Elon Musk previously headed DOGE, the newly established agency that was tasked with cutting government spending. It turns out his company, SpaceX, is one of the country’s largest welfare recipients, according to a New York Times report.
SpaceX, the rocket and satellite internet company owned by Elon Musk, has received billions of dollars in federal government contracts spanning its over two-decade existence.
In the same breath, which also shouldn’t be surprising to anyone, the company hasn’t paid little to no taxes since its 2002 founding, and according to internal company documents reviewed by The New York Times, SpaceX has been telling investors that it may never have to pay taxes.
Per The New York Times:
The rocket maker’s finances have long been secret because the company is privately held. But the documents reviewed by The Times show that SpaceX can seize on a legal tax benefit that allows it to use the more than $5 billion in losses it racked up by late 2021 to offset paying future taxable income. President Trump made a change in 2017, during his first term, that eliminated the tax benefit’s expiration date for all companies. For SpaceX, that means that nearly $3 billion of its losses can be indefinitely applied against future taxable income.
Tax experts consulted by The Times said that not having to pay $5 billion in federal income taxes was substantial and notable for a company that has relied on contracts with the U.S. government to an unusual degree.
So basically, Elon Musk had to look no further than his company when it comes to waste because he damn sure wasn’t paying his fair share in taxes.
Elon Musk Has Been Quiet
Musk has been noticeably quiet following his fallout with Donald Trump that saw the tech billionaire drop bombshell claims like Trump being in the Epstein Files while slamming the orange menace’s “big beautiful bill.”
It still looks like both Trump and Musk are on the outs, and there is still a chance the petty president could say the word and have all of Musk’s government contracts ripped up, to spite the Tesla chief.
