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Zuckerberg Wealth Giveaway

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http://www.independent.co.uk/news/business/news/mark-zuckerberg-has-left-after-giving-away-99-of-facebook-shares-a6757076.html

Mark Zuckerberg has pledged to give away 99 per cent of his shares in Facebook, which at their current market valuation, is worth around $45 billion.

The giveaway will take place in Zuckerberg's lifetime. He's starting early - most billionaires, from Bill Gates to Warren Buffett, wait until their later years to start giving away their fortune.

I wonder if he will go through with this?

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From what I've seen all these philanthropists seem to be donating their cash to charities and causes that all have a rather capitalist type of outlook.

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I paid more in corporation tax last year than Facebook did.

He wrote a lovely 'personal' letter to his newborn child - and posted it on FB for anyone to see.

The blokes a grade A **** and an.attention seeking pile of shite.

My opinion on things.

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He wrote a lovely 'personal' letter to his newborn child - and posted it on FB for anyone to see.

The blokes a grade A **** and an.attention seeking pile of shite.

My opinion on things.

You just described Facebook.

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From what I've seen all these philanthropists seem to be donating their cash to charities and causes that all have a rather capitalist type of outlook.

The Gates foundation have put billions into school reform.

It trialled making schools smaller, set up funding for lots of new schools then pulled out when it made no difference and left the taxpayer on the hook.

Then they decided the problem was lazy teachers so it decided to set up schools with no unions and no job security. Every piece of data would be tracked. The result is a massive recruitment crisis with teachers fleeing. So they've destroyed teaching as a career.

Then they spent billions on the "common core" which has introduced huge amounts of standardised testing.

It may well be charitable but it isn't all used for funding what we'd regard as charities.

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So who is he giving the money to. There are no details so he's getting the headlines but without commitment. He should provide a list. Is it going to charity executives - give the details.

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You just described Facebook.

Pretty much.

Anyway - this is 99% of his shares in FB - how much income does he / will he get from FB ?

He is giving money 'away' - which many others don't - but he's still clearly a ****.

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He hasnt given anything away, the 99% has been transferred into an LLC which Zuckerberg still controls.

An LLC is not a charity although it may have philanthropic aims.

A limited liability company (LLC) is the United States-specific form of a private limited company. It is a business structure that combines the pass-through taxation of a partnership or sole proprietorship with the limited liability of a corporation.[1] An LLC is not a corporation; it is a legal form of a company that provides limited liability to its owners in many jurisdictions. LLCs do not need to be organized for profit.

It's a clever piece of tax planning accompanied by a load of PR spin and the UK press fell for it without question.

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We’ve a rather breathless report designed to stir up outrage over the manner in which Facebook isn’t going to pay the corporate income tax on the $ billion or so of profits that it has announced for last financial year. Not only won’t it not pay taxes on that amount it appears to have a tax refund from previous years. Sadly the story is simply an example of how some people just do not understand the taxation system:

Earlier this month, the Facebook Inc. released its first “10-K” annual financial report since going public last year. Hidden in the report’s footnotes is an amazing admission: despite $1.1 billion in U.S. profits in 2012, Facebook did not pay even a dime in federal and state income taxes.

Instead, Facebook says it will receive net tax refunds totaling $429 million.

Facebook’s income tax refunds stem from the company’s use of a single tax break, the tax deductibility of executive stock options.

http://www.forbes.com/sites/timworstall/2013/02/18/facebook-doesnt-pay-taxes-on-its-profits-so-what/

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