In 2018, Elon Musk reportedly paid nothing in federal income taxes. That’s caught the attention of politicians pushing for more equitable taxes on America’s highest earners.
Over the summer, nonprofit news outlet ProPublica released a bombshell investigation into just how much America’s wealthiest people pay in taxes. According to ProPublica’s reporting, Musk saw his wealth grow by $14 billion from 2014 to 2018 — but he paid just $455 million in taxes.
And, in 2018, Musk paid no federal income tax, according to ProPublica. When the outlet attempted to reach him for comment, he responded with “?”.
Lawmakers, including Sen. Elizabeth Warren, lept into action. Warren and Sen. Sheldon Whitehouse wrote a letter to Senate finance chairman Ron Wyden, saying that the committee should investigate the allegations that the report revealed by homing in on financial institutions and their role in tax avoidance.
“This tax avoidance by the nation’s wealthiest individuals is profoundly unfair,” Warren and Whitehouse wrote. “It leaves the nation unable to pay for critical investments in infrastructure, education, and health care. It favors
investment income
over wages, distorting our nation’s economy and adding to inequality.”