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LucyFerAdvocate t1_j7f0ml6 wrote

Reply to comment by I__Know__Stuff in [OC] How Google makes money (its 2022 income statement visualized as a Sankey diagram) by IncomeStatementGuy

He probably means Elon Musk who paid $11bn in tax, but I believe primarily capital gains tax

Edit: used to say "I don't think any substantial proportion was income tax." but IDK if capital gains is a type of income tax in the usa

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Obvious_Chapter2082 t1_j7f33zm wrote

What do you mean? It was all income tax

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LucyFerAdvocate t1_j7f3p85 wrote

I thought the vast majority was capital gains from liquidating shares?

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Obvious_Chapter2082 t1_j7fso0j wrote

Most of it was exercising stock options, which are taxed at ordinary income rates

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I__Know__Stuff t1_j7f4sve wrote

Capital gains tax is part of income tax.

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LucyFerAdvocate t1_j7f73u4 wrote

Ah fair, I'm pretty sure it's not in the UK so I assumed it would be the same in the states

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DataMan62 t1_j7jfpmn wrote

No. Capital gains tax is very different from ordinary income tax. The greatly reduced capital gains rate IS EXACTLY what is wrong with the American system. If you work for a living, you have to pay income taxes on it all. If you live off daddy’s inheritance, you can sit on your ass and pay less than half the rate!!!!

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