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
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- Source: https://techstartups.com/2023/03/18/elon-musk-i-paid-more-income-tax-than-anyone-ever-in-the-history-of-earth-for-2021-and-will-do-that-again-in-2022/
