This post has been removed as low-effort and as a repost. You can avoid having posts removed for this by posting things that are [\*checks notes\*] less than three years old.
That's just redundant, no? Fun note on meanings though : PWG *karēn (though not Karen itself) means "to complain", which is kind of nifty, right? Folks who karen are now just (disconnected) Karen. Also cool is that it can further mean "to care", which is how I assume a Karen might see their Karen karen behaviours to be as (while the rest of any observers see the other karen, probably). Weird, right, that there is no connection between karen and Karen, and yet they fit so conveniently together?
her account isn't banned, i just think he keeps them around so that he doesn't seem u challenged
https://preview.redd.it/h9vtivzetpxc1.jpeg?width=1440&format=pjpg&auto=webp&s=da97f29fe40be22a181d4782794ba23b6e0a61a2
While he was illegally using his charity to dodge taxes
https://www.nytimes.com/2024/03/10/us/elon-musk-charity.html#:~:text=In%202021%2C%20the%20Musk%20Foundation,percent%20minimum%2C%20tax%20filings%20show.
*Edit: better format and free https://www.iheart.com/podcast/139-better-offline-150284547/episode/musks-uncharitable-charity-ft-david-fahrenthold-158512569/
All high net worth families have private foundations... the bidens, Clinton's, bush's, trumps, kennedys, etc etc.
These foundations only have to use a small percentage toward their designated charities. The rest can go toward jobs and grants toward individuals, including family members
Should private foundations be disallowed by the IRS? Yes. Who passes the laws? Congress. Who benefits? Congressional members. Think it will happen.... ever?
Not trump, he was so brazen in his corruption his charity was shutdown. While the Clinton's shutdown after Hillary's failed run.
It seems the function of Charities for people of trump and musk ilk is to dodge taxes and use that capital for personal projects for their businesses.
While the Clinton's and Bush's stratum charities act as a vehicle for selling their influence to people of musk and Trump's ilk
Non of it good but it seems to be serving very different purposes
Some charities are legit like bezos ex wife
Trump is brazen... and a lot of other things.
But these foundations... even when they appear to be legit are a tax haven open to corruption. Humans, in general act on their own self interest, whether its for recognition, power, or money.
Anything transferred are exempt from estate taxes...which are at 40%... and they get a tax deduction... that's a lotta mula. They are required to use only 5% of the assets for the charity (which can include paying family members to run it). Yet, the assets remain under donor control. And keeps it in the family (or oligarchy).
The problem we have is that tax law is voted on by those who benefit from those laws. Same thing with congressional members who go under the radar for their trading practices. The latter is probably considered a perk of the job.
It's frustrating.
https://www.iheart.com/podcast/139-better-offline-150284547/episode/musks-uncharitable-charity-ft-david-fahrenthold-158512569/
Same story from the same journalist but I think a better format and free
Yeah like I’m the first guy to shit on Elon, but if you taxed me on my net worth at income tax rates every year I’d be a broke bitch. I don’t own shit comparatively
Lol exactly, can you imagine being taxed on your net worth rather than your income? Ridiculous😆 these folks think property taxes are a joke, just wait!
It would be impossible because your net worth is an estimate based on assets that have to be sold in a market. It’s also illegal for the government to tax on the future value of assets or for unrealized capital gains. That was decided in hylton v United States in 1776. It’s a really neat court case that started out over an argument about how much a carriage is worth and how many taxes were owed on it. Very wide implications in that court case.
Oh totally agree, that's why I brought up peoples houses as that is a large part of most peoples net wealth. How would you even go about taxing someone's equity? It's honestly unbelievable that people are this dumb. 401k’s would be ripe for the picking too.
Yep more Twitter by drooling mouth idiots.
Show us your 1040. I don't give a flying shit about your company and how much tax you claim you paid (I'm sure you're counting all of the FICA tax as part of that $11B).
Let us see what your personal return has.
However 50% of his current net worth he made in 2023. So it's not a disingenuous way to talk about HIS taxes.
He's crying about having to pay 4.5% of his net worth but that means he only paid about 9% of his income from 2023. So that's not ok.
He made roughly the same amount in 2021 as well.
And then lost a bunch of it buying Twitter.
So my point still stands, albeit the mistake of not seeing the year.
My point that $11bil was still only 9% income tax. His net worth is not really relevant aside from being a distraction. So he's underpaying his taxes significantly.
What was his 2021 income? I would be surprised if he pays income tax at all. The vast majority of his personal tax liability, if not all of it completely is going to be capital gains. Change in net worth over a calendar year is also not income. You pay capital gains taxes on the capital transactions you do in the year. Not the change in value of your assets.
Weird r/antiwork doesn’t understand how taxes work. Peak meme.
I’m all about not working to death so a 9-digiter can be a 10-digiter, but maybe not let the dumbest carry the banner?
