Question

You are not fooling anyone, Elon.

Killtheskyfairy 9

Answer 1

Taxes are based on income, not net worth. That seems to be an issue on these calculations. You can be worth billions on paper, but if you are not selling anything or taking dividends and interest, your actual taxable income can be quite low. Pennsylvania used to have a Property Tax. You calculated the tax according to the value of your investments on a certain date. If the market was high, your taxes for that year were high. They might go down the rest of the year, but you paid on their value on that one date. The tax was eliminated quite a while ago, thankfully. As a small investor and moderate income person, I sometimes had to sell stick at a loss to cover the valuation of my paper net worth, regardless of whether I had actually made any money that year.


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