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)

  • @SendMePhotos
    16•8 hours ago

    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%.

    • BombOmOmEnglish
      0•1 hour ago

      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.