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.
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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.