How much Elon Musk is likely paying in taxes this year
Musk could lower his tax bill this year if he donates Tesla shares–or cash–to his charitable Musk Foundation or directly to one or more nonprofits. Taxpayers who itemize donations can deduct some charitable giving from their adjusted gross income. Based on a read of filings with the Securities and Exchange Commission, Musk hasn’t donated any Tesla shares so far in 2021; the last time he did that was in December 2019, when he put 11,000 Tesla shares–then worth $4.1 million–into his foundation.
The taxman isn’t done yet. Another $7 billion worth of federal taxes may await Musk if he makes good on. He’d have to pay the IRS roughly $2.65 billion in additional capital gains taxes based on Tesla’s stock price on December 15, plus another $4.4 billion if he exercises the rest of his stock options set to expire in August 2022–if Tesla’s stock price stays where it is.That is not a given; the shares have fallen nearly 22% from their peak of $1,222 on November 1, 2021.against Sen.
On Monday, Time Magazine named Musk its “Person of the Year”, sparking Sen. Warren’s tweet about the CEO’s tax obligations.
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