About Elon Musk:
Elon Musk (born on June 28th, 1971 in Pretoria, South Africa) South African born American businessman who founded the company that makes electronic payments PayPal and also founded SpaceX the maker of spacecraft and launch vehicles. Musk was also among the first major investors in, and the chief executive officer of Tesla, the electric car maker Tesla. Additionally, Musk acquired Twitter (later X) in 2022.
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www.rajkotupdates.news : elon musk pay 11 billion in taxes
Elon Musk has said that he will have to pay taxes of more than 11% this year. This comes just a week after making a post on Twitter to declare that he will be facing the biggest tax bill in the history of “any American in history.” This year Musk Tesla chief executive and SpaceX founder was the first person in the world to attain an estimated net worth that exceeds $300 billion.
For those wondering, I will pay over $11 billion in taxes this year
— Elon Musk (@elonmusk) December 20, 2021
“For those wondering, I will pay over $11 billion in taxes this year,” the tweeter tweeted on Sunday night.
The week before, when Musk received the honor of being named by Time Magazine’s “Person of the Year,” Senator Elizabeth Warren tweeted that the U.S. should change the “rigged tax code so The Person of the Year will actually pay taxes and stop freeloading off everyone else.”
Musk replied that”If she “opened her eyes for 2 seconds,” she’d “realize I will pay more taxes than any American in history this year.”
Let’s change the rigged tax code so The Person of the Year will actually pay taxes and stop freeloading off everyone else. https://t.co/jqQxL9Run6
— Elizabeth Warren (@SenWarren) December 13, 2021
Warren’s tweet was made as Congress members discuss the possibility of imposing a tax on billionaires, a plan that Democrats like Warren have spent the greater part of the year campaigning for. A tax on billionaires was thought to be part of the Build Back Better program that would have impacted those with over $1 billion worth of assets or have earned a salary exceeding $100 million over at least three years. The tax which Forbes reports is now repealed and reintroduced to approximately 700 of America’s richest such as Musk.
On October 1, Musk made history as the very first individual on earth with a net worth that is greater that $300 billion. His net worth is more than the gross domestic product of Finland, Chile and Vietnam in addition to the price of Netflix. Over the past few days, Musk has been selling millions of shares of his Tesla shares, generating billions of dollars more.
The focus on Musk’s earnings is in the shadow of speculation about his tax returns from the past. In June the year of his death, a ProPublica investigation revealed that, while Musk’s wealth increased by more than $14 billion between 2014 to 2018, he owed an income tax of $68,000 in 2015, and $65,000 in 2017 and zero in the year 2018. In the years 2014 to 2018, an probe discovered that he paid the tax rate at 3.27 percent.
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