Elon Musk Claims He Will Pay More Than $11 Billion In Taxes This one year

Topline

Tesla CEO Elon Musk on Sunday acknowledged that he’ll pay bigger than $11 billion in taxes this year, an announcement that follows the billionaire’s earlier claim that he’ll pay extra taxes than “any American in historic past” this year.

Key Details

Enormous Quantity

$244.2 billion. That is Musk’s most up-to-date estimated rep rate as of Monday, per Forbes’ right-time billionaire’s checklist, making him currently the richest person on this planet. Amazon founder Jeff Bezos is in second establish of dwelling, trailing Musk’s rep rate by stop to $50 billion.

Key Background

Final week, the billionaire sparred with Senator Elizabeth Warren (D-Mass.) on Twitter after she accused him of now now not paying ample taxes. Warren called for changes to the country’s “rigged tax code” to originate certain Musk “will in actuality pay taxes and end freeloading off all people else.” The Tesla CEO straight shot motivate calling Warren “Senator Karen,” and acknowledged he’ll pay “extra taxes than any American in historic past this year.” Scrutiny regarding Musk’s tax payments follows his persevered criticism of the Democrats’ design to raise taxes for neatly off American citizens. Per a ProPublica investigation published in June, Musk has paid cramped or no earnings tax in contemporary times. Between 2014 and 2018, the eccentric billionaire paid a entire of $455 million in federal earnings taxes at the same time as his personal wealth rose by bigger than $13 billion. In 2018, Musk paid no earnings taxes at all, per the characterize.

Further Reading

Elon Musk Says He’ll Pay Over $11 Billion in Taxes This one year (Bloomberg)

Elon Musk Would perchance perchance also merely Successfully Hold The Largest Tax Invoice This one year: Over $8 Billion (Forbes)