On Tuesday, ProPublica published the first installment of a series based on leaked IRS information shedding light on how the richest Americans dodge t

Elon Musk Paid No Federal Income Taxes in 2018, ProPublica Reports

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2021-06-08 19:30:02

On Tuesday, ProPublica published the first installment of a series based on leaked IRS information shedding light on how the richest Americans dodge taxes using complex strategies and methods unavailable to most people. These wealthy individuals effectively pay taxes at rates a fraction of the typical U.S. household, the leak shows, and sometimes none at all.

Among the leaks are tech billionaires. Elon Musk, chief executive of Tesla and SpaceX and one of the richest men in the world, saw his wealth grow by $13.9 billion between 2014 and 2018 and reported $1.52 billion as income, paying $455 million in taxes. According to ProPublica, that means Musk paid a true tax rate of 3.27 percent in that period. The taxes Musk paid do not reflect the size of his wealth, according to ProPublica, and Musk has even paid no federal taxes in the past.

“In 2015, he paid $68,000 in federal income tax. In 2017, it was $65,000, and in 2018 he paid no federal income tax,” according to ProPublica.