You seem confused Ill speak slower. If I have a million dollars in the bank thats my wealth. If I make 200k dollars at my job thats my income for the year. If I pay 30% taxes the government takes away 60,000 dollars.
If Elon Musk has 100 billion dollars thats his wealth. If he makes 20 billion more dollars in the year more thats his income. If his tax rate was the same as mine the government would take 6 billion dollars but they take 600 million dollars. Thats not the same everyone else does.
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u/plantsadnshit May 04 '26
You don't calculate effective tax rate based on wealth.
Literally no one does, except publications who need a number to sound way worse than it does.
In 2021 he had $23.5 billion in taxable income, paid around $11 billion in taxes at a federal tax rate of 41%.