Time’s person of the year, Elon Musk is attempting to silence his critics. The CEO and founder of successful companies like Tesla and SpaceX will pay over $11 billion in taxes this year.
According to the June ProPublica report, America’s billionaires are avoiding paying their “fair share” of federal taxes. Since the feds only charge for “income” many billionaires pay comparatively small taxes.
Although it is legal, Musk and billionaire Jeff Bezos’ are being criticized for paying insufficient amounts of taxes in proportion to his much larger-scale net worth.
Using the existing tax law the entrepreneur reportedly paid no federal income tax in 2018. And in 2015 and 2017 he paid less than $70,000 each year. And despite income growing by $13.9 billion between 2014 and 2018, he only reported $1.52 billion in income and paid $455 million in taxes.
Criticism increased when the billionaire businessman became Time’s person of the year last week. There was a lot of speculation about his tax bill.
Elon Musk to pay $11 billion tax bill
Elon Musk was up for the challenge. On Monday he tweeted that this year his tax bill is over $11 billion. And this is more than any American in history has ever paid in taxes.
