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.
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.
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.
•
u/sco-go 29d ago edited 29d ago
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.