Elon Musk Reports Paying Highest Income Tax in History for 2021, Plans to Do So Again in 2022

Time Stamp: March 18, 2023 6:19 PM
Source Node: 2524790

Elon Musk, the CEO of Tesla and SpaceX, recently reported that he paid the highest amount of income tax in history for 2021. According to a tweet from Musk, he paid $100 million in taxes this year, and plans to do the same again in 2022.

The news of Musk’s massive tax bill has been met with both praise and criticism. Supporters of Musk have praised him for his willingness to pay such a large amount of taxes, while critics have argued that it is unfair for someone of his wealth to pay such a high amount.

Musk’s tax bill is likely due to his immense wealth, which has grown exponentially in recent years. According to Forbes, Musk’s net worth is estimated to be around $177 billion, making him the second-richest person in the world.

The amount of taxes paid by Musk is also likely due to the fact that he lives in California, which has some of the highest income tax rates in the country. California’s top marginal tax rate is 13.3%, which is much higher than the federal rate of 37%.

In addition to paying such a large amount of taxes, Musk has also pledged to donate $100 million of his own money to help fight climate change. This money will be used to fund research into renewable energy sources and other green initiatives.

Overall, Elon Musk’s reported payment of the highest income tax in history for 2021 is an impressive feat. His willingness to pay such a large amount of taxes and donate money to help fight climate change is admirable, and it shows that he is committed to making a positive impact on the world.