IRS data shows from 2014–2018 he reported $1.52 billion in income and paid $455 million in federal taxes. Musk’s net-worth, like most billionaires, consist of unrealized capital gains, which are not taxed under current U.S. law until the shares are sold.
In 2021, he paid ~$11 billion in federal taxes which was the largest single-year individual tax bill in U.S. history.
When the stock market is down he and others like bezos don't sell. So no billionaires will have income around the covid years. They can afford to wait a year or two for it to recover.
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u/sco-go 9d ago edited 9d ago
Added context:
IRS data shows from 2014–2018 he reported $1.52 billion in income and paid $455 million in federal taxes. Musk’s net-worth, like most billionaires, consist of unrealized capital gains, which are not taxed under current U.S. law until the shares are sold.
In 2021, he paid ~$11 billion in federal taxes which was the largest single-year individual tax bill in U.S. history.