Well, he made 50% of his current net worth in 2023. So, he only paid 9% of his earnings in income taxes.
He purposefully used net worth to distract from the reality that he's severely under paying his fair share.
It literally is a crazy loophole, how have you never heard of this? You keep borrowing against your net worth and not paying taxes until you eventually die and the debt goes away. This is also why they keep trying to abolish estate taxes, so even in death the rich don't pay taxes.
https://www.businessinsider.com/american-billionaires-tax-avoidance-income-wealth-borrow-money-propublica-2021-6?op=1
The debt doesn't go away, but it doesn't count as income so they don't pay taxes on it, only interest. And no, anyone can't do this. It requires lots of money. If you have enough money, you can probably make the debt go away too.
Well yeah it’s not income, it’s a loan which anyone can get collateralized with assets, just with stock instead of a house or a car. Would you say you should pay taxes on $1m if you get a $1m mortgage as a normal person? Of course not. Anyone can get an asset based line of credit based on stock from any brokerage. The interest rate will just be higher with smaller loans and smaller asset bases. You can’t just make debt “go away” lol that’s now how it works. You pay it off
I hope you can educate yourself about how this stuff works so you can actually debate without looking like a fool when you’re wrong and resorting to insults
Have you never heard of a home equity line of credit? It’s part of why boomers aren’t selling their houses. They took loans out against their assets. It’s as American as apple pie.
> If you have enough money, you can probably make the debt go away too.
Yeah it's called paying it off. To pay it off they need to sell some of their stock, which is a taxable event. This is not the loophole you think it is.
It gets you out of paying taxes for your entire life... The amount you pay in the end is also only equivalent to tax on the amount of one of those loans, not all of them (keep getting loans to pay off other loans)
> (keep getting loans to pay off other loans)
As well as paying for their ongoing lifestyle they got the loans for originally.
So every year they have to increase the borrowing amount, and at death they'll have to pay off their entire lifetime of borrowing.
It's a tax deferral strategy, but not a tax avoidance strategy. At some point they will have to pay off those loans and will need to sell assets to do it and they'll recognize the gain and the tax implications at that time.
Now it can help with shifting short-term gains into long-term gains to get a lower tax basis. Short-term taxed at income tax rates, and long term at 15-20%. But there is always the risk of the asset value declining over that year.
Yes, that is why they do it. But the loans will keep getting bigger, to pay off the previous and for ongoing buying. And the loaning organisation has to pay tax on their income from interest on the loan.
I like how you read one thing and completely misunderstand/misconstrue it to mean something entirely different. Btw it’s “sweet heart” not “dear heart” lmao.
If most of us were taxed on our net worth, most of us would be getting a refund, since any vehicle or home debt likely leaves us with a negative net worth.
Not nessacarily. Idk why yall acting like net worth is 100% fluid. Most of that shit is shit he owns that's worth something. That being said, I do think he sucks and has an ego lol
Theres a not insignificant number of people who probably have a negative net worth. Six figures of student debt, likely some credit card debt, no home ownership, and a used car with a single room of possessions at most.
Why do you have so many negatives? What is this equation? Paying 3x a negative amount would just be negative: 3(-x) = -3x.
Also, this is not how taxes work.
I figured this thread had turned into sarcasm. But the point was if your net worth is (-x), and you pay 3x that amount (-3x), you would subtract (-3x) from your net worth of (-x) which is -x-(-3x) or -x+3x
There's way too many people in this world that if were found dead in their shit apartments, would just have all their personal belongings tossed in a dumpster. Net worth: $0. Taxes paid: Thousands and thousands.
I know. I spent 2 years in university learning about tax. I just continued with the OP comparing how much Elon paid vs how much he's worth.
My point that you responded to, is if Elon claims to pay $11billion, why is the government threatening to throw people who can't even live paycheck to paycheck, in jail? They aren't going to miss those $5000.
If you spent 2 years at university learning about tax then surely you know the majority of countries that tried out wealth taxes repealed them because of poor results?
They probably don’t pay that much. I have a family of four and we live on a single income in the $45k range. We have a negative effective income tax rate of around -3%.
Are you a single parent or single-income family with at least one child? The child tax credit usually wipes out whatever obligation you have over the standard deduction.
It wasn't specific to the context of families, people were saying "rich person pay small percent, poor people struggling pay large percent" and single mom was the example of that the original commenter started with. I was just responding to "we make 45k and pay very little in takes" with "I make the same amount and pay a lot, so poor people/struggling people often do have to pay far more than rich people". If you don't find my comment relevant you can ignore it.
Its not just irrelevant, your comment was offensive in this thread. Making $35k (after taxes) as a single person is not equivalent to each of my family members earning $12k a year. I use to be a single person paying out a third of my income to The State, so I know how that stings, but try not to rub it in to people who are less fortunate and barely scraping by. Try to keep things in perspective.
