Elon Musk Predicts Potential Trillion-Dollar Tax Burden Over Lifetime

Deep News08:23

Elon Musk, the American tech billionaire, stated on Thursday via a post on X that he may ultimately pay taxes amounting to trillions of dollars, including estate taxes. The comment came in response to a user's post discussing whether wealthy individuals pay their fair share of taxes.

Musk wrote in the post: "I paid over $10 billion in taxes in one year (2021), more than anyone in history. If I exercise and sell stock options, the combined federal and state income tax rate is approximately 45% (I also pay California taxes for every day I reside in the state). Additionally, after my death, my estate will be subject to a 40% tax. Overall, I may end up paying trillions of dollars in taxes."

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