Tesla Inc. (NASDAQ:TSLA) CEO Elon Musk, the world's richest man, has always been vocal about the taxes that he pays and has been on many occasions the target of politicians talking about wealth tax.
Elon Musk Outlines His Tax Payments
Influencer Sawyer Merritt on Thursday shared a video clip on social media platform X from Musk's interview with The Economist in which the SpaceX CEO speaks about his tax payments.
"For my stock options, I pay 40% income tax on a national basis. And then because I spend ~30% of my time in California, I pay another 5%. I pay about 45% in taxes," Musk said in the interview.
Speaking about estate taxes, Musk added, "Then when I die, there will be another 45%, roughly half, that will be taxed."
Musk Says He'll End Up Only With a Quarter of His Wealth
Talking about his income tax and estate taxes, Musk added, "At the end of the day, I’ll have a quarter of what I have.”
The Tesla CEO had earlier said that he had paid "over $10 billion" in taxes in a single year, adding that it was more than "anyone in history" amid calls from lawmakers to tax the wealthy.
Newsom, Warren Target Musk
Gov. Gavin Newsom's (D-Calif.) has taken on Musk while advocating for a billionaire tax plan. Newsom had proposed a federal minimum tax on billionaires, which was mocked by Musk.
In response, Newsom said, "We'll be taxing trillionaires even more."
Sen. Elizabeth Warren (D-Mass) has also been vocal about taxing Musk, saying that "If Elon Musk paid my ultra-millionaire tax, we could fully cover free community college in America."
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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