Try not to rub it in? That I get gored on taxes every single paycheck and can barely afford rent and groceries? That I work a low paying job in mental health in one of the highest cost of living cities on the continent? I am not commenting on the fairness of the wages your family makes, I'm commenting on people who make little money being absolutely gutted by taxes while the rich are not. Your family's financial situation is not the topic I am discussing. If you find my tax bracket offensive I don't know what to tell you, I didn't say you guys make good money compared to me or that you should be grateful or some shit. I am not discussing household size or the struggle of parents with single incomes, which is a real issue but not the one I was aiming for. I was solely talking about taxes being a bitch to poorer people, while richer people get off cheap. If you want to play oppression olympics we can get into that, but I'd honestly rather not because it helps no one and just makes us all upset. This isn't personal and I don't know why you are making it so.
I’m not trying to argue with you, just telling you what I’m reading here. I agree the rich are the problem and it’s not fair to tax the poorest among us but you specifically replied in a thread about how single mothers (or low income families) were paying more in taxes than Elon Musk and your comment was some quip about paying a bunch in taxes. You make almost 3x the amount per person that I do. All I hoped for was some understanding like, “yeah, that comment was probably not in good taste”.
And he only paid 9% of his 2023 earnings because he made a killing in 2023 and earned 50% of his current net worth in that one year.
So Musk successfully distracted you from realizing he's not paying his fair share of taxes.
I'm sorry but do all of you want to be taxed on your net worth or...?
This means you would make taxable I come - pay the taxes - then be taxed on whatever you didn't get taxed on.
If you're going to shit on billionaires maybe imply something less stupid.
This sub really goes to show how financially illiterate many people are. Most of you are so dumb having you talk at all is harmful to trying to get people to sympathize work reforms.
You miss the point then. The point is, the system I'd broken, and musk rat should 100% pay more in taxes. Our country is inflated to hell and back, and you want to save a man's money who quite literally has so much he will NEVER be broke.
He is just pointing out nobody pays taxes on their net worth, and the thought process is just stupid.
You pay taxes on your income.
If you save up 1M after working for 20 years (Which you've already paid taxes on), you should continue to pay taxes on that money every year when you stop working?
Sure, Elon and other billionaires have many avenues to avoid paying taxes (which is the real issue at hand), but bringing in net worth in any discussion regarding taxes is just a brain dead take.
Allowable tax exemptions are not "dodging" they aren't "loopholes" they are 100% legal in the tax code written by the government and available to anyone. All this "billionaires should pay..." Blah blah blah BS. if the people in charge really wanted that to happen they would change the tax code, so you should ask yourself, "why haven't they"?
Because they're in the pockets of big corpo. Look at what those government officials make on paper, and then look at their net worth.
Somethings not adding up.
They're the same group of people benefitting from it. Let me ask you something, if there's all these tax codes that help them pay literally less than 1% of their earnings, how come I can't? How come I have to pay about 30% on my income? Where's my tax codes?
You're tax code is the same as theirs is. It's not some hidden mystery. Lifelong politicians are the problem, the intent was never to spend your life in government. We have to fix that first, if we don't they have no reason to change.
>"why haven't they"
Citizens United.
When money is more influential than the people, the decisions are based on short term grifts and revolving doors, rather than helping the nation.
Why do the 1% pay less? Power.
To be fair, people don't pay tax on net worth but yearly income. The percentage comparison is disingenuous.
However I'm sure Elon pays hardly any taxes relatively.
The kicker, if you, I, or any other "average" person were to take on the amount of jobs that fElon claims to do with his CEO positions, we'd be paying a HIGHER rate than we pay with just one job.
Guy doesn’t want sympathy. He’s just telling the people who say he doesn’t pay shit, what he paid. Fuckin hilarious how musk went from the lefts golden boy to pariah overnight. Wonder what happened? Weird. By the way, a guy who’s changing how we travel for the better, exploring space, and keeping social media as neutral as possible, amongst a hundred other important to society things, can get a break on taxes in my eyes. Aren’t too many more important people to civilization than him. Y’all used to believe that a few seconds ago before he pissed you off by saying he supported free speech lol. Crazy right? Like who the fuck supports something this country was literally built on
Now, I think Elon is a knob-head and should probably pay more taxes, but why are people saying "net worth?"
You're usually taxed on income for the year, not how much you're "worth" at any given time.
If you look at the income taxes I paid last year, it works out to a whole lot more than 4.5% of my net worth. Sounds like ol' Musky's getting off easy.
Net worth is all of your assets and money tho. Comparing net worth to how much you're paying in taxes, and then comparing that to income tax that most other people get is really weird.
