Beautiful Virgin Islands

Monday, Aug 04, 2025

US Lawmakers' Dig At Elon Musk For Bragging About Paying $11 Billion In Taxes

US Lawmakers' Dig At Elon Musk For Bragging About Paying $11 Billion In Taxes

The CEO of Tesla Motors and Space-X, Musk had on December 20 tweeted: "For those wondering, I will pay over $11 billion in taxes this year." The tax bill is considered as one of the highest in US history.

Top US lawmakers, including Indian-American Congresswoman Pramila Jayapal, have criticised Elon Musk, the world's wealthiest man and Tesla Motors CEO Elon Musk for bragging about paying USD 11 billion in taxes.

In a tweet on Wednesday, Texas Senator Ted Cruz said, "Got it. You don't like @elonmusk Who else do you want to loot?" The Republican Senator's tweet was in response to a post on Twitter by Jayapal, a Democrat, taking a dig at Musk for showing off his tax bill.


"Elon Musk made $36 BILLION in one day, but wants to brag about paying an $11 billion tax bill," she said in a tweet.

"Oh yeah, he also added more than $270 BILLION in wealth just since the pandemic started," she said, adding that it was time for the rich to pay their fair share.

The CEO of Tesla Motors and Space-X, Musk had on December 20 tweeted: "For those wondering, I will pay over $11 billion in taxes this year." The tax bill is considered as one of the highest in US history.

Earlier, Democratic Party Senator Elizabeth Warren, referring to Musk, had tweeted, "Let's change the rigged tax code so The Person of the Year will actually pay taxes and stop freeloading off everyone else." This led to an ugly spat between the two with Musk replying, "And if you opened your eyes for 2 seconds, you would realise I will pay more taxes than any American in history this year." Musk has sold off USD 14 billion worth of Tesla stock since early November, after asking his followers in a Twitter poll if he should sell 10% of his holdings. In the poll, his followers said he should pay.

But it's likely Musk would have begun selling anyway. That's because he faces a massive tax bill on Tesla stock options, according to an earlier CNBC report.

Musk's wealth comes from stock awards and gains in Tesla's share price.

Though Tesla shares have taken a tumble since Musk's Twitter poll, they remain incredibly valuable - the stock is up 28 per cent year-to-date, the report said.

He could have waited until next year to pay the tax bill, but that would have meant potentially getting hit by higher tax rates under the Democrats' Build Back Better bill, it said.

The report quoted a ProPublica investigation showing that Musk and several other billionaires paid no federal income taxes in 2018.

Between 2014 and 2018, Musk paid USD 455 million in taxes on USD 1.52 billion of income, despite his wealth growing by $13.9 billion over that period, it said.

Musk was granted the share options in 2012 as part of his pay package, and the options vested as Tesla hit various financial and operational targets in subsequent years. But he did not have to pay taxes on the options until he exercised them, which he started to do in November, a CNN report said on Wednesday.

With a top tax rate of 40.8 per cent, Musk, the richest person in the world with a net worth of USD 280 billion, faces a federal tax bill of about USD 10.7 billion from the exercise of these shares, the report said.

Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
OpenAI’s Bold Bet: Teaching AI to Think, Not Just Chat
Tesla Seeks Shareholder Approval for $29 Billion Compensation Package for Elon Musk
Nvidia is cutting prices on its RTX 50-series graphics cards after sales slowed and inventories piled up
Ghislaine Maxwell Transferred to Minimum-Security Prison Amid Ongoing DOJ Discussions
U.S. Tariffs Surge to Highest Levels in Nearly a Century Under Second Trump Term
Matt Taibbi Slams Media for Role in Russiagate Narrative
Pilots Call for Mental Health Support Without Stigma
All Five Trapped Miners Found Dead After El Teniente Mine Collapse
Ong Beng Seng Pleads Guilty in Corruption Case Linked to Former Singapore Transport Minister
BP’s Largest Oil and Gas Find in 25 Years Uncovered Offshore Brazil
Italy Fines Shein One Million Euros for Misleading Sustainability Claims
JPMorgan and Coinbase Unveil Partnership to Let Chase Cardholders Buy Crypto Directly
Declassified Annex Links Soros‑Affiliated Officials and Clinton Campaign to ‘Russiagate’ Narrative
UK's Online Safety Law: A Front for Censorship
Nationwide Protests Erupt in Brazil Demanding Presidential Resignation
Parents Abandon Child at Barcelona Airport Over Passport Issue
Mystery Surrounds Death of Brazilian Woman with iPhones Glued to Her Body
Bus Driver Discovers Toddler Hidden in Suitcase in New Zealand
Switzerland Celebrates 734 Years of Independence Amid Global Changes
U.S. Opens Official Investigation into Former Trump Prosecutor Jack Smith
Leaked audio of Canada's new PM Mark Carney admitting the truth about the Net Zero agenda: "We're gonna make a lot of money off of this."
China Enforces Comprehensive Ban on Cryptocurrency Activities
Absolutely 100% Realistic EVO Series Doll by EXDOLL (Chinese Company) used mainly for carnal purposes
World Economic Forum founder Klaus Schwab: "In this new world, we must accept... total transparency. You have to get used to it. You have to behave accordingly. But if you have nothing to hide, you shouldn't be afraid."
Meet Mufti Hamid Patel, head of Office for Standards in Education in Pakistan
George Soros tells the World Economic Forum: "President Trump is a con man and the ultimate narcissist, who wants the world to revolve around him."
Hamas are STARVING the hostages.
Decline in Tourism in Majorca Amidst Ongoing Anti-Tourism Protests
British Tourist Dies Following Hair Transplant in Turkey, Police Investigate
Poland Begins Excavation at Dziemiany After New Clue to World War II‑Era Nazi Treasure
WhatsApp Users Targeted in New Scam Involving Account Takeovers
Trump Threatens Canada with Tariffs Over Palestinian State Recognition
Trump Deploys Nuclear Submarines After Threats from Former Russian President Medvedev
Trump Sues Murdoch in “Heavyweight Bout”: Lawsuit Over Alleged Epstein Letter Sets Stage for Courtroom Showdown
Germany Enters Fiscal Crisis as Cabinet Approves €174 Billion in New Debt
Trump Administration Finalizes Broad Tariff Increases on Global Trade Partners
J.K. Rowling Limits Public Engagements Citing Safety Fears
JD.com Launches €2.2 Billion Bid for German Electronics Retailer Ceconomy
Azerbaijan Proceeds with Plan to Legalise Casinos on Artificial Islands
Former Judge Charged After Drunk Driving Crash Kills Comedian in Brazil
Jeff Bezos hasn’t paid a dollar in taxes for decades. He makes billions and pays $0 in taxes, LEGALLY
China Increases Use of Exit Bans Amid Rising U.S. Tensions
IMF Upgrades Global Growth Forecast as Weaker Dollar Supports Outlook
Procter & Gamble to Raise U.S. Prices to Offset One‑Billion‑Dollar Tariff Cost
House Republicans Move to Defund OECD Over Global Tax Dispute
Botswana Seeks Controlling Stake in De Beers as Anglo American Prepares Exit
Trump Administration Proposes Repeal of Obama‑Era Endangerment Finding, Dismantling Regulatory Basis for CO₂ Emissions Limits
France Opens Criminal Investigation into X Over Algorithm Manipulation Allegations
A family has been arrested in the UK for displaying the British flag
Mel Gibson refuses to work with Robert De Niro, saying, "Keep that woke clown away from me."
×