▲ 178 ▼ USA: Do I still file federal taxes if the federal government collapses? (lemmy.ml) submitted 2 years ago by doomsdayrs@lemmy.ml to c/asklemmy@lemmy.ml 49 comments fedilink hide all child comments Like, if its collapsed, do I file? Do I even have to? I am most certainly going to pay my state tax, but then what? What about stuff like my social security funds? (I am asking for others because we're at that point now I suppose)
[–] Shdwdrgn@mander.xyz 33 points 2 years ago (9 children) Not if you're a billionaire with an electric car company. permalink fedilink source parent hideshow 9 child comments replies: [+] BombOmOm@lemmy.world -30 points 2 years ago (8 children) Not at all. Musk is well known for having paid over $11,000,000,000 in taxes in a single year. permalink fedilink source parent hideshow 8 child comments replies: [–] SendMePhotos@lemmy.world 27 points 2 years ago (7 children) https://americansfortaxfairness.org/musks-11-billion-tax-bill-big-news-just-10-wealth-increase-far-year/ Musk may have paid little or no federal income taxes since at least 2014—despite his ballooning fortune—so the one-time payment of $8.3 billion (or even $11 billion) in essence covers multiple years. According to ProPublica’s analysis of IRS records, Musk paid no federal income taxes in 2018. Between 2014 and 2018 his wealth grew by $13.9 billion, yet he paid just $455 million in federal income taxes, a rate of only 3.27%. permalink fedilink source parent hideshow 7 child comments replies: [–] BombOmOm@lemmy.world -2 points 2 years ago* (6 children) Yep, that is how capital gains works for everyone, including you and me. You pay taxes on them when you sell, when you have income. permalink fedilink source parent hideshow 6 child comments replies: [–] piccolo@sh.itjust.works 6 points 2 years ago (3 children) You and me cant use those unseen capital gains as collateral to buy a propaganda machine. permalink fedilink source parent hideshow 3 child comments replies: [–] BombOmOm@lemmy.world 1 point 2 years ago* (last edited 2 years ago) (2 children) Put a percentage of every paycheck into an index fund (ex: VTI) and sit on them for a few years. You too will have capital gains. Average returns on index funds are 6%-8%/yr, compounding. They are a solid long-term investment. permalink fedilink source parent hideshow 2 child comments replies: [–] piccolo@sh.itjust.works 4 points 2 years ago What with? My emerald mine money? permalink fedilink source parent [–] Cowbee@lemmy.ml 2 points 2 years ago A bit silly to go for VTI over VT, the US is in decline and international is accelerating. permalink fedilink source parent [–] Shdwdrgn@mander.xyz 5 points 2 years ago (1 child) Tesla has sold quite a lot, yet paid almost nothing in taxes. So obviously it doesn't work that way for "everyone". https://itep.org/tesla-reported-zero-federal-income-tax-in-2024/ permalink fedilink source parent hideshow 1 child comment replies: [–] BombOmOm@lemmy.world -1 points 2 years ago Tesla is not Musk, yes companies are taxed differently than individuals. Notably by profit, not income. Musk paid $11b in capital gains tax when he sold, that is how capital gains taxes work for everyone. Same as you and me. permalink fedilink source parent
[+] BombOmOm@lemmy.world -30 points 2 years ago (8 children) Not at all. Musk is well known for having paid over $11,000,000,000 in taxes in a single year. permalink fedilink source parent hideshow 8 child comments replies: [–] SendMePhotos@lemmy.world 27 points 2 years ago (7 children) https://americansfortaxfairness.org/musks-11-billion-tax-bill-big-news-just-10-wealth-increase-far-year/ Musk may have paid little or no federal income taxes since at least 2014—despite his ballooning fortune—so the one-time payment of $8.3 billion (or even $11 billion) in essence covers multiple years. According to ProPublica’s analysis of IRS records, Musk paid no federal income taxes in 2018. Between 2014 and 2018 his wealth grew by $13.9 billion, yet he paid just $455 million in federal income taxes, a rate of only 3.27%. permalink fedilink source parent hideshow 7 child comments replies: [–] BombOmOm@lemmy.world -2 points 2 years ago* (6 children) Yep, that is how capital gains works for everyone, including