It’s a pretty bad piece. I love the part when they calculate the “true tax rate” (love the “true” part).
Elon Musk pays half a billion in taxes on $1.5B in income, which is 33%! But no, they divide his tax payment over all his assets to come up with 3%.
Maybe we should try that same math with other mid-career middle class tax payers? Oh, pay $50k in taxes on $150k in income. That’s not a 33% rate. The “true tax rate” is determined by dividing by your investment account, 401k, pension vesting, RSUs, vehicles and real estate holdings. Well holy shit! Your tax rate is low single digits too? Amazing.
Elon Musk pays half a billion in taxes on $1.5B in income, which is 33%! But no, they divide his tax payment over all his assets to come up with 3%.
Maybe we should try that same math with other mid-career middle class tax payers? Oh, pay $50k in taxes on $150k in income. That’s not a 33% rate. The “true tax rate” is determined by dividing by your investment account, 401k, pension vesting, RSUs, vehicles and real estate holdings. Well holy shit! Your tax rate is low single digits too? Amazing.