Tesla is already contributing a lot to the U.S. government says Elon Musk, and this is with the many jobs it offers to the country and opportunities that also come back to the authorities in terms of taxes. There was a discussion on Twitter with regards to the taxes that the billionaire has been paying, and fans are saying that it is more than enough.
Tesla Taxes: Gives Back to the Government Already
According to the Tesla CEO (@elonmusk), the clean energy company has already given back to the government, and in time, they would do more as the rise of income tax would contribute here. The more workers Tesla has, the more income tax it pays both from the employees and the pockets of the company.
In addition to that, there are also a lot of factors that Musk mentioned, saying that the company can also be taxed in different aspects including product sales tax, property taxes for its different plants and factories, as well as the company's profit taxation.
With the CEO's statement, he reiterated that Tesla alone gives back to the government, and it would grow more in the future.
Indeed. Over time, Tesla will generate hundreds of billions for the government in terms of employee income tax, product sales tax and property tax, in addition to profit taxation.
— Elon Musk (@elonmusk) November 16, 2021
Elon Musk Billionaire Taxes Are a Lot Says Fans
Fans argue that the billionaire is already taxed a lot and that he pays his dues regardless of how much it was raised over time, with some dating back to several years ago. The Twitter thread by a verified YouTuber named Dave Lee says that Musk and Tesla already have a lot to pay, with as much as 52.65 percent taxes paid regularly.
Here's a breakdown of @elonmusk's tax rate when exercising his stock options.
— Dave Lee (@heydave7) November 16, 2021
Federal: 37%
California: 13.3%
Medicare: 1.45%
Medicare Supplemental: 0.9%
Total: 52.65%
At $1050 stock price, Elon’s 22.8m exercised shares would be worth $24B.
Government would net $12.6B.
Even Dogecoin's Billy Markus agrees with this.
Elon Musk, Taxes, and the US Government
Elon Musk has been the center of tax disputes these days and it is because the CEO has been steadily growing his profits for the many focuses of his business with Tesla and the like. Recently, one of his most controversial disputes is with the United Nations' World Food Programme Director, David Beasley, which said that $6 billion of his money could help the problem of world hunger.
Another one of his disputes was with Senator Bernie Sanders from Vermont which had another Twitter standoff that Musk responded to, especially as it said to tax the wealthy. The CEO mocked the Senator, asking him if he should sell Tesla stocks to add more to the taxes that are charged on him, to pay the extra fines.
The multi-tech CEO's taxes are the focus of these recent disputes and it does not stop there, as these are ongoing and a developing case with regards to Musk's money made from different ventures he has. Tesla is only one of the companies here, but the rise of SpaceX in the space industry, The Boring Co. in underground tunnels, and more would soon be the focus of these talks.
Related Article : UN Responds to Elon Musk's Challenge with $6.6 Billion Plan to Address World Hunger
This article is owned by Tech Times
Written by Isaiah Richard
