Elon Musk’s “Free Load” to Pay the Biggest Federal Tax Bill in History, About $ 8.3 Billion
Elon Musk does a bold claim on Twitter Tuesday. The founder of Tesla said he would “pay more taxes than any American in history this year.”
Is the statement true? Only the IRS knows for sure who the biggest taxpayer in U.S. history is, but Forbes Musk says seems to be right.
“The eccentric billionaire (and the richest person in the world) probably owes the federal government at least $ 8.3 billion by 2021,” Forbes reports.
Business intern projects Musk’s tax bill is even higher when state taxes are included.
“The taxes on his shares, nearly a billion in net investment income taxes and the billions he probably owes to California could amount to about $ 12 billion in total,” Jason Lalljee reports and Andy Kiersz.
CNBC, meanwhile, estimated Musk’s total tax bill to be even higher –$ 15 billion.
The bulk of Musk’s tax bill comes from the nearly $ 13 billion of Tesla shares sold as of December 13, which is even larger than the record $ 10.2 billion Amazon shares that Jeff Bezos has. sold last year.
Elon Musk will pay more than $ 15,000,000,000 in taxes this year, the highest in American history.
– Jeff ï¸ (@JeffTutorials) December 15, 2021
Regardless of Musk’s tax bill, it’s worth considering the background to his claim. Musk didn’t brag about having the biggest tax bill in history; instead, he was responding to Senator Elizabeth Warren, who – quite unfathomably – lashed out at Musk for not paying his fair share of taxes.
âLet’s change the rigged tax code so that the person of the year will actually pay taxes and stop snacking on everyone,â Warren tweeted.
Let’s change the rigged tax code so that the person of the year will actually pay taxes and stop picking on everyone. https://t.co/jqQxL9Run6
– Elizabeth Warren (@SenWarren) December 13, 2021
You read correctly. Warren, the progressive Massachusetts lawmaker, called Musk a picnic. Warren may not know that Musk is about to pay more taxes than any American – possibly a human – in history, but it’s more likely that she does. laugh and be comfortable peddling the fiction that Musk doesn’t pay taxes. . Warren made this clear in later remarks after Musk responded to the senator.
âHe’s the richest man in the world and he just doesn’t want to pay taxes,â Warren said. “That’s what it is for me.”
âI have to say, on behalf of every teacher who pays taxes, on behalf of every waitress who pays taxes, on behalf of every American citizen who works for a living and pays taxesâ¦ this is fundamentally wrong. We have a broken tax system that allows Elon Musk to get rid of everyone, and it must stop. “
Warren’s claim that Musk is a âfreeloaderâ is absurd, of course. By taking the lower estimate of what Musk would have to pay, he will cough up more taxes than the all of Massachusetts collected in sales and use taxes until the first half of 2021 â of its 7 million inhabitants.
Additionally, unlike Warren, who receives a salary from the government, Musk earned much of his wealth by creating value. Tesla employs nearly 80,000 people who built as many as 623,000 fuel-efficient cars in 2021 alone. Its market capitalization is almost $ 1,000 billion, which has enriched countless Tesla employees and shareholders. Warren, on the other hand, doesn’t create anything. Every dollar of her salary of $ 174,000 – and the money with which she pays her staff – comes from funds confiscated from taxpayers. Every dollar she allows to spend has been taken from someone else who earned it.
Musk’s success is to be applauded, but instead, Warren, the real picnic, accuses him of ‘picnicking’ and thinks he should pay. Following.
A philosophy based on envy
What seems to really bother Warren is that Musk has so much going on. In other words, it is a policy rooted in desire.
Envy is considered one of the Seven Deadly Sins, and for good reason. It is a corrosive provision that harms both individuals and societies. The famous philosopher Immanuel Kant describes envy as,
ââ¦ A propensity to view the well-being of others with distress, even if that doesn’t take away from one’s own. [It is] a reluctance to see our own well-being eclipsed by that of another because the standard we use to see how good we are is not the intrinsic value of our own well-being but how it compares to that of others. [It] aims, at least according to his wishes, to destroy the good fortune of others.
The presocratic philosopher Democritus (c. 460 BC – c. 370 BC)
“[Just] the laws would not prevent everyone from living according to his inclination, unless the individuals harm each other; because envy creates the beginning of conflicts â, he wrote.
Conflict is precisely what Warren and those who share his philosophy sow, and it’s clear that she and others view Musk’s good fortune with distress. If it’s not envy, I don’t know what it is.