Elon Musk: “I paid more income tax than anyone ever in the history of Earth for 2021 and will do that again in 2022”

Elon Musk: “I paid more income tax than anyone ever in the history of Earth for 2021 and will do that again in 2022”,TechStartups - Coverage of Technology News, technology startups, Emerging technology, venture capital funding, and Silicon Valley

Elon Musk: “I paid more income tax than anyone ever in the history of Earth for 2021 and will do that again in 2022”

In December 2021, we wrote about Elon Musk after a report that the world’s richest man (until recently), was about to pay over $15,000,000,000 in taxes in 2021, the largest in American history.

Fast forward more than a year later, the story of how much Musk paid in taxes is getting media attention once again. Earlier today, US President Joe Biden posted a tweet where he accused of billionaires not paying their fair share of the taxes.

‘Look, I think you should be able to be a billionaire if you can earn it, but just pay your fair share. I think you ought to pay a minimum tax of 25%. It’s about basic fairness,” Biden said in a tweet.

“You know the average billionaires pay?” Biden asked in the attached image to the tweet. “THREE PERCENT,” Biden claimed. ” No billionaire should be paying lower tax than somebody working as a school teacher or a firefighter,” Biden added.

But it didn’t take long before Musk fired back saying:

“I paid 53% taxes on my Tesla stock options (40% Federal & 13% state), so I must be lifting the average! I also paid more income tax than anyone ever in the history of Earth for 2021 and will do that again in 2022.”

I paid 53% taxes on my Tesla stock options (40% Federal & 13% state), so I must be lifting the average!
I also paid more income tax than anyone ever in the history of Earth for 2021 and will do that again in 2022.@CommunityNotes, is the 3% number cited above accurate?
— Elon Musk (@elonmusk) March 18, 2023

Musk didn’t stop there. He went on to ask Twitter @CommunityNotes if the 3% number cited by Biden is accurate.

“@CommunityNotes , is the 3% number cited above accurate?” Musk asked.

In a follow-up tweet, Musk also added:

“I certainly agree that everyone should pay taxes and not engage in elaborate tax-avoidance schemes. Would be curious to hear how these other “billionaires” are so good at avoiding taxes! We should get rid of GRATs, but maybe other things too.”

I certainly agree that everyone should pay taxes and not engage in elaborate tax-avoidance schemes.
Would be curious to hear how these other “billionaires” are so good at avoiding taxes!
We should get rid of GRATs, but maybe other things too.
— Elon Musk (@elonmusk) March 18, 2023

Biden is not alone in accusing billionaires of not paying their fair share of taxes. In 2021, Senator Warren accused Musk of not paying enough taxes. In a Twitter post, she said:

“Let’s change the rigged tax code so The Person of the Year will actually pay taxes and stop freeloading off everyone else.”

Musk responded:

“And if you opened your eyes for 2 seconds, you would realize I will pay more taxes than any American in history this year.”

Musk also added, “Don’t spend it all at once … oh wait you did already.”

And if you opened your eyes for 2 seconds, you would realize I will pay more taxes than any American in history this year
— Elon Musk (@elonmusk) December 14, 2021