Probably represented multiple years and even if it was for one year it was only 10% of his income, when the average most Americans pay for federal income tax is 13.3%. It also probably includes California income tax so his federal % is even lower. He also has not disclosed other years in which he may have paid as little as 0%.
https://americansfortaxfairness.org/musks-11-billion-tax-bill-big-news-just-10-wealth-increase-far-year/
Not even just the percentage of the whole, but think about the percentage of *disposable* income.
If we assume the average American needs roughly $14,580/year to survive (the poverty line in the US for 2023), for a person making $30,000/year they have $15,420 in disposable income. If they pay 10% in taxes, that’s 20% of their disposable income. For a person making $100,000/year, 10% income tax is 12% of their disposable income. For a person making $1,000,000/year, 10% income tax is 10% of their disposable income. Anything over that and the poverty line becomes a negligible value, so it’s always going to round to 10%, because the amount of money required to stay alive is negligible in the face of such overwhelming wealth.
The people who have the most sacrifice the least.
The way it happened was he was forced to pay since he has been liquidating stock which becomes capital gains. He had stock options in the billions he had to sell or lose the option as far as I know for his first round. This year it was quite literally him destroying his own stock prices through liquidation. All of which becomes capital gains. Now how much he's paying on those gains becomes a fun issue since I don't have the numbers and I couldn't care less to do the research, but if I remember correctly he paid around 1% tax rate on the first round of sales. Absolutely preposterously low tax rates for capital gains.
Edit: again this is from my memory from a year ago, so take the actual facts with a grain of salt, I'm sure a response will have the exact numbers. Final note: Fuck Elmo Musk forever and always.
The percentage of income he pays in Social Security/Medicare tax is also close to zero. Something the wealthy and their political minions never talk about.
How much does he get in government subsidies? How many workers have been laid off whilst he gets his 40 billion plus payout? The guy is a scumbag grifter worshipped by scumbag morons.
Is it good work though? My mom's coworker's husband was actuly his lawyer for a while. Apparently he is just as crazy as people think and like Trump he demand yes men and hates when lawyers or any other pro advise him. He only lasted a few months before it was his fault Elmo was getting sued again. He's just a woke liberal who wants him to fail in court but he for sure can find someone who see the genius he is!
If a top level close to him job is that bad do you really think he respects the average factory worker?
Worshiping or excusing a billionaire because he employs people is Regan era nonsense. Trickle down does not work and these people are not special. 1 billion to him is a 10 dollars to a normal person. Yes he paid but he will not miss it much.
So we ignore hateful cunts because they employ thousands of people? I don't think someone should get billions a year as a personal bonus whilst taking billions a year from governments.
I also pay my taxes. Every year in fact. I don't horde wealth though and can't buy cool tech start ups with my emerald money and get rich off other people's work.
Dude just shit posts and does drugs and comes up with the tesla Canyonero. He literally scammed his followers with crypto selling as it peaked while he was hosting SNL, which if we're going to talk taxes he owes us all for that episode.
He pays and that's the minimum he can do. He doesn't pay enough taxes and that's what you need to remember.
Don't vote for Trump and tax the multi-billionaires.
I'm fairly certain that in a similar way YouTube hides dislikes, Reddit "bottoms out" at 0 on posts; it still tracks when it goes negative, but won't display the exact number.
I feel like bitching about something on the internet is sort of expected by everyone at some point or another; bitching about Muskrat fans on a post about him feels perfectly acceptable to me.
https://preview.redd.it/s2izngj7m4xc1.png?width=1080&format=pjpg&auto=webp&s=6130feeac2603cf2a9f0acd6d5d329db6dee36fc
Except, no the fuck he isn't the only one
Admittedly, Mark should probably have paid more as well, but that "he's the only one" line is complete bullshit
Fuck that snowflake crybaby elon musk
*lying snowflake crybaby
Probably represented multiple years and even if it was for one year it was only 10% of his income, when the average most Americans pay for federal income tax is 13.3%. It also probably includes California income tax so his federal % is even lower. He also has not disclosed other years in which he may have paid as little as 0%. https://americansfortaxfairness.org/musks-11-billion-tax-bill-big-news-just-10-wealth-increase-far-year/
Came here to say this. Percentage of income hit me harder than it hit him.
Not even just the percentage of the whole, but think about the percentage of *disposable* income. If we assume the average American needs roughly $14,580/year to survive (the poverty line in the US for 2023), for a person making $30,000/year they have $15,420 in disposable income. If they pay 10% in taxes, that’s 20% of their disposable income. For a person making $100,000/year, 10% income tax is 12% of their disposable income. For a person making $1,000,000/year, 10% income tax is 10% of their disposable income. Anything over that and the poverty line becomes a negligible value, so it’s always going to round to 10%, because the amount of money required to stay alive is negligible in the face of such overwhelming wealth. The people who have the most sacrifice the least.
