Elon Musk finally pays some taxes

Elon Musk is currently the world’s wealthiest man, with a net worth of around $300 billion as of now. He, like most billionaires, don’t pay much tax, if at all (percentage wise). From 2014-2018, he paid a mere total of $455 million in taxes, while his wealth grew by some $13.9 billion. In effect, his tax rate was only 3.2%. Oh, he also didn’t pay any federal taxes at all in 2018 (Bezos too managed to not pay federal taxes in 2007 AND 2011).

Elon Musk claimed he will pay $11 billion in taxes this year, which is indeed a lot and probably the most taxes ever paid. However, he couldn’t help but bitch about it, specifically against California. The audacity, this man who is worth $300 billion, who had a tax rate of 3.2% while making billions, is calling California the land of “over-regulation, over litigation, over-taxation”. The only reason he’s even paying $11 billion in taxes is because of the massive amount of stock he recently sold ($14 billion), in which he will get $23 billion of compensation, paid in the form of stock options.

In the end, that massive tax didn’t even put a dent in his wealth, nor does it make him any closer to paying how much tax he really should be. Other billionaires, like Warren Buffet, paid less taxes than Musk, but, Buffet is not against taxes, and is far more likeable, and doesn’t have a Twitter account (to use like an idiot).