Today’s topic is going to be very interesting and knowledgeable. In today’s topic, we will talk about the taxes paid. And this is not the common tax but the tax of the well-known billionaire.
Are you wondering to know that how many taxes are paid by billionaires? Keep reading this article, we will talk about www.rajkotupdates.news : elon musk pay 11 billion in taxes.
Here our main topic is the taxes paid by Elon Musk. But for other news and daily reports you can visit the rajkotupdates.news.
Who is Elon musk? And why does he pay such a great amount in taxes?
For those who don’t know Elon Musk. We will introduce him in the below content. It is important because you may think that, who is the person that pays that many high taxes ($11 billion)?
In general, Elon musk is involved in many business activities but the most famous of them are listed below.
SpaceX
Yes, you heard right Elon musk is the CEO and chief engineer of spacex. Spacex is an aerospace company like NASA. The main goal of spacex is to make mars livable called the colonization of mars.
The transportation cost of spacex as compared to other space companies is very cheap and this makes spacex unique.
Tesla
Tesla is a company that has a goal to produce electric cars. Because electric cars or electric engines are always environmentally friendly.
This is possible in the future to find tesla cars more reliable and cheap because of the increasing rate of fuel and gas.
Recently this year (2022) Elon musk did another great deal and that was the twitter deal. Twitter which is the leading and famous social media platform now in the hand of Elon musk and he buy it for it a 44billion dollars.
These were some of the famous companies belonging to Elon musk. There are other businesses too that are related to this man.
The story behind Elon musk paying 11 billion in taxes
Now it will be easy for you to imagine why Elon musk pays such a huge amount just in taxes. According to a recent survey Elon musk, the world’s richest person has about 230 billion dollars. So in such a big amount, Elon musk pays 11 billion in taxes.
It was December 20 2021 when Musk tweeted from his Twitter account “For those wondering, I will pay over $11 billion in taxes this year”.
The main reason behind this huge tax is the tesla. And this may be a reason that in 2021 Musk sold his 10% of Tesla stock.
This is the highest amount of tax in the history of the United State faced by Elon musk. For an individual, this is a very huge amount that will pay to the government.
Why taxes?
The question is why do governments collect taxes? And what is the reason behind it? Taxes are the way through which governments make money. The government use to spend it on the people of the country. All the infrastructure of the country made by governments is the result of these taxes. Apart from this, the government provides all the health and basic facilities to the public because of these taxes.
Taxes are not constant but vary from person to person depending on the net worth and the business. Rich people are compelled to pay more taxes that’s why www.rajkotupdates.news : elon musk pay 11 billion in taxes.
In the year 2021, the government of the USA collected about $4.05 trillion. You can see how big this amount is and by using this amount country can improve their infrastructures and provides quality life for the people. And that is what developed countries do.
