‘I WILL PAY OVER $11 BILLION IN TAXES THIS YEAR’: ELON MUSK

Mon 20 December 2021:

Celebrity entrepreneur and Tesla Inc. Chief Executive Officer Elon Musk responded to the debate over paying more taxes by announcing on Sunday on Twitter that the billionaire will pay over $11 billion in taxes this year.

Senator Elizabeth Warren, a Democrat from Massachusetts, had earlier said on Twitter that Musk should pay taxes and stop “freeloading off everyone else.” After being named “Person of the Year” by Time magazine, he made the remark.

Let’s change the rigged tax code so The Person of the Year will actually pay taxes and stop freeloading off everyone else. https://t.co/jqQxL9Run6

— Elizabeth Warren (@SenWarren) December 13, 2021

Musk responded by saying that he “will pay more taxes this year than any American in history.”

For those wondering, I will pay over $11 billion in taxes this year

— Elon Musk (@elonmusk) December 20, 2021

Earlier, Time magazine’s choice for ‘Person of the Year’ 2021 had not gone down well with several critics, who slammed the publication. It was being called ‘worst choice ever’ as billionaire Elon Musk was criticised for opposition to unions, attitude towards tax and playing down Covid dangers.

Time had described Musk as a “clown, genius, edgelord, visionary, industrialist, showman” while talking about his achievements.

It was the “worst choice ever”, said Kurt Eichenwald, an author.

Musk had been opposing a “billionaires tax” floated by some lawmakers in US. He and some other super-wealthy people in the country paid tax at a very small rate in comparison to their significant rise in wealth from 2014 to 2018, said a probe by Propublica this year. Musk allegedly paid only a “real” rate of 3.27%.

Musk has previously stated that he does not draw a salary from Tesla or SpaceX with his only income coming from selling shares which are taxed at a rate of 53 per cent.

SOURCE: INDEPENDENT PRESS AND NEWS AGENCIES

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