You might like<\/strong>What Stock Is Elon Musk And Jeff Bezos Buying<\/span><\/div><\/a><\/div>Overall, Elon Musk has showed his balance and consideration when talking about taxation, inspiring many to leave the fuss about it aside and contribute positively to their societies. It is his consistent attitude which is inspiring others to come out of the muddle.<\/p>\n
How do Other Entrepreneurs Compare to Elon Musk’s Tax Habits?<\/h2>\n
As stated before, Elon Musk paid an estimated $30 million in taxes for the year 2020, which is relatively low for such a large income. However, he is not the only entrepreneur to pay low taxes, with numerous other business owners following a similar practice.<\/p>\n
For instance, Facbeook CEO – Mark Zuckerberg – paid an estimated $3-7 million in taxes in 2020, despite having an income of more than $23 billion in the same period. Other wealthy businessmen such as Jeff Bezos and Warren Buffet paid even less in taxes – in the range of $1-5 million each – despite having huge incomes in 2020.<\/p>\n
At the same time, ordinary taxpayers and wage earners have had to cough up a significant share of their earnings as taxes, while these business owners have been able to pay significantly less. This reveals that the tax system in the US, despite regulations and rules, is skewed in favour of the wealthy and privileged.<\/p>\n
Experts provide plausible reasons for this disparity in taxes paid, such as the deductions, credits and other tax incentives available to the rich, including incentives for charitable donations and even investments in real estate. Thus, there is a huge gap in the taxes paid by the wealthy and the not-so-wealthy in the US.<\/p>\n
Overall, comparing Elon Musk to other entrepreneurs tells us that the US taxation system undermines ordinary taxpayers, or at least, does not provide them with ample opportunities for tax breaks as compared to the wealthy.<\/p>\n
Conclusion<\/h2>\n
In conclusion, despite reports stating otherwise, Elon Musk paid an estimated $30 million in taxes in the year 2020 – a modest amount, given his income in the same year. His tax bill was kept low due to certain tax deductions available to him and his business, while experts suggest that it could have been higher.<\/p>\n
At the same time, Musk’s attitude towards taxation has had a profound effect on the perception of taxes not just in the US, but abroad as well. Furthermore, comparing his tax habits to other entrepreneurs indicates that the US taxation system does not provide enough benefits to the average taxpayer.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":2,"featured_media":4653,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[],"_links":{"self":[{"href":"https:\/\/www.ceoinfluencers.com\/wp-json\/wp\/v2\/posts\/15260"}],"collection":[{"href":"https:\/\/www.ceoinfluencers.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ceoinfluencers.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ceoinfluencers.com\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ceoinfluencers.com\/wp-json\/wp\/v2\/comments?post=15260"}],"version-history":[{"count":0,"href":"https:\/\/www.ceoinfluencers.com\/wp-json\/wp\/v2\/posts\/15260\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.ceoinfluencers.com\/wp-json\/wp\/v2\/media\/4653"}],"wp:attachment":[{"href":"https:\/\/www.ceoinfluencers.com\/wp-json\/wp\/v2\/media?parent=15260"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ceoinfluencers.com\/wp-json\/wp\/v2\/categories?post=15260"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ceoinfluencers.com\/wp-json\/wp\/v2\/tags?post=15260"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}