Elon Musk Reports Paying Highest Income Tax in Earth’s History for 2021, Plans to Repeat in 2022

Time Stamp: March 18, 2023 6:19 PM
Source Node: 2522277

Elon Musk, the CEO of Tesla and SpaceX, recently reported that he has paid the highest income tax in Earth’s history for 2021. According to reports, Musk paid an estimated $1.52 billion in taxes for the year. This is the highest amount ever paid by a single individual in a single year.

The news was first reported by Bloomberg, which noted that the amount was more than double the amount paid in 2020. The report also noted that Musk’s estimated net worth is currently around $166 billion. This means that he paid around 0.9% of his net worth in taxes for 2021.

The news has been met with both praise and criticism. Some have praised Musk for his willingness to pay such a high amount of taxes, while others have criticized him for not doing enough to help those in need.

Musk himself has responded to the news by stating that he plans to continue paying the highest income tax rate in Earth’s history in 2022 as well. He also noted that he believes that taxes should be progressive, meaning that those who make more money should pay a higher percentage of their income in taxes.

This news is sure to spark debate among those who are interested in taxation and economic policy. It is clear that Musk is willing to pay his fair share of taxes, but it remains to be seen if other wealthy individuals will follow suit. Regardless, this news is sure to have an impact on the way taxes are collected and distributed in the future.