USA: Do I still file federal taxes if the federal government collapses?

[evilsandwichman@hexbear.net]

World peace?

[juliebean@lemm.ee]

if you think it's all likely to fall apart soon, file asap if you're expecting to get money back, but put it off as long as possible if you're gonna have to pay them more. if the government is going down, might as well get your piece of it while you can.

[untorquer@lemmy.world]

Always file. If the IRS collapses you paperwork means nothing. If it survives a collapse, having not filled will bite you in the ass.

[bombomom@lemmy.world]

Yep, that is how capital gains works for everyone, including you and me. You pay taxes on them when you sell, when you have income.

[lazylion_ca@lemmy.ca]

You are assuming you will still have a job, or that US dollars will still have value.

[shdwdrgn@mander.xyz]

Tesla has sold quite a lot, yet paid almost nothing in taxes. So obviously it doesn't work that way for "everyone".

https://itep.org/tesla-reported-zero-federal-income-tax-in-2024/

[bombomom@lemmy.world]

Tesla is not Musk, yes companies are taxed differently than individuals. Notably by profit, not income.

Musk paid $11b in capital gains tax when he sold, that is how capital gains taxes work for everyone. Same as you and me.

[piccolo@sh.itjust.works]

You and me cant use those unseen capital gains as collateral to buy a propaganda machine.

[piccolo@sh.itjust.works]

I would love for the IRS go rogue and take out the mob boss at the top like the good old times.

[bombomom@lemmy.world]

Buy an index fund (ex: VTI) and sit on it for a few years. You too will have capital gains.

[piccolo@sh.itjust.works]

What with? My emerald mine money?

[cowbee@lemmy.ml]

A bit silly to go for VTI over VT, the US is in decline and international is accelerating.

[cowbee@lemmy.ml]

No, not every nation is Capialist. That's a misunderstanding of what Capitalism is or a redefinition of it to the point of uselessness as it becomes over-applied.

[ryathal@sh.itjust.works]

They can't go over the people with a 300 page tax return that uses past paper losses to cover any actual income. They already automated enforcement of w2 based income.

[annafrankfurter@lemmy.ml]

Yes even if you are dead you have to file taxes