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Elon Musk says he'll pay over $11 billion in taxes this year

Elon Musk Tesla stock
Posted at 6:42 AM, Dec 20, 2021

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."

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.

READ: Elon Musk is Time's 2021 'Person of the Year'

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.