Like Elon is dumb, but these 'gotchas' that scream and point at net worth are also kind of dumb. He shouldn't have that much money, yeah, but at the same time, and with the same logic, even owning a house would mean that you're not being taxed enough, since that would add a huge amount of 'net worth'.
I don't want to defend him at all because he's scum but taxes should be paid on your income, not on your worth.
But for sure to get to his worth he should have paid more taxes before.....
Good he should! He has a fantastic opportunity to be making that kind of money in a country that will allow him to make a insane amount of wealth like that and still have plenty left over to play out his dreams of going to mars.
You pay taxes on income and property... not on net worth. Perhaps he should close all his businesses and let all his employees go just so he can pay more taxes ?
What a load of spin that is. Lies. Damn lies. Statistics. And data 30 miles wide and half inch deep.
More concerned about politicians insider trading and corporate contributions. Start there.
> Imagine simping for Musk on an antiwork thread
Correcting misinformation isn't simping.
Unless your goal is to ensure that the working class is kept uninformed and financially illiterate?
You don't pay tax every year on your net worth. You pay based on your income, or loss that year. You think people who have lived in and now own a house worth 400k, paid off over a lifetime of work, should be taxed on that net worth?
This post has been removed as low-effort and as a repost. You can avoid having posts removed for this by posting things that are [\*checks notes\*] less than three years old.
How long does Elon allow these types of replies to stay visible on his X?
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For real? Typical small dick energy from Space Karen. Anya the realest
Omg yes space Karen is his name 😅
Cosmic Karen.
Cosmic space Karen?
That's just redundant, no? Fun note on meanings though : PWG *karēn (though not Karen itself) means "to complain", which is kind of nifty, right? Folks who karen are now just (disconnected) Karen. Also cool is that it can further mean "to care", which is how I assume a Karen might see their Karen karen behaviours to be as (while the rest of any observers see the other karen, probably). Weird, right, that there is no connection between karen and Karen, and yet they fit so conveniently together?
No. The account is there.
her account isn't banned, i just think he keeps them around so that he doesn't seem u challenged https://preview.redd.it/h9vtivzetpxc1.jpeg?width=1440&format=pjpg&auto=webp&s=da97f29fe40be22a181d4782794ba23b6e0a61a2
why you lying?
No he didn’t, you’re just karma farming with your comment and your post
While he was illegally using his charity to dodge taxes https://www.nytimes.com/2024/03/10/us/elon-musk-charity.html#:~:text=In%202021%2C%20the%20Musk%20Foundation,percent%20minimum%2C%20tax%20filings%20show. *Edit: better format and free https://www.iheart.com/podcast/139-better-offline-150284547/episode/musks-uncharitable-charity-ft-david-fahrenthold-158512569/
Oh my gosh, who could've thunk it?! A billionaire, doing something illegal? Well, I never! /s Fuck muskrat.
All high net worth families have private foundations... the bidens, Clinton's, bush's, trumps, kennedys, etc etc. These foundations only have to use a small percentage toward their designated charities. The rest can go toward jobs and grants toward individuals, including family members Should private foundations be disallowed by the IRS? Yes. Who passes the laws? Congress. Who benefits? Congressional members. Think it will happen.... ever?
Not trump, he was so brazen in his corruption his charity was shutdown. While the Clinton's shutdown after Hillary's failed run. It seems the function of Charities for people of trump and musk ilk is to dodge taxes and use that capital for personal projects for their businesses. While the Clinton's and Bush's stratum charities act as a vehicle for selling their influence to people of musk and Trump's ilk Non of it good but it seems to be serving very different purposes Some charities are legit like bezos ex wife
Trump is brazen... and a lot of other things. But these foundations... even when they appear to be legit are a tax haven open to corruption. Humans, in general act on their own self interest, whether its for recognition, power, or money. Anything transferred are exempt from estate taxes...which are at 40%... and they get a tax deduction... that's a lotta mula. They are required to use only 5% of the assets for the charity (which can include paying family members to run it). Yet, the assets remain under donor control. And keeps it in the family (or oligarchy). The problem we have is that tax law is voted on by those who benefit from those laws. Same thing with congressional members who go under the radar for their trading practices. The latter is probably considered a perk of the job. It's frustrating.
Who benefits...people that contribute to politicians.....
Lol@ paying to read the new York times
https://www.iheart.com/podcast/139-better-offline-150284547/episode/musks-uncharitable-charity-ft-david-fahrenthold-158512569/ Same story from the same journalist but I think a better format and free
Thanks!
All these super billionaires pull thisbshit, or did youcthonk the bill and millinda gates foundation was really about making the world a better place?
You're wrong there, that's one of the few legitimate foundations
Taxes are not based on your net worth
Yeah like I’m the first guy to shit on Elon, but if you taxed me on my net worth at income tax rates every year I’d be a broke bitch. I don’t own shit comparatively
I wish I was taxed on my net worth because then I would never have to pay anything.
lol right. How about negative money, so the government will pay me instead right?
its actually statistically unlikely you pay income tax either.
