Beautiful Virgin Islands

Tuesday, Jun 24, 2025

A federal program designed to fight poverty has reportedly become a major tax break for Elon Musk and Jeff Bezos through their space endeavors

A federal program designed to fight poverty has reportedly become a major tax break for Elon Musk and Jeff Bezos through their space endeavors

Jeff Bezos and Elon Musk could be taking advantage of a tax-break program intended to help impoverished communities, according to a Bloomberg report.
Elon Musk and Jeff Bezos are two of the world's richest people, and both of the billionaires own companies dedicated to space travel: SpaceX and Blue Origin, respectively.

Despite the vast wealth of Musk and Bezos, their two space companies are able to use tax breaks introduced by the Trump administration intended to help economically impoverished parts of the United States.

Bloomberg Wednesday morning was first to report on the billionaires' space companies qualifying for the federal "Qualified Opportunity Zones" tax break program — a program introduced by the Trump administration in 2017.

Through the program, companies were incentivized to make new investments in "economically distressed communities," according to the US Internal Revenue Service. Companies are able to outright skip paying capital gains taxes on any money invested into qualified properties, with the intention that new investments in those regions would help improve economic conditions.

But, for the SpaceX and Blue Origin properties that qualified for the tax break, the companies had already agreed to create job in their respective regions — meaning they were existing projects, not new ones like the program was designed for, according to the report. It's unclear if either company took advantage of the tax breaks they were qualified to receive.

As of last month, Jeff Bezos and Elon Musk held the first and second spots on the world's richest people list: Musk's fortune is in the $128 billion range, while Bezos' is in the $182 billion range, according to Bloomberg's Billionaires Index.

Representatives for SpaceX and Blue Origin did not respond to a request for comment as of publishing.
Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
Germany and Italy Under Pressure to Repatriate $245bn of Gold from US Vaults
Airlines Evaluate Flight Cancellations Amid Escalating US-Iran Tensions
Starmer Invites Innovators to Join Government Talent Scheme
UK Economy’s Strong Opening Quarter Shows Signs of Cooling
Harrods Seeks Court Order to Secure Al Fayed Estate for Victims
BA and Singapore Airlines Cancel Dubai Flights Amid Middle East Tensions
Trump Faces Backlash from MAGA Base Over Iran Strikes
Meta Bets $14 B on Alexandr Wang to Drive AI Ambitions
WATCH: Israeli forces show the aftermath of a massive airstrike at Iran's Isfahan nuclear site
FedEx Founder Fred Smith, ‘Heart and Soul’ of the Company, Dies at 80
Chinese Factories Shift Away from U.S. Amid Trump‑Era Tariffs
Pimco Seizes Opportunity in Japan’s Dislocated Bond Market
Labubu Doll Drives Pop Mart to Status as China’s Most Valuable Toy Maker
Global Coal Demand Defies Paris Accord Goals
We have new information and breaking details to share about what is shaping up to be a historic air campaign tonight
Six Massive Bombs Dropped on Fordow; Trump: 'A Historic Moment for the U.S., Israel, and the World'
Fordow: Deeply Buried Iranian Enrichment Site in U.S.–Israel Crosshairs
United States Conducts Precision Strikes on Iran’s Nuclear Sites
US strikes Iran nuclear sites, Trump says
Pakistan to nominate Trump for Nobel Peace Prize.
BBC Demands Perplexity AI Immediately Stop Using Its Content
Telegram Founder: I Will Leave My Fortune to Over 100 of My Children
Political Turmoil Resurfaces in Belgium Amid Economic Concerns
Fed policymakers divided on timing of interest rate cuts
Trump signals imminent agreement with Harvard University
Inheritance tax referendum alarms Swiss billionaire community
Japan cancels bilateral security meeting amid US defence demands
AI skeptic Emily Bender warns that ‘the emperor has no clothes’
Israel Confirms Assassination of Quds Force Commander in Tehran
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
Senate hearing on who was 'really running' Biden White House kicks off
Iranian Military Officers Reportedly Seek Contact with Reza Pahlavi, Signal Intent to Defect
FBI and Senate Investigate Allegations of Chinese Plot to Influence the 2020 Election in Biden’s Favor Using Fake U.S. Driver’s Licenses
Vietnam Emerges as Luxury Yacht Destination for Ultra‑Rich
Plans to Sell Dutch Embassy in Bangkok Face Local Opposition
China's Iranian Oil Imports Face Disruption Amid Escalating Middle East Tensions
Trump's $5 Million 'Trump Card' Visa Program Draws Nearly 70,000 Applicants
DGCA Finds No Major Safety Concerns in Air India's Boeing 787 Fleet
Airlines Reroute Flights Amid Expanding Middle East Conflict Zones
Elon Musk's xAI Seeks $9.3 Billion in Funding Amid AI Expansion
Trump Demands Iran's Unconditional Surrender Amid Escalating Conflict
Israeli Airstrike Targets Iranian State TV in Central Tehran
President Trump is leaving the G7 summit early and has ordered the National Security Council to the Situation Room
Taiwan Imposes Export Ban on Chips to Huawei and SMIC
Israel has just announced plans to strike Tehran again, and in response, Trump has urged people to evacuate
Netanyahu Signals Potential Regime Change in Iran
Juncker Criticizes EU Inaction on Trump Tariffs
EU Proposes Ban on New Russian Gas Contracts
Analysts Warn Iran May Resort to Unconventional Warfare
Iranian Regime Faces Existential Threat Amid Conflict
×