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

[sendmephotos@lemmy.world]

https://americansfortaxfairness.org/musks-11-billion-tax-bill-big-news-just-10-wealth-increase-far-year/

Musk may have paid little or no federal income taxes since at least 2014—despite his ballooning fortune—so the one-time payment of $8.3 billion (or even $11 billion) in essence covers multiple years. According to ProPublica’s analysis of IRS records, Musk paid no federal income taxes in 2018. Between 2014 and 2018 his wealth grew by $13.9 billion, yet he paid just $455 million in federal income taxes, a rate of only 3.27%.

[justiceforporygon@lemmy.blahaj.zone]

Jokes aside, the IRS actually has contingency plans to continue collecting taxes in the event of an apocalypse, so yes probably.

[davel@lemmy.ml]

I’ve noticed that they are not all capitalist oligarchies, actually, though most currently are.

We would also like to ultimately abolish the state, though you and I might not mean the same precisely the same thing by it.

[lettuceeatlettuce@lemmy.ml]

If the government collapses, you're gunna have much worse things to worry about than taxes.

[nunar@lemmy.world]

They won't. This whole thing is undermining the IRS. They don't have the manpower they won't have the budget. Tax cuts for the rich also equals cuts to go after them.
It's a free for all now

[penguinmage@lemmy.world]

I'm super excited to see it happen quickly that all the social security I paid in is going to be fucked off and maybe my fed taxes too... cause yay orange Hitler is now a dictator and no one can stop him

[themurphy@lemmy.ml]

They don't have the manpower to go after everyone, but you never need to.

You make an example out of 1.000 people nation wide, and most people wouldn't dare to not pay.

[captainbasculin@lemmy.ml]

IRS has plans listed for an apocalyptic event (basically they need to continue tax collection within 48 hours), but they do work for the government. Without the government; you wouldn't need to pay taxes; but it would be the least of your concerns.

[nunar@lemmy.world]

It's not that. They don't have the people to make an example

[evilsandwichman@hexbear.net]

The enclave will be expecting it, and the Frank they're sending ain't the one from Philadelphia

[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.