I am shocked CNS, a conservative new site, would write this panegyric for this untrustworthy CEO and consummate privacy invader.
posted on 12/13/2012 9:35:45 AM PST
Working at a place that produces a product that has no redeeming value but create drama and surround you with inane minutia and getting paid for it, how uplifting.
How dare that 1%er Mark Zuckerberg make so much money, only pay his peasant workers $67,000 a year AND only pay an effective tax rate of 7%!!
If things go as planned, Zuckerberg will exercise $5 billion in Facebook options, and pay federal and state taxes of nearly $2 billion -- making him the largest single taxpayer in history. Sounds like he's a hell of a guy, doing his part to help the cash-strapped public sector.
But in reality, he'll be paying an actual tax rate of about 7 percent -- less than nearly all Americans.
Zuckerberg's stock will be worth around $28 billion. But he won't have to pay any tax at all on most of it. As tax lawyer David S. Miller notes in the New York Times:
Instead, he can simply use his stock as collateral to borrow against his tremendous wealth and avoid all tax. Thats what Lawrence J. Ellison, the chief executive of Oracle, did. He reportedly borrowed more than a billion dollars against his Oracle shares and bought one of the most expensive yachts in the world. ... If Mr. Zuckerberg never sells his shares, he can avoid all income tax and then, on his death, pass on his shares to his heirs. When they sell them, they will be taxed only on any appreciation in value since his death.
Consider the case of Steven P. Jobs. After rejoining Apple in 1997, Mr. Jobs never sold a single Apple share for the rest of his life, and therefore never paid a penny of tax on the over $2 billion of Apple stock he held at his death. Now his widow can sell those shares without paying any income tax on the appreciation before his death. She would have to pay taxes only on the increase in value from the time of his death to the time of the sale.
Mark Zuckerberg will pay less tax than you
posted on 12/13/2012 9:49:42 AM PST
by Eagle of Liberty
(Be the Enemy Within the Enemy Within...)
With all the personal information FaceBook has on people, any employee who didn’t praise them would be found out and unemployed real quick.
“Make hay while the sun shines”.
It ain’t likely to last.
posted on 12/13/2012 11:11:16 AM PST
(The Lord uses the good ones; the bad ones use the Lord.)
yea given the tax rate in Calif, that means they make about 35,000 net and then try to find a place to raise a family on that...LOL
posted on 12/13/2012 12:19:24 PM PST
(the more laws the less justice)
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