Inside Elon Musk’s Big PaydayMusk Wants to Eliminate the Tax Schemes of Billionaires and Millionaires

Tesla's CEO and the world's second richest man says he pays more than his fair share of taxes.
Biden Wants the Rich to Pay More
"Look, I think you should be able to be a billionaire if you can earn it, but just pay your fair share," Biden posted on Twitter on March 15. "I think you ought to pay a minimum tax of 25%. It’s about basic fairness."
Musk Wants to Get Rid of GRATs
Musk estimates that he pays much more than the 16% and lets Biden know by commenting on the President's message. He even goes further, by saying that he is the person paying the most taxes in the world.
"I paid 53% taxes on my Tesla stock options (40% Federal & 13% state), so I must be lifting the average!" the billionaire quipped. "I also paid more income tax than anyone ever in the history of Earth for 2021 and will do that again in 2022."

"We should get rid of GRATs, but maybe other things too," the billionaire advocated.

GRAT is a financial mechanism where you deposit funds or assets such as stocks into an account, which pays out regularly in equal installments. The payments can be immediate or later in the future.
It is an irrevocable financial instrument for estate planning that minimizes taxes on large financial gifts to family members.