Elon Musk’s SpaceX not paying federal taxes to Trump? Report claims…

Elon Musk’s satellite and rocket internet company SpaceX has received billions of dollars federal investments during its twenty years of its presence, but did not pay or pay very few federal taxes.

According to The New York Times, Musk’s company, its investors, said that SpaceX would not have to pay federal taxes thanks to US President Donald Trump during the first presidency of the law in 2017.

The documents examined by the newspaper have shown that SpaceX can use the tax advantage that allows to use over 5 billion dollars that it was legally exposed to the end of 2021 and to balance the payment of future taxable income.

In 2017, Donald Trump made a change in the law, which eliminates the expiration date of the tax advantage for all companies. In 2017, Trump signed a law of tax deductions and affairs, which allowed companies to overthrow their heavy losses indefinitely to avoid paying some federal taxes in their new profits.

According to the report, this means that SpaceX can implement approximately $ 3 billion damages indefinitely against future taxable income.

According to the latest figures, SpaceX caused approximately $ 5.4 billion losses. These losses gained tax advantage known as net loss of activity.

Federal contracts, but no federal taxes

For a company like SpaceX, it is greatly reassured in order to make a profit from the US federal contracts, not paying federal taxes, quite unusual than experts specified by NYT.

Like companies such as SpaceX, Uber and Tesla, it has been bleeding for the first twenty years since 2002. Until 2021, there was over $ 5 billion losses, but since 2022 it has been profitable.

In June, Elon Musk said that SpaceX could make more than $ 15.5 billion profits per year. However, it is not clear how much tax to pay the federal government, because even if the job develops, it can use the tax advantage.

According to NYT, who reviewed the documents including income statements and balance sheet pages covering 23 years, SpaceX paid some income taxes throughout the year. However, they are unlikely to be paid to the federal government.

Musk appeared in June that SpaceX had a milestone, because the commercial income from space will exceed the entire budget of @NASA next year ”.