Elon Musk has revealed just how much money he’ll pay in taxes this year, and it’s quite a lot. Taking to Twitter, Musk claimed that he will pay “over $11 billion in taxes” for 2021. The tweet has garnered a lot of chatter, with many replying or retweeting it and adding their own personal take on the matter.
“So, you made $119 billion this year according to Forbes, and are paying $11 billion in taxes. That’s about a 10 percent tax rate,” commented former Massachusetts House candidate Brianna Wu. “Frank and I pay well over 40 percent after state and federal. Almost everyone reading this pays more than 10 percent.Shut the f— up.” Another user added, “This is one-third of one day’s income for him.If those who work full time for minimum wage paid that much, they’d pay a total of $19 in taxes this year. They don’t. They pay more than Elon does.”
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Notably, Musk was recently announced as Time Magazine’s Person of the Year, an honor that was met with mixed feelings from many readers. During an interview with the outlet, Musk addressed a number of topics about his life, including that he is the richest man in the world. “Well, I think there’s like some, you know, sovereigns. I think [Russia’s] President Putin is significantly richer than me,” he quipped. “I can’t invade countries and stuff.”
Musk also offered his thoughts on global income inequality. “When looking at income and asset distribution, it is very important to normalize that for age. So as societies age, there are more older people; the older somebody is, the richer they are,” he said. “But a lot of the push for higher government involvement and expropriation of assets by the government is pushed by a bunch of politicians who are actually saying that resources shouldn’t be in control of private individuals. They should be in control of the government.”
Finally, Musk shared some insight into cryptocurrency. “I’m not a huge hater of fiat currency like many in the cryptoworld are. But there are advantages with crypto relative to fiat in that fiat currency tends to get diluted by whatever government it is,” he stated. “It ends up being a pernicious tax on people, especially those who have cash savings with dilution of the money supply. I could wax on about the nature of money for hours because I played a significant role in creating PayPal. There are very few people that understand [the money system] better than me.”