you and me. You pay taxes on them when you sell, when you have income. permalink fedilink source parent hideshow 6 child comments replies: [–] piccolo@sh.itjust.works 6 points 2 years ago (3 children) You and me cant use those unseen capital gains as collateral to buy a propaganda machine. permalink fedilink source parent hideshow 3 child comments replies: [–] BombOmOm@lemmy.world 1 point 2 years ago* (last edited 2 years ago) (2 children) Put a percentage of every paycheck into an index fund (ex: VTI) and sit on them for a few years. You too will have capital gains. Average returns on index funds are 6%-8%/yr, compounding. They are a solid long-term investment. permalink fedilink source parent hideshow 2 child comments replies: [–] piccolo@sh.itjust.works 4 points 2 years ago What with? My emerald mine money? permalink fedilink source parent [–] Cowbee@lemmy.ml 2 points 2 years ago A bit silly to go for VTI over VT, the US is in decline and international is accelerating. permalink fedilink source parent [–] Shdwdrgn@mander.xyz 5 points 2 years ago (1 child) Tesla has sold quite a lot, yet paid almost nothing in taxes. So obviously it doesn't work that way for "everyone". https://itep.org/tesla-reported-zero-federal-income-tax-in-2024/ permalink fedilink source parent hideshow 1 child comment replies: [–] BombOmOm@lemmy.world -1 points 2 years ago Tesla is not Musk, yes companies are taxed differently than individuals. Notably by profit, not income. Musk paid $11b in capital gains tax when he sold, that is how capital gains taxes work for everyone. Same as you and me. permalink fedilink source parent
[–] SendMePhotos@lemmy.world 27 points 2 years ago (7 children) https://americansfortaxfairness.org/musks-11-billion-tax-bill-big-news-just-10-wealth-increase-far-year/ Musk may have paid little or no federal income taxes since at least 2014—despite his ballooning fortune—so the one-time payment of $8.3 billion (or even $11 billion) in essence covers multiple years. According to ProPublica’s analysis of IRS records, Musk paid no federal income taxes in 2018. Between 2014 and 2018 his wealth grew by $13.9 billion, yet he paid just $455 million in federal income taxes, a rate of only 3.27%. permalink fedilink source parent hideshow 7 child comments replies: [–] BombOmOm@lemmy.world -2 points 2 years ago* (6 children) Yep, that is how capital gains works for everyone, including you and me. You pay taxes on them when you sell, when you have income. permalink fedilink source parent hideshow 6 child comments replies: [–] piccolo@sh.itjust.works 6 points 2 years ago (3 children) You and me cant use those unseen capital gains as collateral to buy a propaganda machine. permalink fedilink source parent hideshow 3 child comments replies: [–] BombOmOm@lemmy.world 1 point 2 years ago* (last edited 2 years ago) (2 children) Put a percentage of every paycheck into an index fund (ex: VTI) and sit on them for a few years. You too will have capital gains. Average returns on index funds are 6%-8%/yr, compounding. They are a solid long-term investment. permalink fedilink source parent hideshow 2 child comments replies: [–] piccolo@sh.itjust.works 4 points 2 years ago What with? My emerald mine money? permalink fedilink source parent [–] Cowbee@lemmy.ml 2 points 2 years ago A bit silly to go for VTI over VT, the US is in decline and international is accelerating. permalink fedilink source parent [–] Shdwdrgn@mander.xyz 5 points 2 years ago (1 child) Tesla has sold quite a lot, yet paid almost nothing in taxes. So obviously it doesn't work that way for "everyone". https://itep.org/tesla-reported-zero-federal-income-tax-in-2024/ permalink fedilink source parent hideshow 1 child comment replies: [–] BombOmOm@lemmy.world -1 points 2 years ago Tesla is not Musk, yes companies are taxed differently than individuals. Notably by profit, not income. Musk paid $11b in capital gains tax when he sold, that is how capital gains taxes work for everyone. Same as you and me. permalink fedilink source parent
