Elon Musk is not a fan of the growing chorus calling for higher taxes on billionaires. The Tesla (TSLA) and SpaceX CEO took to social media Wednesday to defend his tax record, saying he's already paid more than anyone else in history.
"I have paid over $10B in taxes in a single year," Musk said, adding that it was more than "anyone in history." He was responding to a user who argued that billionaires already pay more than their fair share. Musk also noted that if he were to exercise stock options, the combined federal and state tax bill would be close to 45% of the amount. "I still pay California taxes for every day I spend there," he added, and pointed out that there's a "40% tax paid" on his estate in the event of his death. "Overall, I will probably end up paying trillions in taxes," Musk lamented.
The comments come as California's proposed wealth tax gains momentum. The measure would impose a one-time 5% tax on individuals with a net worth over $1 billion. Musk recently took a swipe at Governor Gavin Newsom and the proposal, suggesting it might be better to "fly off to a different planet" to avoid the taxes. Critics like investors Kevin O'Leary and Chamath Palihapitiya have also opposed the tax, with Palihapitiya warning it could eventually apply to ordinary residents. However, Nvidia (NVDA) CEO Jensen Huang urged billionaires to stay despite high taxes.
On the federal level, lawmakers are also pushing for more equitable taxation. Senator Elizabeth Warren (D-Mass) said billionaires like Musk and Jeff Bezos should pay more into Social Security, arguing they should be pushed to pay more than workers whose wages are capped for payroll-tax purposes. Senator Bernie Sanders (I-VT) proposed a 5% tax on billionaires, which he said would raise trillions of dollars. That money could be redirected to the middle class by providing "$3,000 to everyone in a household making $150,000 or less" and building "7 million homes & apartments."
Musk also weighed in on property taxes, calling them a "de facto lease from the government" in response to a post highlighting a multi-billion dollar rise in property tax collections. The debate over taxing the wealthy shows no signs of cooling down, with Musk firmly planting himself in the anti-tax camp.