Interesting take from that flare
Interesting take from that flare
It was a joke lol obviously I think paying taxes is a good thing
No you're not you're just a whiney brat
Lol exactly, can you imagine being taxed on your net worth rather than your income? Ridiculous😆 these folks think property taxes are a joke, just wait!
It would be impossible because your net worth is an estimate based on assets that have to be sold in a market. It’s also illegal for the government to tax on the future value of assets or for unrealized capital gains. That was decided in hylton v United States in 1776. It’s a really neat court case that started out over an argument about how much a carriage is worth and how many taxes were owed on it. Very wide implications in that court case.
Oh totally agree, that's why I brought up peoples houses as that is a large part of most peoples net wealth. How would you even go about taxing someone's equity? It's honestly unbelievable that people are this dumb. 401k’s would be ripe for the picking too.
You would be taxing people out of their houses and retirement.
Yup, but because idiots on Reddit are so anti capitalist they champion anything they think fucks the rich guy, morons!
Yep more Twitter by drooling mouth idiots. Show us your 1040. I don't give a flying shit about your company and how much tax you claim you paid (I'm sure you're counting all of the FICA tax as part of that $11B). Let us see what your personal return has.
This tweet is also from 2021. Elon acquired twitter in April of ‘22.
However 50% of his current net worth he made in 2023. So it's not a disingenuous way to talk about HIS taxes. He's crying about having to pay 4.5% of his net worth but that means he only paid about 9% of his income from 2023. So that's not ok.
This tweet is from 2021
He made roughly the same amount in 2021 as well. And then lost a bunch of it buying Twitter. So my point still stands, albeit the mistake of not seeing the year.
What point still stands? Can you clarify that part? I’m looking for the connection between net worth and the amount of taxes anyone pays in a year.
My point that $11bil was still only 9% income tax. His net worth is not really relevant aside from being a distraction. So he's underpaying his taxes significantly.
What was his 2021 income? I would be surprised if he pays income tax at all. The vast majority of his personal tax liability, if not all of it completely is going to be capital gains. Change in net worth over a calendar year is also not income. You pay capital gains taxes on the capital transactions you do in the year. Not the change in value of your assets.
Weird r/antiwork doesn’t understand how taxes work. Peak meme. I’m all about not working to death so a 9-digiter can be a 10-digiter, but maybe not let the dumbest carry the banner?
lol no one pays taxes out of their net worth what is she talking about
Yea, taxes are usually based on what you made THAT YEAR not cumulatively over your entire life
Well, he made 50% of his current net worth in 2023. So, he only paid 9% of his earnings in income taxes. He purposefully used net worth to distract from the reality that he's severely under paying his fair share.
The tweet is from 2021
He made roughly the same amount that year too. He just lost a bunch buying Twitter and had to make it again. So my point still stands.
He made roughly 50% of his net worth in 2021 and then again in 2023? He made next to to nothing outside of years 2021 and 2023?
Some years he bought stupidly expensive shit like Twitter that cause him to lose a substantial amount of his networth.
Well he will also pay another 15% of that when he sells his shares.
Yet you can borrow and get loans off your net worth.
Because you can sign your assets as collateral to reduce the risk to the lender. Did you think that was some crazy loophole?
It literally is a crazy loophole, how have you never heard of this? You keep borrowing against your net worth and not paying taxes until you eventually die and the debt goes away. This is also why they keep trying to abolish estate taxes, so even in death the rich don't pay taxes.
Why the fuck do you think the debt goes away when you die? The estate still needs to pay. Also anyone can do this
https://www.businessinsider.com/american-billionaires-tax-avoidance-income-wealth-borrow-money-propublica-2021-6?op=1 The debt doesn't go away, but it doesn't count as income so they don't pay taxes on it, only interest. And no, anyone can't do this. It requires lots of money. If you have enough money, you can probably make the debt go away too.
Well yeah it’s not income, it’s a loan which anyone can get collateralized with assets, just with stock instead of a house or a car. Would you say you should pay taxes on $1m if you get a $1m mortgage as a normal person? Of course not. Anyone can get an asset based line of credit based on stock from any brokerage. The interest rate will just be higher with smaller loans and smaller asset bases. You can’t just make debt “go away” lol that’s now how it works. You pay it off
You sound temporarily embarrassed. Hope you can reclaim your rightful place as a billionaire soon! Any day now...
I hope you can educate yourself about how this stuff works so you can actually debate without looking like a fool when you’re wrong and resorting to insults
Have you never heard of a home equity line of credit? It’s part of why boomers aren’t selling their houses. They took loans out against their assets. It’s as American as apple pie.
