Elon Musk claims to be the largest tax payer in the US: $11 billion
Elon Musk, like many other executives of Wall Street companies, barely has a fixed salary, but collects his millionaire salaries in the form of stock options.
That is why criticism sometimes arises about its low taxation, as in this 2020, when it was published that he did not pay income taxes. For this reason, the billionaire has taken to his social networks only to show off his tax bill in 2021: Musk will pay more than $11 billion in taxes this year, an amount that could constitute a record payment to the US Internal Revenue Service in a single fiscal year.
For those wondering, I will pay over $11 billion in taxes this year
— Elon Musk (@elonmusk) December 20, 2021
The billionaire faces this gigantic tribute if he finishes exercising all his options to buy shares in the company that expire next year, according to estimates by ‘Bloomberg’. He will pay at least $8 billion in taxes, but he can still execute and sell more titles.
Musk has exercised nearly 15 million stock options since the beginning of November, and last week alone he sold a total of 1.85 million shares for $1,772 billion to cover taxes on those transactions, according to reports.
Musk said earlier this month that this year he will pay more taxes than any other American in history. That was in response to another tweet from Massachusetts Sen. Elizabeth Warren, who used Time magazine’s ‘Person of the Year’ award to draw Musk’s attention to taxes payments.