Elon Musk: ‘I will pay over $11 billion in taxes this year’

Source: The Hill | December 20, 2021 | Sarakshi Rai

Elon Musk revealed on Twitter Sunday night that he will pay over $11 billion in taxes this year.

The Tesla and SpaceX CEO, who is the world’s richest person, tweeted, “For those wondering, I will pay over $11 billion in taxes this year.”  

The estimate comes at the end of a year in which the billionaire’s tax contributions have been heavily scrutinized — amid public spats with progressives in Congress, during consideration of a billionaire tax to fund the Democrats’ social agenda, and after Time magazine named him “Person of the Year”. 

A June ProPublica report estimated that Musk paid $68,000 in federal income taxes in 2015, $65,000 in 2017 and none in 2018.

The Wall Street Journal reported Musk has until August 2022 to convert nearly 23 million vested stock options into shares or let them expire, according to regulatory filings. 

The Journal estimated that the billionaire would need about $143 million to exercise those options, and could owe more than $9 billion to the federal government upon exercising them. 

Musk opposed the proposed billionaire’s tax plan — which would have forced him to pay up to $50 million over its first five years — tweeting that “eventually, they run out of other people’s money and come for you.”

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