Elon Musk Paid $0 in Federal Income Tax in 2018: Report
Elon Musk, the second richest person in the world, paid precisely $0 in federal income tax in 2018, according to an explosive new report from ProPublica. And Musk isn’t the only one.
ProPublica received highly secretive tax data on everyone from Amazon founder Jeff Bezos to mega-investor Warren Buffett by a method the investigative news outlet hasn’t disclosed. And ProPublica promises it will spend the next month exploring the intimate tax avoidance schemes of America’s wealthiest people.
ProPublica has already given us a taste of the outlandish tax filings with today’s report. Take Jeff Bezos, for example. The Amazon CEO reported $46 million in income for 2007 but didn’t pay anything in federal taxes during that year. How? According to ProPublica, Bezos “offset every penny he earned with losses from side investments and various deductions, like interest expenses on debts and the vague catchall category of ‘other expenses.’”
Did you earn money in 2007? If you did, you almost certainly paid more in federal income taxes than the wealthiest man on the planet. And it gets even worse.