Chances are Elon Musk will pay the most taxes in the US in fiscal year

Elon Musk, accused of tax evasion in recent years, may become the largest taxpayer in the United States, reports Business Insider. All because of his recent movements in the market, but this billionaire may try to reduce them anyway after he has gotten rich over the years through stocks of his own companies, instead of earning income in the form of wages.

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1 After the billionaire’s recent moves, chances are Elon Musk will pay the most taxes in the US

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After the billionaire’s recent moves, chances are Elon Musk will pay the most taxes in the US

There are two reasons for this. On the one hand, after a Twitter poll, Elon Musk was “forced” by the community to fulfill his promise and sell 10% of his Tesla shares. At the moment, it has sold only a part of the planned shares, just over 3%, but when it fulfills its promise, the tax may be around $ 8.3 billion, according to Forbes estimates.

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Added to this is a commitment to pay $ 842 million in tax on net investment income, as well as a sales tax on her California mansion, which will add almost 3 billion more. So in the end, chances are that Elon Musk will pay the most taxes in the US in the fiscal year, about $ 12 billion.

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Current tax rules, however, will allow Musk to reduce this amount if he decides to donate some of his profits to charities and non-profit organizations. For example, Musk could donate some of his funds to his own charity and not pay taxes on this amount.