Elon Musk Claims He'll Pay , $11 Billion in Taxes For 2021.<br />The billionaire entrepreneur made the announcement via Twitter on Dec. 19.<br />For those wondering, I will pay over $11 billion in taxes this year, Elon Musk, via Twitter.<br />If confirmed, CNBC reports that the sum amounts to "the single largest tax bill ever.”.<br />Musk and other billionaire business owners have faced increased scrutiny in recent years ...<br />... over the ways in which they <br />are able to avoid large tax bills.<br />One way that Musk has been able to avoid paying similar tax amounts in the past ...<br />... is due to the ways in which he receives income through his role as Tesla CEO.<br />Musk receives no <br />salary or bonuses <br />as the head of <br />the company.<br />Instead, he is awarded company stocks which he can also leverage to borrow money.<br />This system of payment means Musk is not taxed in the same ways he would be if he received a standard salary and cash bonuses.<br />Under the Biden administration's<br />Build Back Better bill, Musk <br />would be obligated to <br />pay even more in taxes.<br />By selling off his a certain percentage of his stocks before the potential passage of the bill, Musk is avoiding a higher tax bill.<br />Musk made the decision to sell off billions of dollars of Tesla stock after conducting a Twitter poll in November.<br />According to Pro Publica, Musk paid no taxes in 2018 and $455 million in taxes over the course of the prior four years
