www.rajkotupdates.news : Elon musk pay 11 billion in taxes: Elon musk is Required to pay $11 billion in taxes Due to the New Build Back Democrats’ Build Back Better bill.
The COVID-19 Pandemic Period came with a huge number of casualties causing a lot of people to lose their jobs since they had to stay home and do-nothings. Surprisingly while the majority of the population was negatively hit by the pandemic it was a Gold rush season for a select few and Elon was slam with a huge responsibility of www.rajkotupdates.news : Elon musk pay 11 billion in taxes
According to Forbes, it was reported that roughly 650 billionaires in America (including Elon musk) saw their net worth increase by more than $1 trillion. But the number was speculated to be way more than that.
Now, CBS News has released an analysis by the Program on Inequality at the left-leaning Institute for Policy Studies where they stated that 2,365 billionaires had a $4 Trillion boost to their wealth during the first year of the pandemic while 114 million jobs were lost in 2020, which has made inequality almost impossible.
Following these happenings, the majority of the population are pushed into poverty while some selected few almost triple their net worth.
This might not have sat well with Various countries most especially the US, which was among the country most hit by the COVID-19 crises.
This happening has brought about various taxes being proposed these past few years. One of the most commonly Introduced tax laws Among many is the newly introduced tax law which is regarded as Senator Elizabeth Warren’s “ultra-millionaire” tax, introduced earlier this month by Representatives Pramila Jayapal and Brendan Boyle since it was proposed by them with www.rajkotupdates.news : elon musk pay 11 billion in taxes: And their plan goes thus:
To Give a levy of 2% annual tax on households and trusts that are between the range of $50 million and $1 billion, while also adding a 1% tax on any fortune above $1 billion.
In Hindsight all Billionaires would pay a total of %3 annually on their wealth if this plan is followed.
Why Elon Musk?
Among Other billionaires, Elon has been singled out for paying very little tax since he is currently the richest man on the planet according to Forbes.
This occurrence of paying little tax compared to what he makes has been possible partly because he doesn’t receive a salary from being the CEO of tesla rather he receives his compensation mostly in stock.
However, going by the newly introduced tax law. Senator Elizabeth Warren has tweeted that “the US should change the “rigged tax code so The Person of the Year will actually pay taxes and stop freeloading off everyone else.”
The person of the Year Being referred to is Elon Musk. Time Magazine named him their Person of the Year,” since he was described as emblematic of 2021 and also the year’s most influential person.
Back to the Tweet by Senator Elizabeth Warren on the Newly introduced tax law which should be mandated on Elon musk following their congressional members’ debate on the possibility of a tax on billionaires.
Elon Musk replied by tweeting this: “If you opened your eyes for 2 seconds, you would realize I will pay more taxes than any American in history this year.
www.rajkotupdates.news : Elon Musk Pay 11 Billion in Taxes
If you go through the Forbes List of “world Richest Man” you will see Elon Musk Topping the list with a present net worth of $219 Billion by last year October, that’s October 2021, when Tesla’s Market cap Rose to $1 trillion and SpaceX’s valuation rose to $100 billion which was reported in the rajkot updates news elon musk pay 11 billion in taxes.
Elon Musk’s net worth hit a whooping amount of $300 million while it later increased to $335 billion making him the first person in the world to have a net worth greater than $300 billion
In October 2021 when Tesla’s market cap topped $1 trillion and SpaceX’s valuation was $100 billion, Elon’s net worth was $300 billion. On November 1st, 2021, When Tesla’s market cap topped $1.2 trillion, Elon Musk’s net worth was $335 billion. –www.rajkotupdates.news : elon musk pay 11 billion in taxes
However after a series of acquisitions such as his most recent acquisition of Twitter plus the tax he is required to pay. his current net worth has now fallen to $219 billion.
But apart from being the world’s richest man why is there so much emphasis on Elon Musk?
Here’s why : www.rajkotupdates.news : Elon musk pay 11 billion in taxes
Emphasis on Elon Musk Being Taxed -www.rajkotupdates.news : Elon Musk Pay 11 Billion in Taxes
In June, a ProPublica investigation revealed that Elon Musk’s wealth grew by nearly $14 Billion from 2014 to 2018, and during those periods he paid $68,000 in federal income tax in 2015, $65,000 in 2017 and none in 2018.
However earlier this year, ProPublica later reported that Elon Musk paid no federal income tax in 2018 and that he only paid $455 million in taxes in the previous four years. however, musk came out to rebuke the statement saying his taxes were zero in 2018 because he overpaid the year before. – www.rajkotupdates.news : elon musk pay 11 billion in taxes
Elon Faces a Huge Tax bill This year (2022)
On the 20th of December Elon Musk Stated that he will be paying $11 billion on taxes this year just as he stated on his Twitter page below
This has amounted to Elon Selling a Large portion of Tesla stock since that is one of the few ways to liquidate his assets -Selling the Company’s stocks.
However, In 2012, Elon musk received a 25.5 million Split -adjusted option while he had 22.9 million of that option spread over subsequent years as his company tesla hit certain financial targets.
Luckily he didn’t have to pay tax on that option till he sells them to buy shares.
The thing is, the option is expiring in August 2022, and it would cost lessers if he exercises the stock option now rather than waiting until august 2022 whereby he will be taxed based on the Democrat’s Build Back Better bill
What all these inadvertently means is, that Musk will pay more taxes than anyone in the history of America.
Elon Musk Tax Bill in California
In addition to all the newly introduced Democrat’s tax laws -www.rajkotupdates.news : Elon musk pay 11 billion in taxes
Musk is also required to pay an extra amount of $2 Billion in additional income tax to the state of California
Why is this? It is simply because tesla was Based majorly in California for the better part of last year and California income tax is the highest in America,
Following this Incidence, Elon Musk has reportedly moved his residence and Tesla’s Official base to Texas since Texas doesn’t impose a state income tax on its inhabitants
Time Magazine Person of the year: Elon Musk
Last year one of the few personalities who had a great Influence and achieved feets a select few can get was Elon musk. Time magazine named Him the Person Of the year because very few individuals have had more influence on earth than Elon does.
One of his stunning feats among others was his accrued net worth around November 2021 when his net worth rose to $335 billion making him the first man to have that amount.
Rajkot Updates News Elon Musk Pay 11 Billion in Taxes
Now looking at the tax bill Elon is required to pay about $11 billion which is a lot of money, he sure can’t be shaken by that amount since his estimated net worth according to Forbes is $219 billion.
While $11 billion in taxes sounds like a lot, Musk definitely won’t go bankrupt over it. His net worth is currently estimated at $244 billion according to Forbes, which is roughly $50 billion more than the next guy on the billionaire’s list – Amazon executive chairman Jeff Bezos.
At this point, you should the reason why Elon Musk tax is that huge and that is the reason why we come up with the www.rajkotupdates.news : Elon Musk pay 11 billion in taxes
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