Elon Musk has bowled his Twitter followers with his wit again. In his signature style, he has tweeted that he will pay 11 billion US dollars of tax this year. The world’s richest person was recently was in the news when he responded to online accusations for not paying taxes. He owns major companies like Tesla, SpaceX, and others. To end the debate he tweeted it online and revealed how much tax he will pay.
The amount that he has revealed that he will pay this year for taxes could be a record tax filing to the U.S. Internal Revenue Service to date. The whole ongoing spat started when Massachusetts Senator Elizabeth Warren, accused him of not paying appropriate taxes and freeloading of everyone else after Time magazine named him the “person of the year” for 2021. Also ProPublica in a report said that Elon Musk paid little income tax compared to the amount of the outrageous wealth he owns.
The tweet created a controversy when Elon Musk clarified that he will pay more than any American this year. Major of his followers came forward to his rescue and questioned Massachusetts Senator Elizabeth Warren’s intent on raising such allegations.
Elon Musk is the world’s richest person and his company Tesla is worth about 1 trillion dollars. He owns about 23 percent of the shares in the company. Also in the last few weeks, he has sold about 14 billion dollars’ worth of shares of the company.
Elon Musk is charged this unusual high amount of tax because he sold billion dollars of shares following a Twitter poll last month. His share prices have skyrocketed more than 2300 percent over the last five years. After the accusation on taxes, his company had cleared that he doesn’t draw a salary from Space X or Tesla and pays an effective tax rate on the stock options he exercises.
