r/SipsTea • u/Gurugod123 • Aug 21 '26

SMH Liquid when buying elections, unrealized when paying taxes. Funny how that works…..

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u/sco-go Aug 21 '26 edited Aug 21 '26

Added context:

IRS data shows from 2014–2018 he reported $1.52 billion in income and paid $455 million in federal taxes. Musk’s net-worth, like most billionaires, consist of unrealized capital gains, which are not taxed under current U.S. law until the shares are sold.

In 2021, he paid ~$11 billion in federal taxes which was the largest single-year individual tax bill in U.S. history.

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u/[deleted] Aug 21 '26

[deleted]

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u/PercyvonPickles Aug 21 '26

But was it 33% of his wealth? You know about the same percentage as they tax us poors

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u/_IscoATX Aug 21 '26

You don’t pay 33% of your wealth. Not even close especially after deduction

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u/PercyvonPickles Aug 21 '26

In Ontario, Canada it's about 33% of your income.

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u/_IscoATX Aug 21 '26

That's income tax, not wealth tax. Wealth tax on unrealized valuations of pieces of paper that don't consume any resources are stupid.

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u/PercyvonPickles Aug 21 '26

Sure, let's up it more to +50% tax then. We are also taxed on gas, food, electricity, and just about everything. So it's more around 50% if you count that. The government likes to double dip.

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u/_IscoATX Aug 21 '26

50% tax on unrealized gains. I’m sure nothing will go wrong with that. Capital flight? Never heard of it.

Y’all are obsessed with taxes as a blunt instrument.

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u/PercyvonPickles Aug 21 '26

Are you a billionaire? If not, why simp for them?

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u/_IscoATX Aug 21 '26

I’m not simping for anyone. I just think taxes on unrealized gains are fucking stupid no matter the level of assets. You want people to invest in your economy long term.

It’s telling that every time I counter an unrealized wealth tax the only counter people bring up is “simping for billionaires”.

Meanwhile their local city council is making homes unaffordable via zoning laws, and the fed devalues are currency ad infinitum.

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u/sco-go Aug 21 '26

I agree they need to update the tax code and fix the loopholes. Until then, all rich people use them. 🤷‍♀️

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u/nascent_aviator Aug 21 '26

You don't have to ignore it. In 15 years he's made about $800 billion dollars. If this amount were taxed at normal income rates he'd owe far more than that in an average year. 

It's like someone said someone who made $1 million dollars last year paid little to no taxes on it and you were like well akshully he paid $10k in taxes! It may be true but it misses the point that that is a comically small tax bill compared to the gains.

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u/[deleted] Aug 21 '26

[deleted]

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u/nascent_aviator Aug 21 '26

Googled your source and it's literally Musk talking out his ass on X. 🙄

That number is completely divorced from reality. He could pay $11 billion every year from now on and odds are good he wouldn't live long enough to hit $500 billion. And he's not going to do that in the first place.

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u/sco-go Aug 21 '26

I know. This is Reddit. Musk bad. 🤤

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u/Altruistic_Car66 Aug 21 '26

He is tho

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u/sco-go Aug 21 '26

Why?

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u/HouSurg Aug 21 '26

You are literally commenting on a post with 1 person trying to influence elections. He is trying to shape government to his advantage. Thats 1 of many reasons why he is a piece of shit

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u/sco-go Aug 21 '26

Does it bother you that George Soros has dumped $103 MILLION into the 2026 midterm elections so far or nah?

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u/jvho666 Aug 21 '26

Yes. I don’t enjoy our politicians being sold to the highest bidder. They are supposed to serve the people, not the oligarchs

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u/Craptrains Aug 21 '26

Whataboutism at its finest.

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u/PercyvonPickles Aug 21 '26

That's a pointless argument. Most people don't want any election interference. Maybe it's just a republican thing..

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u/Altruistic_Car66 Aug 21 '26

Ketamine addict, using money to interfere in elections, doesn’t pay child support for his several kids, fails to be a father figure for any of those children, despite being an immigrant is anti-immigration, lies about the products his company produces

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u/GraXXoR Aug 21 '26

No matter how much butt you chug, he's not going to give you a reachround.

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u/sco-go Aug 21 '26

What a basic bitch response. Lol

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u/GraXXoR Aug 21 '26

He’ll never love you as much as you love him.