Elon Musk to pay $11 billion in taxes this year

He paid a total of $455 million in federal income taxes between 2014 and 2018 and managed to pay $0 taxes as federal income taxes in the year 2018.

Elon Musk on Sunday tweeted that he’ll pay more than $11 billion in taxes this year, an amount that could become a record payment to U.S internal revenue services. It’s a pretty much-known fact that billionaires across the globe have been finding ways not to pay federal income taxes.

Not to much surprise, in recent years Tesla Inc’s CEO, Elon musk paid little or no taxes. He paid a total of $455 million in federal income taxes between 2014 and 2018 and managed to pay $0 taxes as federal income taxes in the year 2018.

“My top marginal tax rate is 53% so I don’t think that is particularly low and it’s going up next year since my stocks are expiring. It’s likely to be 57% or something in coming years”, he mentioned in an interview.

In an interview to Wall Street Journal, Musk said, “it does not make sense to take the job of capital allocation away from people who have demonstrated skill in capital allocation and give it to an entity that has demonstrated very poor skill in capital allocation, which is the government”

In a recent interview to codecon, he firmly said, “with respect to my personal taxes. I don’t  actually draw a salary or anything. My cash compensation is basically zero”

 

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