Musk paid $11 billion in taxes last year tesla paid no taxes

2022-05-26 0 By

Xinhua — Elon Musk, CEO of Tesla Inc, will have to pay about $11 billion in federal taxes in 2021.Tesla, however, does not pay federal taxes.Looking back, Musk is adept at taking advantage of US tax laws, paying no or very little federal personal income tax, CNN reported on Tuesday.He takes no salary from Tesla, only options.Under US tax law, he does not have to pay taxes on those options unless he exercises them to buy Tesla shares at a knock-down price.Most of his options have yet to be exercised, but last year he began exercising to buy shares that would give him $23.5 billion in taxable wealth in 2021, a federal tax rate of 41%.In addition, he would have to pay taxes on the proceeds from selling a portion of tesla stock last year.Source: Xinhua