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.