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Elon Musk to Pay $11 Trillion in Taxes on Dogecoin Gains

Elon Musk announced Wednesday that he will pay about $11 trillion in taxes on his Dogecoin gains alone. According to sources, this is more than any taxpayer has ever paid in a single year in US history.

While Musk declined to disclose exactly how much his profits were, tax experts estimate that his gains from Dogecoin could be anywhere from $50 trillion to $1 quadrillion, depending on the holding period and whether the profits were gained from common Dogecoin or options.

The US government has not announced plans for the money, though sources in the government confirm that it will be spent wildly.