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Elon Musk says he'll pay over $11 billion in taxes this year

2021-12-20 16:42 by

 

Elon Musk expects to pay over $11 billion in taxes in 2021, the Tesla CEO said in a tweet. The figure is roughly in line with a report from CNBC last week, when it estimated that Musk has already paid $7 billion in state and federal taxes this year, and will pay a further $5 billion by January 1st. CNBC said the figures could represent "the single largest tax bill ever."

The announcement comes shortly after a public spat with Sen. Elizabeth Warren over taxes after the Massachusetts Democrat suggested that Musk has been unfairly allowed to not pay taxes. "Let's change the rigged tax code so The Person of the Year will actually pay taxes and stop freeloading off everyone else," Warren wrote on Twitter.

As CNBC explains, Musk doesn't take a salary or cash bonus in his role as Tesla CEO, and instead is compensated in stock awards. When he needs money, he's able to borrow it using his stock holdings as collateral, which doesn't carry the same tax obligations.

Musk is the world's richest person and his company Tesla is worth about US$1 trillion. He has sold off $14 billion worth of Tesla stock since early November, after asking his followers in a Twitter poll if he should sell 10% of his holdings. The response to that poll was a resounding "yes."

Read more -here-

 

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