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Most Americans will spend the full year paying Social Security payroll taxes, but for some billionaires, that obligation is met in a matter of seconds. For example, Elon Musk likely met his 2023...
The White House analyzed and summarized what the wealthiest Americans pay for taxes in 2021, “we estimate that the 400 wealthiest families paid an average Federal individual income tax rate of 8 ...
Surveys show that 79% of U.S. citizens support raising taxes on the wealthy. But there's a good deal of variance within that group. For example, you might support raising taxes on a billionaire ...
He was first listed on the Forbes Billionaires List in 2012, with a net worth of $2 billion. [4] Musk paid $455 million in taxes on $1.52 billion of income between 2014 and 2018. [10] According to ProPublica, Musk paid no federal income taxes in 2018. [11]
In the case of billionaire "Shark Tank ... “This country has done so much for me, I’m proud to pay my taxes every single year. ... Trump paid no income tax in 2020 and reported negative income ...
Due largely to income received from the show, he paid a combined $70.1 million in federal taxes in 2005, 2006, and 2007. He paid no taxes in 2008. When he filed taxes in 2009, he declared over $700 million in business losses and, on that basis, he asked for a refund of his federal income taxes paid in 2005–2007.
IRS data shows high earners pay more in income taxes than their share of earnings. Skip to main content. Sign in. Mail. 24/7 Help. For premium support please call: 800-290-4726 more ...
However, Musk reported only $1.52 billion in income during those years and paid $455 million in taxes. That may sound like a lot, but Musk’s true tax rate amounted to only 3.79%.