According to a CNBC report, Elon Musk expects to pay the largest tax bill in history, a total of $12 billion for 2021.
Currently, Musk and other billionaires are facing increasing investigation over the amount of tax they pay.
Musk has already paid $7 billion in state and federal taxes in 2020, and will pay an additional $5 billion in January, “the single largest tax bill ever.”
In his role as Tesla CEO, Elon Musk doesn’t receive a salary but instead is compensated in stock awards. That said, whenever he needs money, he can access it using his stock holdings as collateral, which doesn’t hold the same tax duties.
Now, this year is a totally different story, as in early November the company started selling off billions worth of Tesla shares. That translates into paying a mixed tax rate of over 53 percent.
The decision was the result of a Twitter poll conducted last month, in which users voted for the CEP to sell off 10% of his company’s stock.
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