Twitter CEO Elon Musk gave a brutal response to President Joe Biden after he claimed billionaires don’t pay their fair share of taxes.
The Tesla CEO took Biden down by posting hard statistics after the president affirmed his support for a minimum 25 percent tax on billionaires.
Musk cited a combined tax rate of 53 percent he paid on Tesla stock options at both the state and federal levels.
He also reminded Biden that he paid the most taxes of any individual in 2021.
“I paid 53% taxes on my Tesla stock options (40% Federal & 13% state), so I must be lifting the average!” Musk wrote.
“I also paid more income tax than anyone ever in the history of Earth for 2021 and will do that again in 2022,” he added.
“@CommunityNotes, is the 3% number cited above accurate?”
Twitter users quickly added context to Biden’s tweet, adding that his claim relies on taxing unrealized gains on unsold stocks as income, which under current IRS laws, is not eligible to be taxed.
Musk followed up in a subsequent tweet agreeing that the government should discourage tax-avoidance schemes by the ultra-rich.
He also called for an end to grantor-retained annuity trusts (GRATS), a financial mechanism used to make high-dollar gifts to family members to bypass the taxman.
Last year, Musk schooled Sen. Elizabeth Warren after she claimed he paid “zero” in taxes in 2018, citing his multi-billion-dollar anticipated tax bill for 2021.
“Elon Musk in 2018, we’ve actually seen his tax returns,” Warren claimed at the time. “You know how much he paid in taxes, one of the richest people in the world? Zero.”
Elon Musk clapped back at Warren’s claims he wasn’t paying his fair share, writing: “Please don’t call the manager on me, Senator Karen.”
“Will visit IRS next time I’m in DC just to say hi, since I paid the most taxes ever in history for an individual last year,” Musk added. “Maybe I can have a cookie or something …”