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Speaker 1: A very good morning, and welcome to the Daily OS.

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Speaker 1: It is Tuesday, the ninth of November. I'm joined by

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Speaker 1: Sam Kozlowski and we are taking you through the big

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Speaker 1: stories of today, starting out with some information we found

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Speaker 1: out from New South Wales Health yesterday.

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Speaker 2: That's right, yesterday we found out the majority of people

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Speaker 2: in New South Wales who tested positive for COVID nineteen

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Speaker 2: over the past three months were unvaccinated. New data from

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Speaker 2: New South Wales Health has revealed sixty three point one

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Speaker 2: percent of people who contracted the virus from the sixteenth

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Speaker 2: of June to the seventh of October were without the JAB.

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Speaker 2: Just six point one percent of cases in that time

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Speaker 2: were fully vaccinated.

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Speaker 1: An owner of the horse Very Elegant, who won the

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Speaker 1: Melbourne Cup last week, has tested positive to COVID nineteen.

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Speaker 1: According to NCAA Newswire, there are fears of a super

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Speaker 1: spreader event at a Melbourne venue that the owner attended.

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Speaker 2: In Houston, Travis Scott and concert organizers have been sued

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Speaker 2: over the Astra World festival on Friday that left eight

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Speaker 2: people dead and one hundred more injured. According to Billboard,

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Speaker 2: the lawsuit was filed by an attendee who states quote

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Speaker 2: the predictable and preventable tragedy was the result of a

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Speaker 2: motivation for profit at the expense of concertgoer's health and safety.

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Speaker 1: The good news today is that the US Navy has

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Speaker 1: named a ship after Harvey Milk, a gay rights activist

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Speaker 1: who was driven to resign from the force because of

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Speaker 1: his sexual orientation in the nineteen fifties. Carlos del Toro's

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Speaker 1: secretary of the Navy, said, leaders like Harvey Milk taught

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Speaker 1: us that diversity of backgrounds and experiences help contribute to

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Speaker 1: the strength and resolve of our nation. Over the weekend,

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Speaker 1: Tesla CEO Elon Musk asks his Twitter followers in a

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Speaker 1: poll whether he should sell ten percent, which for your information,

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Speaker 1: is about twenty one billion dollars of his Tesla stock.

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Speaker 1: Musk then followed up with a second tweet that said

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Speaker 1: he would follow through with whatever his followers decided. Now

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Speaker 1: we know that the result was that of the three

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Speaker 1: point five million people that voted, fifty seven point nine

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Speaker 1: percent of them want him to sell. So, Sam, why

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Speaker 1: is he doing this?

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Speaker 2: It was a super weird financial move and it all

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Speaker 2: comes back to a proposal by the Democrats about tax

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Speaker 2: So last month, the US Democratic Party proposed a tax

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Speaker 2: on billionaires stocks and other tradable assets. If we take

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Speaker 2: a few steps back here, often billionaires don't actually pay

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Speaker 2: tax every year because they're not on paper making any money.

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Speaker 2: So take someone like Elon Musk, for example, He's got

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Speaker 2: billions of dollars of Tesla's stock, but he hasn't sold

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Speaker 2: any of that stock yet. It's still on paper. It's

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Speaker 2: not actually any sort of cash. If they do earn

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Speaker 2: a salary, often these billionaires pay themselves a really minor

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Speaker 2: salary that is taxed at a relatively low rate. It's

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Speaker 2: the same kind of principles that would apply for somebody

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Speaker 2: who has a large property portfolio. If they're not selling

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Speaker 2: one of the houses in the calendar year, they don't

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Speaker 2: actually pay tax on the properties they own at the moment.

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Speaker 2: So the Democrats have put forward a proposal to taxed

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Speaker 2: unrealized gains realized meaning when something is sold or liquidated,

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Speaker 2: so unrealized meaning when it's still up in the air

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Speaker 2: in holding land, but the wealth is there nonetheless. Now,

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Speaker 2: the important part of this proposal is that it would

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Speaker 2: only affect people with one billion dollars in assets, or

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Speaker 2: those who've reported at least one hundred million dollars in

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Speaker 2: income for three consecutive years. So it's really really targeting

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Speaker 2: the top of the top. To give you an idea,

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Speaker 2: in America, this would be targeting about seven hundred people

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Speaker 2: or the wealthiest zero point zero zero zero two percent.

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Speaker 2: As I mentioned before, the proposal not only captures stocks

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Speaker 2: but also property portfolios.

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Speaker 1: So not everyone is in support of this tax. The Republicans,

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Speaker 1: who are the opposing party to the Democrats, have long

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Speaker 1: opposed taxing unrealized gains, and they argued that it would

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Speaker 1: create enormous bureaucracies and that it would be hard to implement.

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Speaker 1: It's not just the Republicans that have an issue with it, though,

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Speaker 1: it's also not clear that every Democrat would be on

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Speaker 1: board with this move. We know that Joe Biden has

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Speaker 1: very slim majorities in Congress, and so he really needs

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Speaker 1: every Democratic vote if his administration hopes to pass their

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Speaker 1: spending plans along party lines.

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Speaker 2: It's just wild that a law that is so hotly

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Speaker 2: contested in the US at the moment is only going

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Speaker 2: to impact seven hundred people but has such massive economic implications.

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Speaker 2: So basically, the whole elon Musk episode came about because

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Speaker 2: of Twitter discussions, where he was obviously named as somebody

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Speaker 2: who would be impacted by this unrealized gains built. Musk

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Speaker 2: did what Elon Musk wants to do and put it

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Speaker 2: to the people creating news in itself, ultimately saying that

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Speaker 2: he would stick with the vote of his Twitter followers

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Speaker 2: to zoom out a little bit and look at Tesla

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Speaker 2: as a company. Elon Musk owns about twenty three percent

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Speaker 2: of all Tesla shares, so Forbes estimated that if he

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Speaker 2: was to sell the ten percent that apparently he's going

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Speaker 2: to sell because the Twitter vote. When that way, he's

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Speaker 2: going to pay about five billion US dollars in tax.

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Speaker 2: Selling a significant amount of Tesla stock is not uncommon

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Speaker 2: at the moment. Last week, Elon Musk's brother sold eighty

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Speaker 2: eight thousand, five hundred Tesla shares after Tesla hit a

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Speaker 2: record high. Another Tesla board member also sold shares worth

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Speaker 2: more than two hundred million US dollars last week. So

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Speaker 2: there's obviously a bit of temptation from the heavy hitters

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Speaker 2: inside Tesla to take their money and leave from here.

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Speaker 2: Markets will anxiously await whether Elon Musk will actually sell

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Speaker 2: ten percent of his stocks. It's just a wild proposition.

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Speaker 2: If he does sell, it's likely that the Tesla stock

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Speaker 2: price will go down, which is bad news for others

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Speaker 2: with Tesla stocks, which involves a lot of Australians, so

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Speaker 2: all Tesla shareholders will be impacted by this decision.

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Speaker 1: It's always interesting to see the intersection of policy and

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Speaker 1: social media and stocks when they overlap and create a

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Speaker 1: story like this. That is all we have time for

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Speaker 1: to though, If you want to follow this story, hop

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Speaker 1: over to our Instagram at the Daily Os it's where

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Speaker 1: over a quarter of a million Australians get their news

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Speaker 1: every day and we would of course love to welcome

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Speaker 1: you to that community. Happy Tuesday.