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Elon Musk says he’ll pay $11 billion in taxes – after Elizabeth Warren called him a “freelancer”


Elon Musk has claimed he will pay more than $11 billion in taxes this year after Elizabeth Warren accused him of “free-loading” during a bitter war of words between the couple.

Tesla’s 50-year-old CEO took to Twitter to announce that he will pay billions of dollars in taxes this year after a row with Massachusetts Senator Warren over his taxes.

“For those wondering,” he wrote, “I will be paying over $11 billion in taxes this year.”

Musk could face a tax bill of more than $10 billion in 2021, which could be the Internal Revenue Service’s largest single payment, according to Bloomberg News calculations.

It comes amid allegations that Musk “paid nothing” in federal income taxes in 2018 and less than $70,000 in 2015 and 2017, while Warren called Musk the “world’s richest freelance worker” amid a row over billionaire taxes.

Musk responded to her criticism by saying he would “pay more taxes than any American in history this year.”

Elon Musk (pictured) has said he will pay billions of dollars in taxes this year after falling out with Massachusetts Senator Elizabeth Warren over his taxes.

He took to Twitter to announce that he will pay over $11 billion in taxes this year

He took to Twitter to announce that he will pay over $11 billion in taxes this year

Musk is currently the richest man in the world with a net worth of $265.4 billion, as of last Monday, closely followed by Amazon’s Jeff Bezos.

His Tesla company is worth about $1 trillion, and over the past few weeks, Musk has sold nearly $14 billion of Tesla stock.

The war of words between Musk and Warren began after the news of Musk being named Person of the Year by Time magazine spread.

Warren tweeted last Monday: “Let’s change the fraudulent tax code so that the person of the year actually pays taxes and stops charging others for free.”

But Musk quickly responded, writing “Stop dropping,” and calling the politician and former law professor “Senator Karen.”

Musk continued, “Remind me of when I was a kid and my boyfriend’s angry mom would randomly yell at everyone for no reason.

Please do not call the principal with me, Senator Karen.

He also shared a link to an opinion article on Fox News alleging that Warren lied about having a Native American heritage to benefit from affirmative action.

It comes after Warren (pictured) called Musk the 'world's richest freelance worker' during a war of words over billionaire taxes.

It comes after Warren (pictured) called Musk the ‘world’s richest freelance worker’ during a war of words over billionaire taxes.

But in an interview with MSNBC on Wednesday, Warren applauded, calling Musk “the richest freelancer in the world,” and claiming he “obviously has very thin skin.”

Massachusetts Senator Joy Reed gave an opportunity to respond to Musk’s now-infamous tweet, “Senator Karen.”

The MSNBC host opened her interview by calling Musk “the worst ever,” highlighting his opposition to President Joe Biden’s agenda to build back better, and noting that while he’s called for an end to government subsidies, subsidies for electric cars have helped Tesla move forward. forward.

Elon Musk named TIME magazine's Person of the Year 2021

Elon Musk named TIME magazine’s Person of the Year 2021

Then, after quoting Warren’s tweet, Reed promoted the ProPublica report, saying, “Its investigation found that in 2018, Musk paid nothing in federal income taxes, less than $70,000 in 2015 and 2017.”

She then turned the conversation over to Warren for her thoughts on Musk’s tweet about her, to which Warren replied: “Apparently the richest person in the world has very thin skin.

“But do you know the part that makes me angry about this?” I continued.

It’s on behalf of every public school teacher, every waitress, every computer programmer, every street cleaner who actually paid taxes, meaning they paid more than Elon Musk did in federal income taxes.

And this is not true, it means that the system is broken.

But the days when these guys could not only do it all, but then rub everyone else’s nose while heading into outer space and announce how they did it all on their own when they were backed by the federal government and backed by every waitress and school teacher The government paid their taxes is over.

She concluded, “This is wrong and Elon Musk should eat a big plate of that.”

Senator Elizabeth Warren has criticized Telsa CEO Elon Musk after he was named Time Magazine's Person of the Year 2021.  She called him to pay his fair share of taxes

Senator Elizabeth Warren has criticized Telsa CEO Elon Musk after he was named Time Magazine’s Person of the Year 2021. She called him to pay his fair share of taxes

Musk attacked the senator on Twitter and named her Senator Karen

Musk attacked the senator on Twitter and named her Senator Karen

Warren’s tweet was not For the first time, the billionaire has criticized politicians who have criticized his wealth and their alleged exploitation of tax loopholes to pay little or no taxes at all.

Last month, Musk mocked Senator Bernie Sanders for calling on the ultra-wealthy to raise more money in a tweet that caught the attention of Musk, who has sold more than $5 billion of his stake in Tesla.

Musk did so after launching a Twitter poll that directed him toward selling $25 billion in stock to fund President Joe Biden’s proposed billionaire tax.

Musk, in response to Sanders’ demands, indicated that he would not draw the line there.