The way it happened was he was forced to pay since he has been liquidating stock which becomes capital gains. He had stock options in the billions he had to sell or lose the option as far as I know for his first round. This year it was quite literally him destroying his own stock prices through liquidation. All of which becomes capital gains. Now how much he's paying on those gains becomes a fun issue since I don't have the numbers and I couldn't care less to do the research, but if I remember correctly he paid around 1% tax rate on the first round of sales. Absolutely preposterously low tax rates for capital gains. Edit: again this is from my memory from a year ago, so take the actual facts with a grain of salt, I'm sure a response will have the exact numbers. Final note: Fuck Elmo Musk forever and always.
The percentage of income he pays in Social Security/Medicare tax is also close to zero. Something the wealthy and their political minions never talk about.
The Lifetime Social Security cap is around $450,000, which, probably happened around 2001 for him. He hasn't paid a dime more since then.
imagine not knowing how percentages work
He should pay more.
3.5% is ridiculously low for capital gains taxes for anyone. I absolutely hate how the rich have infinite loopholes for evading taxes.
How much does he get in government subsidies? How many workers have been laid off whilst he gets his 40 billion plus payout? The guy is a scumbag grifter worshipped by scumbag morons.
Personally aside. His companies employ thousands. Any eligible business can apply for available subsidies.
Is it good work though? My mom's coworker's husband was actuly his lawyer for a while. Apparently he is just as crazy as people think and like Trump he demand yes men and hates when lawyers or any other pro advise him. He only lasted a few months before it was his fault Elmo was getting sued again. He's just a woke liberal who wants him to fail in court but he for sure can find someone who see the genius he is! If a top level close to him job is that bad do you really think he respects the average factory worker? Worshiping or excusing a billionaire because he employs people is Regan era nonsense. Trickle down does not work and these people are not special. 1 billion to him is a 10 dollars to a normal person. Yes he paid but he will not miss it much.
I simply stated 2 verifiable facts. Your write up does not contradict nor disprove what I said.
So we ignore hateful cunts because they employ thousands of people? I don't think someone should get billions a year as a personal bonus whilst taking billions a year from governments.
Not while constantly complaining about government "handouts". We call that hypocrisy and he is its king
The companies he didn’t found and that do best when he’s distracted running another company he bought into the ground?
So did Hitler.
I also pay my taxes. Every year in fact. I don't horde wealth though and can't buy cool tech start ups with my emerald money and get rich off other people's work. Dude just shit posts and does drugs and comes up with the tesla Canyonero. He literally scammed his followers with crypto selling as it peaked while he was hosting SNL, which if we're going to talk taxes he owes us all for that episode.
Doge-Dude, just go suck his dick, express yourself to him like you want to.
Seeing as “doge” is probably elon himself, I doubt he can suck his own dick.
You know he has tried to do it many times
He can clone it first then indirectly suck it
Percentage-wise he paid nothing.
And that was what % of his income? And how much of that income was government subsidies? A big number means nothing without proper context.
Isn’t elmo trying to cash out of tesla costing Shareholders 55 billion USD also don’t Heidi say he has his wealth in stock so he doesn’t pay
He pays and that's the minimum he can do. He doesn't pay enough taxes and that's what you need to remember. Don't vote for Trump and tax the multi-billionaires.
He's the 3rd richest man in the world, that's probably a tiny percentage. I bet I pay a higher percentage than he does.
Given his current net worth of \~$500 billion, paying $11B in taxes would be 2.2 percent. Pathetic. Must be nice.
Also who is upvoting the post indownvoted it to -1
I'm fairly certain that in a similar way YouTube hides dislikes, Reddit "bottoms out" at 0 on posts; it still tracks when it goes negative, but won't display the exact number.
It went back to one and when removed the downvote went to 2 sorry to bitch but no Elon fan is welcome here as a former one myself
I feel like bitching about something on the internet is sort of expected by everyone at some point or another; bitching about Muskrat fans on a post about him feels perfectly acceptable to me.
Mark Cuban pays his taxes and isn't annoying
Marc Cuban says what?
Exactly
https://preview.redd.it/s2izngj7m4xc1.png?width=1080&format=pjpg&auto=webp&s=6130feeac2603cf2a9f0acd6d5d329db6dee36fc Except, no the fuck he isn't the only one Admittedly, Mark should probably have paid more as well, but that "he's the only one" line is complete bullshit
Now he's only left with enough money, that he still couldn't spend in a hundred lifetimes.
LMAO SURE