I just checked what I payed in taxes vs my net worth. I paid about 11% of my net worth in taxes this last year. Damn that sucks looking at the numbers lol. At least he’s almost halfway towards getting there and happy to pay.
I’m curious what it looks like for others. I’m in my 30s for reference in high cost of living location.
Net worth, in the general sense anyway, doesn’t get taxed. This is one of the ways billionaires can pay so little taxes. Outside of things like property tax, you don’t pay tax on something like a house.
If we are talking straight net worth and not income, then I paid ~10% in federal taxes last year. But again that’s not really a fair comparison as we aren’t taxed on net worth but income.
The tax system is fucked and needs a serious overhaul.
Sorry I was originally responding to another comment, but I figured I’d make mine a main comment to the post. The missing context to my post, that I just added, is “According to forbes, his net worth is about 5.4 billion. 276 million is about 4% of his net worth paid in tax.”
So adding to your point that the tax system is fucked, I’m paying a higher percentage of taxes than a billionaire, and I’m not even a millionaire.
I just checked what I payed in taxes vs my net worth. I paid about 11% of my net worth in taxes this last year. Damn that sucks looking at the numbers lol. At least he’s almost halfway towards getting there and happy to pay. I’m curious what it looks like for others. I’m in my 30s for reference in high cost of living location.
Wow, I paid 31%.
Pain.
You almost certainly paid 31% of your income, not your net worth.
Fair, misread his comment.
Net worth, in the general sense anyway, doesn’t get taxed. This is one of the ways billionaires can pay so little taxes. Outside of things like property tax, you don’t pay tax on something like a house.
If we are talking straight net worth and not income, then I paid ~10% in federal taxes last year. But again that’s not really a fair comparison as we aren’t taxed on net worth but income.
The tax system is fucked and needs a serious overhaul.
Sorry I was originally responding to another comment, but I figured I’d make mine a main comment to the post. The missing context to my post, that I just added, is “According to forbes, his net worth is about 5.4 billion. 276 million is about 4% of his net worth paid in tax.”
So adding to your point that the tax system is fucked, I’m paying a higher percentage of taxes than a billionaire, and I’m not even a millionaire.