(ConservativeInsider.org) – With an estimated net worth of over $244 billion, Tesla CEO Elon Musk will likely never want for anything tangible that this world has to offer. However, the world’s richest man hasn’t gotten off scot-free when it comes to taxes like some lawmakers insinuated he might this year. Rather, Musk revealed he will likely pay over $11 billion, which is perhaps the largest sum an American has ever paid to the federal government.
On Sunday, December 19, Musk tweeted the following, likely after a lengthy discussion with his accountant:
For those wondering, I will pay over $11 billion in taxes this year
— Elon Musk (@elonmusk) December 20, 2021
Musk’s enormous tax bill came shortly after many Democrats accused the billionaire of “freeloading” off the American people, as one ProPublica report from June estimated he paid $0 in federal income taxes in 2018.
However, Musks’ stock options from 2012 are set to expire in 2022, so he must pay income tax on them now in order to exercise them. He’s likely choosing to do this in 2021, ahead of a potential billionaire tax increase in 2022 should the Left successfully pass their Build Back Better plan.
While Democrats will likely continue to say the rich are not paying their fair share, many Americans still admit that $11 billion in taxes, even for the world’s richest man, is a hefty tax bill for anyone to stomach. Of course, Elon Musk also has the ability to take a joyride in a spaceship to ease the pain of paying taxes, something most Americans will only ever dream about.
Copyright 2021, ConservativeInsider.org