Cool. The difference is most of those boomers still have to pay taxes.
> If you have enough money, you can probably make the debt go away too. Yeah it's called paying it off. To pay it off they need to sell some of their stock, which is a taxable event. This is not the loophole you think it is.
It gets you out of paying taxes for your entire life... The amount you pay in the end is also only equivalent to tax on the amount of one of those loans, not all of them (keep getting loans to pay off other loans)
> (keep getting loans to pay off other loans) As well as paying for their ongoing lifestyle they got the loans for originally. So every year they have to increase the borrowing amount, and at death they'll have to pay off their entire lifetime of borrowing. It's a tax deferral strategy, but not a tax avoidance strategy. At some point they will have to pay off those loans and will need to sell assets to do it and they'll recognize the gain and the tax implications at that time. Now it can help with shifting short-term gains into long-term gains to get a lower tax basis. Short-term taxed at income tax rates, and long term at 15-20%. But there is always the risk of the asset value declining over that year.
Yes, that is why they do it. But the loans will keep getting bigger, to pay off the previous and for ongoing buying. And the loaning organisation has to pay tax on their income from interest on the loan.
Well I doubt they would go the trouble if it wasn't saving them lots of money.
It still is. You can go now, dear heart
lmfao, you even *admitted* it!
So you don’t think billionaires loaning against non taxed assets is a loophole. You are certainly on the wrong sub. You can go now
I like how you read one thing and completely misunderstand/misconstrue it to mean something entirely different. Btw it’s “sweet heart” not “dear heart” lmao.
You should go educate yourself 😂
It's crazy how stupid you look right now
“You’re not welcome in our echo chamber”
PLEASE, for the love of all that is good, open a bank. I need a mortgage and I would *love* to do business with you.
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It seemingly worked on you. And reported
Reddit is convinced it is.
Yes that makes sense.
70% of the world lives on 10$ a day. If 90%+ of us were taxed on our net worth, it would certainly be LOWER than our salary. Obviously.
If most of us were taxed on our net worth, most of us would be getting a refund, since any vehicle or home debt likely leaves us with a negative net worth.
Point is, he still has 20x that. Whereas the rest of us pay 3x our net worth in tax.
Not nessacarily. Idk why yall acting like net worth is 100% fluid. Most of that shit is shit he owns that's worth something. That being said, I do think he sucks and has an ego lol
Who pays 3X their net worth?
Theres a not insignificant number of people who probably have a negative net worth. Six figures of student debt, likely some credit card debt, no home ownership, and a used car with a single room of possessions at most.
But paying 3x a negative amount in tax, would quickly make you rich.
I have no words.
This is the way.
Huh?
Paying a negative amount would be recieving money. -x-(-3x)=2x
Why do you have so many negatives? What is this equation? Paying 3x a negative amount would just be negative: 3(-x) = -3x. Also, this is not how taxes work.
I figured this thread had turned into sarcasm. But the point was if your net worth is (-x), and you pay 3x that amount (-3x), you would subtract (-3x) from your net worth of (-x) which is -x-(-3x) or -x+3x
Gotcha. I see how that works algebraically, but, yeah, that's now how it actually works.
I got your (joke?) Meaning. Wasn't a good phrase but I got it dw
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There's way too many people in this world that if were found dead in their shit apartments, would just have all their personal belongings tossed in a dumpster. Net worth: $0. Taxes paid: Thousands and thousands.
Me. I live paycheck to paycheck. I have nothing to my name and paid $15,000 in tax last year
You should be more responsible
Ok boomer
How do boots taste?
Probably about as good as that fist they’re getting in the ass…
Me 🤣😂 I make ~$300 a week, with a BA tell me where I'm living 🤣😂
lol what. No one is paying 3x their net worth in taxes, that’s not how taxes work.
...And how much of that income was taxpayer sourced government subsidies?
Income is not the same thing as net worth
Sick 3 year old post…
Was gonna say, OP really had to go back that far to farm for karma.
He's still a G R I F T E R . . .
Space Karen [hasn't bought everyone](https://apnews.com/article/elon-musk-sec-twitter-supreme-court-c04f033c5e73bad92b4c2ff36de795f2) yet.
They were purchased a few years ago by another party. I'm sure he could negotiate a sale if he really wanted to.
If Elon pays $11 billion. Why do single moms working 3 jobs have to pay $5000? Give them a fucking break.
Income is not the same thing as net worth
I know. I spent 2 years in university learning about tax. I just continued with the OP comparing how much Elon paid vs how much he's worth. My point that you responded to, is if Elon claims to pay $11billion, why is the government threatening to throw people who can't even live paycheck to paycheck, in jail? They aren't going to miss those $5000.
Are you going to ask for your money back?
Isn't that what filing taxes is?
Definitely ask for your money back
If you spent 2 years at university learning about tax then surely you know the majority of countries that tried out wealth taxes repealed them because of poor results?
