Current Events > According to this lady, Elon should have paid 130 billion in taxes

(+) Yeah! (+)

If my math is correct(it prolly is wrong lmao) and if this lady is also correct then Elon should have paid exactly 130,780,000 in total for both federal and state taxes.

https://i.imgur.com/fcwAmY1.png

So Google says Elon is worth 260 billion. She says most Americans pay 10%-37% in federal taxes.

37% of 260 billion is 96200000

She says most Americans pay up to 13.3% in state taxes.

13.3% of 260 billion is 34580000

96200000+34580000=130780000(130.7 billion). That means he should have 129.3 billion left over after paying taxes.

And I'm all for it.

What he's worth isn't what he makes and one day people will understand how stocks work enough to understand the difference.

Confusing net worth for taxable income still? I doubt CE will ever learn, I'm almost ready to request a sticky in this regard.

Prismsblade posted...

Confusing net worth for taxable income still? I doubt CE will ever learn, I'm almost ready to request a sticky in this regard.

Please educate us. I go to my tax lady to handle this bullshit for me every year.

Dumb random person on Twitter says dumb thing.

If I had to pay taxes on my net worth (~$200k), then I'd owe more than my actual income brings in (~$70k).

s0nicfan posted...

What he's worth isn't what he makes and one day people will understand how stocks work enough to understand the difference.

what's to understand? stocks are untaxed resources for rich people to make sure they can build wealth while those too poor to invest cant.

What you're worth isn't the same as what you make. I don't know how an adult could not know this, unless they live paycheck to paycheck, and what they are worth is actually what they make.

monkmith posted...

what's to understand? stocks are untaxed resources for rich people to make sure they can build wealth while those too poor to invest cant.

Except they're not because they pay taxes when they sell their stock. They can't make use of any of that money until they sell the stock at which point they get taxed. Calling them untaxed resources is like saying that somebody's magic the gathering collection is an untaxed resource because they have some rare cards sitting in a binder.

If people were taxed each year on what they were worth, not what they made, anyone who has a mortgage would be bankrupt within a decade because they'd be paying taxes each year as if they made hundreds of thousands.

>Stock goes up
>Increases $30,000,000,000
>Must pay $10,000,000,000
>Stock goes down
>Now worth $9,000,000,000
>tfw $1,000,000,000 in debt to IRS

Taxable income people jfc

man, people are stupid

Stop talking about stocks, please. It's already confusing enough, why yall gotta bring that dumb shit in here.

Hell no are you going to get billionaires to pay their fair share of taxes, that's not how they got rich

What she is explaining is basically the billionaire version of us normal folk having to pay taxes on the value of our house, car, 401k, IRA, and all of our possessions every year we file our taxes.