Elon Musk, the Tesla CEO, announced in a tweet that he expects to pay over $11 billion in taxes in 2021.
According to a story published by CNBC last week, Musk has already paid $7 billion in state and federal taxes this year and will pay another $5 billion by January 1st. The estimates, according to CNBC, might represent "the single highest tax bill ever."
For those wondering, I will pay over $11 billion in taxes this year— Elon Musk (@elonmusk) December 20, 2021
Musk and other billionaires are facing more scrutiny over the amount of tax they pay. Musk does not get a salary or cash incentive in his capacity as Tesla CEO, according to CNBC. Instead, he is compensated in stock awards.
Musk paid no federal income tax in 2018, and only $455 million in the preceding four years, according to ProPublica. Musk's wealth increased by $13.9 billion in 2018. Musk revealed his taxes were zero in 2018 since he overpaid the year before at this year's Code Conference.