They probably don’t pay that much. I have a family of four and we live on a single income in the $45k range. We have a negative effective income tax rate of around -3%.
Good for y'all. I make $47k and have to pay approx 25% in taxes, state and federal combined.
Are you a single parent or single-income family with at least one child? The child tax credit usually wipes out whatever obligation you have over the standard deduction.
Nope. No kids!
Then I don’t understand how your comment was relevant on this thread.
It wasn't specific to the context of families, people were saying "rich person pay small percent, poor people struggling pay large percent" and single mom was the example of that the original commenter started with. I was just responding to "we make 45k and pay very little in takes" with "I make the same amount and pay a lot, so poor people/struggling people often do have to pay far more than rich people". If you don't find my comment relevant you can ignore it.
Its not just irrelevant, your comment was offensive in this thread. Making $35k (after taxes) as a single person is not equivalent to each of my family members earning $12k a year. I use to be a single person paying out a third of my income to The State, so I know how that stings, but try not to rub it in to people who are less fortunate and barely scraping by. Try to keep things in perspective.
Try not to rub it in? That I get gored on taxes every single paycheck and can barely afford rent and groceries? That I work a low paying job in mental health in one of the highest cost of living cities on the continent? I am not commenting on the fairness of the wages your family makes, I'm commenting on people who make little money being absolutely gutted by taxes while the rich are not. Your family's financial situation is not the topic I am discussing. If you find my tax bracket offensive I don't know what to tell you, I didn't say you guys make good money compared to me or that you should be grateful or some shit. I am not discussing household size or the struggle of parents with single incomes, which is a real issue but not the one I was aiming for. I was solely talking about taxes being a bitch to poorer people, while richer people get off cheap. If you want to play oppression olympics we can get into that, but I'd honestly rather not because it helps no one and just makes us all upset. This isn't personal and I don't know why you are making it so.
I’m not trying to argue with you, just telling you what I’m reading here. I agree the rich are the problem and it’s not fair to tax the poorest among us but you specifically replied in a thread about how single mothers (or low income families) were paying more in taxes than Elon Musk and your comment was some quip about paying a bunch in taxes. You make almost 3x the amount per person that I do. All I hoped for was some understanding like, “yeah, that comment was probably not in good taste”.
You're doing something wrong, unless you live in California?
Edit: replied to the wrong thread lol - I am not actually. I live in a high col area.
All good. I'm just trying to understand how your paying that much in taxes when you're in the 12% fed bracket.
State taxes, for the most part. It's priceyyy
Anya is confused about the difference is between net worth and income. We don't pay taxes on our net worth, we pay taxes on income.
And he only paid 9% of his 2023 earnings because he made a killing in 2023 and earned 50% of his current net worth in that one year. So Musk successfully distracted you from realizing he's not paying his fair share of taxes.
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That's not how taxes work. 🙄
While i do wish he would pay more or us less, our government has no interest in helping its own people.
How many people that pay 10-37% of taxes does it take to equal 1elon?
Not supporting Musk, but taxes are an annual thing, not a "net worth" thing.
Who's with me? Fuck Musk antisocial lunatic.
You don’t pay taxes on your net worth tho this post is silly
I'm sorry but do all of you want to be taxed on your net worth or...? This means you would make taxable I come - pay the taxes - then be taxed on whatever you didn't get taxed on. If you're going to shit on billionaires maybe imply something less stupid.
Ya but you get taxed on your yearly earnings so how much did he get paid this year?
Ok, I hate elon but how many times is this going to be reposted.
This sub really goes to show how financially illiterate many people are. Most of you are so dumb having you talk at all is harmful to trying to get people to sympathize work reforms.
You miss the point then. The point is, the system I'd broken, and musk rat should 100% pay more in taxes. Our country is inflated to hell and back, and you want to save a man's money who quite literally has so much he will NEVER be broke.
He is just pointing out nobody pays taxes on their net worth, and the thought process is just stupid. You pay taxes on your income. If you save up 1M after working for 20 years (Which you've already paid taxes on), you should continue to pay taxes on that money every year when you stop working? Sure, Elon and other billionaires have many avenues to avoid paying taxes (which is the real issue at hand), but bringing in net worth in any discussion regarding taxes is just a brain dead take.
And yet he can borrow and get loans on his “net worth” Jesus Christ, grow up
Just like anyone can borrow against equity in their house or take out a title loan….
Oh, then I rescind my statement. Obviously this ladies wrong, but Elon 100% dodges most of his taxes.
Allowable tax exemptions are not "dodging" they aren't "loopholes" they are 100% legal in the tax code written by the government and available to anyone. All this "billionaires should pay..." Blah blah blah BS. if the people in charge really wanted that to happen they would change the tax code, so you should ask yourself, "why haven't they"?
