a bootlicking propagandist.

“Elon Musk is a trillionaire.” As a securities law attorney, please allow me to explain how anyone who says this is basically lying to you: 1. The Securities and Exchange Commission has a myriad of laws that prevent founders and other large stockholders of publicly traded companies from dumping their shares. There are substantial holding period requirements, volume of sales limitations and public reporting obligations for stock sales. Basically, Elon holds largely illiquid shares, he is a “trillionaire” on paper only, and the best analogy is when people peg your net worth based on your home’s market price. That’s not money in your pocket, that’s the house you live in. 2. All that money raised in the IPO? That’s not going into Elon’s pocket like the lying socialist idiots want you to believe. It’s a capital influx that will be used to make more rockets and get more payloads into orbit. It’s a CAPITAL investment—that money is like a business loan, it’s not your money to keep, it’s your money to grow the business. 3. If it WERE legal for Elon to dump his shares, the share price would crash basically instantly and the company could very well fail. If you bought SpaceX shares in the IPO, congrats. You just bought a lottery ticket, just like Elon. May the odds ever be in your favor. So the next time someone screeches about how unfair it is that Elon Musk creates wealth that benefits all of humanity, throw the truth back in their faces.

@BillAckman @Geiger_Capital @SavvyAuntie This. I came to realize a few years ago, that the Elizabeth Warren's of this world (of which there are many) aim, above all else, to punish the good, in the name of the good, for being _good_.

@Geiger_Capital @SavvyAuntie Worse than nothing. She has done considerable harm to the country.

Elon employs ~160,000 Americans and in one morning created thousands of millionaires… You have done nothing for America.