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USA: Do I still file federal taxes if the federal government collapses? (lemmy.ml)

submitted 17 hours ago by [email protected] to c/[email protected]

54 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)

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[–] [email protected] 24 points 12 hours ago (1 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%.

[–] [email protected] 0 points 6 hours ago* (last edited 6 hours ago) (2 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.

[–] [email protected] 2 points 2 hours ago (1 children)

You and me cant use those unseen capital gains as collateral to buy a propaganda machine.

[–] [email protected] 2 points 2 hours ago* (last edited 2 hours 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.

[–] [email protected] 4 points 2 hours ago

What with? My emerald mine money?

[–] [email protected] 2 points 2 hours ago

A bit silly to go for VTI over VT, the US is in decline and international is accelerating.

[–] [email protected] 4 points 4 hours ago (1 children)

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/

[–] [email protected] 0 points 3 hours 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.