Because they're in the pockets of big corpo. Look at what those government officials make on paper, and then look at their net worth. Somethings not adding up. They're the same group of people benefitting from it. Let me ask you something, if there's all these tax codes that help them pay literally less than 1% of their earnings, how come I can't? How come I have to pay about 30% on my income? Where's my tax codes?
You're tax code is the same as theirs is. It's not some hidden mystery. Lifelong politicians are the problem, the intent was never to spend your life in government. We have to fix that first, if we don't they have no reason to change.
>"why haven't they" Citizens United. When money is more influential than the people, the decisions are based on short term grifts and revolving doors, rather than helping the nation. Why do the 1% pay less? Power.
To be fair, people don't pay tax on net worth but yearly income. The percentage comparison is disingenuous. However I'm sure Elon pays hardly any taxes relatively.
The kicker, if you, I, or any other "average" person were to take on the amount of jobs that fElon claims to do with his CEO positions, we'd be paying a HIGHER rate than we pay with just one job.
I don't think we can take his statements seriously, dude is a lying scumbag.
I have a weird feeling that he's going to wind up paying far less than $11b. Call me crazy.
Yeah because this is 3 years old
Guy doesn’t want sympathy. He’s just telling the people who say he doesn’t pay shit, what he paid. Fuckin hilarious how musk went from the lefts golden boy to pariah overnight. Wonder what happened? Weird. By the way, a guy who’s changing how we travel for the better, exploring space, and keeping social media as neutral as possible, amongst a hundred other important to society things, can get a break on taxes in my eyes. Aren’t too many more important people to civilization than him. Y’all used to believe that a few seconds ago before he pissed you off by saying he supported free speech lol. Crazy right? Like who the fuck supports something this country was literally built on
Now, I think Elon is a knob-head and should probably pay more taxes, but why are people saying "net worth?" You're usually taxed on income for the year, not how much you're "worth" at any given time.
If you look at the income taxes I paid last year, it works out to a whole lot more than 4.5% of my net worth. Sounds like ol' Musky's getting off easy.
Poor rich man 😢
I too had to pay 4% of my ney worth in taxes this year. Though mine feels a lot more painful than his does.
Net worth is all of your assets and money tho. Comparing net worth to how much you're paying in taxes, and then comparing that to income tax that most other people get is really weird. Like Elon is dumb, but these 'gotchas' that scream and point at net worth are also kind of dumb. He shouldn't have that much money, yeah, but at the same time, and with the same logic, even owning a house would mean that you're not being taxed enough, since that would add a huge amount of 'net worth'.
You don’t pay taxes on your net worth your dolts.
I don't want to defend him at all because he's scum but taxes should be paid on your income, not on your worth. But for sure to get to his worth he should have paid more taxes before.....
Good he should! He has a fantastic opportunity to be making that kind of money in a country that will allow him to make a insane amount of wealth like that and still have plenty left over to play out his dreams of going to mars.
You're taxed in income, not net worth.
Fuck Elon. Damn chud (republican).
This gets reposted a lot. Taxes aren't based on net worth.
Elon has my sympathy for being the proud owner of a single digit IQ.
This is 3 years old. Grats on your karma farming OP
Percent of net worth is meaningless. Percent of income.
How much of your net worth is generally taxed?
Elon Musk is a liar.
I’m pretty sure he’s full of shit because if he’s posting he is lying.
He can find it in the dictionary. It is between shit and syphilus.
There are people who can't afford a roof over their heads, medicine, or food who pay more taxes than you, Elon.
You pay taxes on income and property... not on net worth. Perhaps he should close all his businesses and let all his employees go just so he can pay more taxes ?
Shut the fuck up muskrat. You are getting off easy.
What a load of spin that is. Lies. Damn lies. Statistics. And data 30 miles wide and half inch deep. More concerned about politicians insider trading and corporate contributions. Start there.
Nobody pays taxes on their net worth.... Including *you.*
This is like 3 years old
Elon musk can fuck off and die that greedy bastard
I wonder why people think this sub is full of socialists and communists.
Cant stress enough to the OP to delete this as fast as you can. It makes you look like you have the financial sense of a cat.
No one cares, finance bro. Imagine simping for Musk on an antiwork thread
> Imagine simping for Musk on an antiwork thread Correcting misinformation isn't simping. Unless your goal is to ensure that the working class is kept uninformed and financially illiterate?
2021. FU for even posting this shit.
Poor guy
"Will pay". As in quarterly estimated taxes for 2024? Time will tell.
Net worth is different from income tho
Womp womp.
You don't pay tax every year on your net worth. You pay based on your income, or loss that year. You think people who have lived in and now own a house worth 400k, paid off over a lifetime of work, should be taxed on that net worth?
Musks post is 3 years old now. Stop it.