Elon Musk, recent world richest person and CEO of Tesla Inc. has revealed on Twitter that he is going to pay over $11 billion in taxes this year.
Accordingly to findings, the amount could constitute a record payment to the U.S. Internal Revenue Service. A report by ProPublica in June showed that Elon Musk paid very small income tax when compared to his huge wealth. But Elon rebuked the report, saying he doesn’t receive a salary from either SpaceX or Tesla, and pays an effective tax rate of 53% on stock options he exercises. He added that he expects that tax rate to increase next year.
More so, Massachusetts Sen. Elizabeth Warren, used Elon Musk’s Time Magazine “Person of the Year” fanfair to call him out on his taxes as seen above.