Time's Person of the Year is about to pay some hefty taxes.
Tesla and SpaceX CEO Elon Musk reports that he will pay $11 billion in taxes this year, a stark contrast with his past federal tax payments.
"For those wondering, I will pay over $11 billion in taxes this year," Musk tweeted on Monday.
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For those wondering, I will pay over $11 billion in taxes this year— Elon Musk (@elonmusk) December 20, 2021
The high cost of his taxes may be attributable to his stock in Tesla. If Musk had not sold 10% of his stock in November, he would have had to pay $15 billion in taxes, according to an analysis from CNBC.
Musk's announcement comes a week after the tech CEO got into a virtual fight with Massachusetts Democratic Sen. Elizabeth Warren over his taxes. Warren had attacked Musk, alleging that Musk had been "freeloading" by not paying taxes. Musk responded by calling Warren a "Karen" and goading her into "calling a manager." This inspired a long back and forth between Musk, Warren, and MSNBC's Joy Reid.
A June report from ProPublica found that Musk, alongside several other billionaires, paid no federal income taxes in 2018.
Between 2014 and 2018, Musk paid $455 million in taxes on $1.52 billion of income, reports ProPublica, despite his wealth growing by $13.9 billion over that same four-year period.
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Musk is worth $244 billion on paper, according to Forbes, making him one of the world's wealthiest men in history.
If Musk does pay the total $11 billion in taxes this year, it will be the most significant tax payment in American history, claims CNBC.