Musk, the richest man in the world, tweeted to the senator: “I’m still forgetting that you’re still alive.”

Do you want me to sell more stock, Bernie? Just say the word…”

He also attacked Democratic Senator Ron Wyden, of Oregon, who has supported a wealth tax for billionaires and criticized Musk’s Twitter poll.

“Whether the world’s richest man pays any taxes or not should not be based on the results of a Twitter poll,” Wyden wrote. “It’s time for billionaires’ income tax.”

Musk criticized by mocking Wyden’s face, writing, “Why does it look like you just came?”

Musk attacked Senators Bernie Sanders and Ron Wyden after they also complained about his failure to pay taxes and called on billionaires to pay their fair share.

Musk attacked Senators Bernie Sanders and Ron Wyden after they also complained about his failure to pay taxes and called on billionaires to pay their fair share.

His feud with Warren, though, comes when the Tesla founder was named Time Magazine’s Person of the Year after selling his properties and moving to Texas, launching rockets into space, inventing new driverless cars, and sharing his Asperger diagnosis while hosting Saturday Night Live and Impact on the stock market with these tweets.

In his bid to become Person of the Year, Musk spoke with Time magazine and discussed his ‘semi-detached’ situation with Grimes, criticized vaccine mandates as an ‘erosion of freedom’ and shared his plans to fly Noah’s spaceship packed full of animals to Mars as he works to colonize the planet.

As of Monday, Musk’s net worth is $265.4 billion. Speaking of being the richest man in the world and in all of history, Musk referred to someone who claims to be richer than him.

‘Well, I guess there are like some royalty, you know. Think [Russia’s] President Putin is much richer than me. “I can’t conquer countries and things,’ said Musk.

When looking at income and asset distribution, it is very important to normalize this for age. So as societies get older, the number of old people increases; The older a person is, the richer they are.

But much of the pressure for greater government involvement and confiscation of assets by the government is being driven by a group of politicians who are actually saying that resources should not be under the control of individuals. “They should be under government control,” Musk said.

One of the billionaire’s biggest criticisms is his vast wealth, while paying little or no taxes.

Recently, he publicly criticized President Joe Biden’s plan to build back better, which was entirely funded by “the biggest corporations and the wealthiest Americans.”

The CEO of Tesla and SpaceX has made history several times this year including SpaceX’s launch in September of its first all-civilian crew into space. The airline also won a $3 billion contract with NASA — sparking a feud with fellow billionaire Jeff Bezos.

Musk (pictured in January 2020) is the richest man in the world with a net worth of $265.4 billion, as of last Monday, closely followed by Amazon's Jeff Bezos.

Musk (pictured in January 2020) is the richest man in the world with a net worth of $265.4 billion, as of last Monday, closely followed by Amazon’s Jeff Bezos.

The CEO of SpaceX has commented on the airline’s success.

If we had ships and boosters but no engines, we would lose billions of dollars a quarter. And if this continues, bankruptcy will never be out of the question.

I feel as if we have had many years of success and a lot of people in the company have never seen a failure. Musk bragged, bragging that not many people have seen a slump in their careers.

If someone entered the workforce after 2009, it seemed like things would always go up. I was worried that we might get complacent.

Musk has described himself as a “utopian anarchist” and aims to leverage his work to create a more efficient, automated future.

If there is a utopia where people can access whatever goods or services they want, there is plenty for everyone. If we have a highly automated future with robots that can do anything, any work you do will be because you want to do it, not because you have to do it. ‘I don’t mean to be messy,’ said Musk, ‘but you’re not under anyone’s thumb.

In 2012, when Tesla was just a startup, Musk obtained stock options as part of a compensation plan that would give him 22.8 million shares at a share price of $6.24. His earnings on those shares have now reached nearly $28 billion.

Stock options give the investor the right, but not the obligation, to buy or sell a stock at an agreed-upon price. It also allows the trader to choose a specific date when they expect the stock to rise or fall, known as the expiration date, according to Investopedia.

In Musk’s case, his stock options mature in August 2022, and in order to exercise them, Musk has to pay income taxes on the gains, and since they are taxed as employee benefits or compensation, they will be taxed at 37 percent, plus a 3.8 percent net tax Investing, CNBC reports.

Musk will also have to pay the highest California tax rate, as the options were granted and earned when he was a California resident.

Combined, CNBC reports, the federal and state tax rate on his gains will be 54.1 percent, so the total tax bill will be $15 billion by August.

Meanwhile, Telsa has revealed that he has taken out loans using his shares as collateral, and with sales, he may want to repay some of those obligations.

As the company noted in its third-quarter 10Q Securities and Exchange filing: “If our common stock price drops significantly, one or more banking institutions may have to force Mr. Musk to sell shares of Tesla common stock if he cannot do so by other means. .

“Any such sales could cause a further decline in our common stock price.”

Tesla closed at $975.99 on Wednesday, up more than 1 percent from the day before.



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