Article Image

IPFS News Link • Taxes-Corporate

Elon Musk Says He'll Pay Over $11 Billion In Taxes This Year

•, by Tyler Durden

The number could wind up being a "record payment" to the IRS, according to Bloomberg. 

"For those wondering, I will pay over $11 billion in taxes this year," Musk Tweeted last night. 

The report claims that Musk could face a tax bill of more than $10 billion for 2021 if he decides to exercise all of his options due to expire next year. 

A lot of the scrutiny on Musk's taxes came after a ProPublica report in June said that Musk "paid little income tax relative to his outsize wealth". Musk claims he has an effective tax rate of 53%.

Recall, we wrote about Musk's original spat with Warren a couple of days ago. Having taunted Bernie Sanders in November, tweeting that "I keep forgetting that you're still alive," after the socialist senator spewed his standard "pay your fair share" diatribe, Musk cranked up the progressive punishment amplifier with Warren, we noted.

Never one to miss an opportunity for some 'abuse the rich' populism, Warren tweeted a nasty comment aimed directly at Musk after he won Time's 'Person of the Year'. She barked - apparently with little or no concept of the scale of the Tesla CEO's share sales recently to meet his tax obligations: "Let's change the rigged tax code so The Person of the Year will actually pay taxes and stop freeloading off everyone else."

Musk replied: "Please don't call the manager on me, Senator Karen."