Elon Musk says he will be the largest taxpayer in US history
Elon Musk says that this year he will be more taxpayers than anyone in American history. Earlier, the Massachusetts senator claimed that the tax code was "rigged" and asked for change "so The Person of the Year will actually pay taxes and stop freeloading off everyone else."
Source: News.com.auIn a Twitter argument with Massachusetts Sen. Elizabeth Warren, Elon Musk asserted that he would be more taxpayers of income than anyone in American history.
“[I]f you opened your eyes for 2 seconds, you would realize I will pay more taxes than any American in history this year,” the Tesla CEO tweeted.
This debate stems from Ms. Warren's claim that the tax code was "rigged", and pointed jab at Elon Musk.
The Massachusetts senator has been known for many years as a proponent of the property tax. This tax is expected to apply not only to the income but also to the assets of the wealthy in the US.
Congress has yet to pass a wealth tax, although other Democratic politicians have expressed support for it.
"Let’s change the rigged tax code so The Person of the Year will actually pay taxes and stop freeloading off everyone else." Warren tweeted.
Source: CNNWarren's claims that Elon Musk doesn't pay a lot of taxes are not baseless. A 2018 ProPublica investigation found that the Tesla CEO, at the time the second-richest person in the world, did not pay federal income tax in the same year. He also paid $70,000 less in taxes in 2015 and 2017.
The CEO of SpaceX and Tesla is currently the richest person in the world with a net worth of $251 billion, according to the Bloomberg Billionaires Index. He takes no salary and instead only owns stock.
After a poll about selling 10% of Tesla shares he owns on Twitter, the 50-year-old billionaire sold nearly $13 billion in shares.
According to CNN, Musk will have to pay at least $7.6 billion in taxes for 2021. That could go up to $15 billion, depending on how many more shares he sells.
If the billionaire tax is passed, the Tesla CEO could have to pay up to $50 billion in taxes in the first 5 years.
Musk, who has received billions of dollars in government subsidies since his start-up, has previously spoken out about plans to tax billionaires at a higher rate.
"Eventually, they run out of other people’s money and then they come for you," Musk tweeted in October.
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