Elon Musk's wealth grew by $14 billion from 2014 to 2018, but he only paid $455 million in taxes, according to a new report
from Tesla as compensation, but under the current federal tax code, he doesn't need to pay any tax until those assets are sold, or capital gains are otherwise realized. The notion that high-net-worth individuals use the tax code to their advantage to pay minimal income tax is nothing new.
ProPublica did not publish its source data or disclose how the information was obtained. Musk did not respond to questions from ProPublica, replying with only a"?," the site reported. A judge ordered Tesla to turn over documents related to Elon Musk's $55 billion compensation plan. Here's how the elaborate pay agreement works.
The trove of information shows the investments, stock trades, income, and other key data points about the wealth of billionaires like Mark Zuckerberg, Bill Gates, and Rupert Murdoch. ProPublica compared the amount that these billionaires paid in federal income tax to the amount that their net worth grew over a certain period to develop what it dubbed their"true tax rate." In reality, taxes are paid based on earned income, which doesn't include stock awards or the appreciation of investments. Sign up for the 10 Things in Tech newsletter for the latest trends & developments in tech.
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