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Musk was named Time Person of the Year.
Theo Wargo is a photographer.
Musk said he expects to pay over $11 billion in taxes. CNBC reported last week that Musk will pay $5 billion in taxes by January 1st, and that he has already paid $7 billion in taxes this year. CNBC said the figures could be the largest tax bill ever.
Musk and other billionaires are facing increased scrutiny over the amount of tax they pay. Musk doesn't take a salary or cash bonus in his role as the CEO of the company, and instead is compensated in stock awards. He can borrow money using his stock holdings as security, which doesn't carry the same tax obligations.
I will pay over $11 billion in taxes this year.
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December 20, 2021.
The big difference this year is that in early November Musk started selling off billions ofTesla shares, which involves paying a combined tax rate of over 53 percent according to CNBC The decision was supposedly the result of a November poll in which users voted for Musk to sell off a portion of his stock.
Musk would have had to pay a large tax bill on stock options that were not renewed. Musk might avoid higher tax rates under the Democrat's bill if he exercises his stock options now.
ProPublica reported earlier this year that Musk paid no federal income tax in the last year and only paid taxes for the previous four years. Musk said at the Code Conference that his taxes were zero in the year before.
It shouldn't come as much of a surprise that Musk will pay more taxes than any American in history in 2021, given that he's reported to be the world's richest person. According to the billionaires index, Musk has a net wealth of almost $50 billion more than Bezos.
