Elon Musk has lately been a target of online accusations, blaming him for not paying taxes in proportion to his earnings through Tesla, SpaceX and other ventures. The world’s richest person responded to these allegations with his usual wit on Twitter. Now, ending the debate altogether, Musk has revealed just how much tax he will pay for this year’s earnings.
Taking to Twitter, the CEO of Tesla and SpaceX has revealed that he will pay more than $11 billion in taxes this year. This equates to about Rs 83,624 crore in taxes for a single year. If true, this could be a record tax filing to the U. S. Internal Revenue Service to date.
Musk tweeted the staggering amount on Monday morning, writing, “For those wondering, I will pay over $11 billion in taxes this year.” The tweet comes in succession to an ongoing spat between the tech billionaire and Massachusetts Senator Elizabeth Warren, who accused Musk of not paying appropriate taxes and of “freeloading off everyone else” in an earlier tweet.
The tweet by Warren was made public on Monday, a post to which Musk responded with the claim that he will pay more taxes “than any American in history this year.” This, of course, was enough for the Twitterati to come to his aid and question Warren’s intent on raising such allegations against Musk.
Elon Musk was crowned Time magazine’s person of the year for 2021 recently. The accolade was awarded to him on account of several of his companies leading the charge in their respective industries, be it Tesla which has spearheaded the EV adoption and is now the top automobile manufacturer in the world, or SpaceX that propels efforts to reach both the Moon and Mars.
Of course, such a level of fame comes with its own set of naysayers, and there are sections of the society that do not deem Musk fit for the amount of wealth and influence he holds in the world today. Accusations of him not paying enough taxes have originated as part of it, but Musk has not taken those quietly. He has cleared in the past that he does not draw any salary from both his firms Tesla and SpaceX and that he pays a tax rate of 53 per cent on stock options which he exercises. He added that he expects the tax rate to increase next year.
With a tax of $11 billion awaiting him this year, it is clear that these blame against Musk hold no grounds, at least for now.