this post was submitted on 19 Apr 2025
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I also read there was a year he paid $0, but even if he payed on average 2.5% yoy, that might relatively be a lot less than what someone working minimum pays on wealth (or in their case just income) tax.
Am just saying the islamic stuff is peanuts. 2,5% isn't much. That's already more than happening.
Elon musk is paying that much on his yearly income. I'm just comparing it to his total wealth.
A lot of his wealth are unrealised capital gains. His total wealth crippled this year with his shenanigans.
If this happened in USA. Then they'd relocate their wealth to other places while only keeping the bare minimum in order to generate an income there.
USA's average wealth is insanely high because it's a government that protects their wealth. Once it stops doing that, they will re-locate.
Your 1% holding the most of your country's wealth isn't actually holding your country's wealth. But that of the whole world. Your country is just a safe place to keep it.
In the US, people making minimum wage pay $0 in income tax in almost all states.