[–] BombOmOm@lemmy.world -2 points 2 years ago* (6 children) Yep, that is how capital gains works for everyone, including you and me. You pay taxes on them when you sell, when you have income. permalink fedilink source parent hideshow 6 child comments replies: [–] piccolo@sh.itjust.works 6 points 2 years ago (3 children) You and me cant use those unseen capital gains as collateral to buy a propaganda machine. permalink fedilink source parent hideshow 3 child comments replies: [–] BombOmOm@lemmy.world 1 point 2 years ago* (last edited 2 years ago) (2 children) Put a percentage of every paycheck into an index fund (ex: VTI) and sit on them for a few years. You too will have capital gains. Average returns on index funds are 6%-8%/yr, compounding. They are a solid long-term investment. permalink fedilink source parent hideshow 2 child comments replies: [–] piccolo@sh.itjust.works 4 points 2 years ago What with? My emerald mine money? permalink fedilink source parent [–] Cowbee@lemmy.ml 2 points 2 years ago A bit silly to go for VTI over VT, the US is in decline and international is accelerating. permalink fedilink source parent [–] Shdwdrgn@mander.xyz 5 points 2 years ago (1 child) Tesla has sold quite a lot, yet paid almost nothing in taxes. So obviously it doesn't work that way for "everyone". https://itep.org/tesla-reported-zero-federal-income-tax-in-2024/ permalink fedilink source parent hideshow 1 child comment replies: [–] BombOmOm@lemmy.world -1 points 2 years ago Tesla is not Musk, yes companies are taxed differently than individuals. Notably by profit, not income. Musk paid $11b in capital gains tax when he sold, that is how capital gains taxes work for everyone. Same as you and me. permalink fedilink source parent
[–] piccolo@sh.itjust.works 6 points 2 years ago (3 children) You and me cant use those unseen capital gains as collateral to buy a propaganda machine. permalink fedilink source parent hideshow 3 child comments replies: [–] BombOmOm@lemmy.world 1 point 2 years ago* (last edited 2 years ago) (2 children) Put a percentage of every paycheck into an index fund (ex: VTI) and sit on them for a few years. You too will have capital gains. Average returns on index funds are 6%-8%/yr, compounding. They are a solid long-term investment. permalink fedilink source parent hideshow 2 child comments replies: [–] piccolo@sh.itjust.works 4 points 2 years ago What with? My emerald mine money? permalink fedilink source parent [–] Cowbee@lemmy.ml 2 points 2 years ago A bit silly to go for VTI over VT, the US is in decline and international is accelerating. permalink fedilink source parent
[–] BombOmOm@lemmy.world 1 point 2 years ago* (last edited 2 years ago) (2 children) Put a percentage of every paycheck into an index fund (ex: VTI) and sit on them for a few years. You too will have capital gains. Average returns on index funds are 6%-8%/yr, compounding. They are a solid long-term investment. permalink fedilink source parent hideshow 2 child comments replies: [–] piccolo@sh.itjust.works 4 points 2 years ago What with? My emerald mine money? permalink fedilink source parent [–] Cowbee@lemmy.ml 2 points 2 years ago A bit silly to go for VTI over VT, the US is in decline and international is accelerating. permalink fedilink source parent
[–] piccolo@sh.itjust.works 4 points 2 years ago What with? My emerald mine money? permalink fedilink source parent
[–] Cowbee@lemmy.ml 2 points 2 years ago A bit silly to go for VTI over VT, the US is in decline and international is accelerating. permalink fedilink source parent
[–] Shdwdrgn@mander.xyz 5 points 2 years ago (1 child) Tesla has sold quite a lot, yet paid almost nothing in taxes. So obviously it doesn't work that way for "everyone". https://itep.org/tesla-reported-zero-federal-income-tax-in-2024/ permalink fedilink source parent hideshow 1 child comment replies: [–] BombOmOm@lemmy.world -1 points 2 years ago Tesla is not Musk, yes companies are taxed differently than individuals. Notably by profit, not income. Musk paid $11b in capital gains tax when he sold, that is how capital gains taxes work for everyone. Same as you and me. permalink fedilink source parent
[–] BombOmOm@lemmy.world -1 points 2 years ago Tesla is not Musk, yes companies are taxed differently than individuals. Notably by profit, not income. Musk paid $11b in capital gains tax when he sold, that is how capital gains taxes work for everyone. Same as you and me. permalink fedilink source parent