Zuckerberg To Sell $2.3B In Shares To Pay Taxes

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Numbers like this are staggering. It must be nice to be able to just sell some of your shares to cover a $2.3B tax bill. :eek:

Facebook Inc founder and CEO Mark Zuckerberg will sell 41.4 million shares worth about $2.3 billion to pay a tax bill, as part of an offering by the social network of 70 million Class A common shares. Facebook shares, which have doubled in value this year, were down 4 percent at $53.54 before the bell.
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Eh, some people are always behind on their taxes, at least he's paying his
 
p.i.m.p said:
was he avoiding paying taxes and it caught up with him?
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It's the end of the year. Lots of people pay little or no taxes during the rest of the year and settle up in December. I used to work for a high-profile doctor who paid all of his taxes with his last two [very nice] paychecks of the year.
 
I hope an accountant would chime in, but I believe if you make over a certain amount you're required to prepay your taxes or at least part of your estimated taxes.
 
And then there's the taxes on $2.3 billion dollars since virtually all of that is gained income. Luckily for him it's classified as capital gains so he'll be taxed only at 20% instead of the nearly 40% he would have been taxed if that was a salary or he was paid in those shares of stock. Downside is he lives in California, so he'll pay another 13% on top of that, so he'll end up paying three quarters of a billion dollars just to pay the taxes on the money he's getting to pay the taxes he already owes :D
 
pgwalsh said:
I hope an accountant would chime in, but I believe if you make over a certain amount you're required to prepay your taxes or at least part of your estimated taxes.
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He might do the whole "$1 salary" bit, then just get his money from existing stock sales and the like.
 
At least he didn't revoke his citizenship and jump ship to another country like a fucking bitch. Paying your taxes and quite a bit to be paid .. respect Mark.
 
I'm surprised nobody is outraged that any individual should have to be forced by the government to pay tens to hundreds of millions in income taxes. It doesn't matter how much he makes, the government does not deserve so much money from one person.
 
Zuckerberg is single handedly paying 5% of all of California's gross income taxes.... think about that for a second.
 
jnmunsey said:
I'm surprised nobody is outraged that any individual should have to be forced by the government to pay tens to hundreds of millions in income taxes. It doesn't matter how much he makes, the government does not deserve so much money from one person.
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I'm surprised nobody is outraged that any individual should be able to accumulate that much wealth. Wait, I'm not that surprised.
 
jnmunsey said:
I'm surprised nobody is outraged that any individual should have to be forced by the government to pay tens to hundreds of millions in income taxes. It doesn't matter how much he makes, the government does not deserve so much money from one person.
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Uh... if he makes like 30 billions, why not? As long as it's the fair percentage. Are you saying the richer you are, the less you pay is fair? Because that's what a lot of richer do. Avoid paying taxes through loopholes and transferring money out of the country while the rest of the population pays what's required of them.
 
I love the term "loop hole" "loop hole" is how people say "following the law" why trying to put a negative spin on it.

I use a loop hole every single time I file taxes, I claim my children as dependents, I don't HAVE to claim them but I take advantage of the loop hole that allows me to pay less.
 
Babbster said:
I'm surprised nobody is outraged that any individual should be able to accumulate that much wealth. Wait, I'm not that surprised.
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I'm surprised that anybody would be outraged at that. I'd expect them to be more outraged at a ceiling past which you are not allowed to make more money. Is that something you think would be a good idea, for some reason?
 
Stiletto said:
Balderdash. I've been repeatedly informed that the rich don't pay their fair share.
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It's balderdash because income taxes revenue in California from individuals is in the ballpark of $55 billion (2012 numbers). So it's more like a bullshit made up statistic that Zuckerberg pays 5% of California's individual income. This $2.3B isn't going to the state of California.
 
jnmunsey said:
I'm surprised nobody is outraged that any individual should have to be forced by the government to pay tens to hundreds of millions in income taxes. It doesn't matter how much he makes, the government does not deserve so much money from one person.
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The way our tax system works is based upon a percentage of income, that's it. There's no reason to be outraged even if it were the same percentage for all. Some states can get away with no income tax because they have more than enough revenue from elsewhere usually gambling or assorted tourism dollars, but that can not work on a country wide level.

That said, $2.3B is how much he got for selling stocks. He's going to use SOME of that money to pay taxes, they rest he's going to use to buy other shit.
 
Stiletto said:
I'm surprised that anybody would be outraged at that. I'd expect them to be more outraged at a ceiling past which you are not allowed to make more money. Is that something you think would be a good idea, for some reason?
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Whoa there, sounds like you got some kind of anti-success socialist propaganda indoctrination going on and it needs to stop now!
 
Stiletto said:
I'm surprised that anybody would be outraged at that. I'd expect them to be more outraged at a ceiling past which you are not allowed to make more money. Is that something you think would be a good idea, for some reason?
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And anyone with this non-existent problem would never need our help or concern.
 
J So said:
I love the term "loop hole" "loop hole" is how people say "following the law" why trying to put a negative spin on it.

I use a loop hole every single time I file taxes, I claim my children as dependents, I don't HAVE to claim them but I take advantage of the loop hole that allows me to pay less.
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This isn't the same thing, the laws are designed in such a way where childrens as dependents is within the spirit of the law. A loophole is something that wasn't intended to be there but is. Its lawful but its not within the spirit of the law.
 
pgwalsh said:
I hope an accountant would chime in, but I believe if you make over a certain amount you're required to prepay your taxes or at least part of your estimated taxes.
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My buddy made $1million 2 years ago and just sent the IRS a check in January the following year for $360k for the taxes.
He mentioned that you can pay quarterly but he just pays everything in one lump sum.
 
Babbster said:
It's the end of the year. Lots of people pay little or no taxes during the rest of the year and settle up in December. I used to work for a high-profile doctor who paid all of his taxes with his last two [very nice] paychecks of the year.
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If you make over a certain amount and are self-employed you are required to file quarterly.

You can claim a bunch of deductions and then owe money, but only so many years in a row before you're penalized.
 
Zepher said:
My buddy made $1million 2 years ago and just sent the IRS a check in January the following year for $360k for the taxes.
He mentioned that you can pay quarterly but he just pays everything in one lump sum.
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36%...dafuq
 
heatlesssun said:
And anyone with this non-existent problem would never need our help or concern.
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Of course. What happens to the rich has nothing to do with any of us, because rich people just take all their money and stack it up in tightly bound columns to line the walls of their mansions, while laughing evilly and rubbing their hands together with sinister smiles. :rolleyes:
 
Nicterys said:
Whoa there, sounds like you got some kind of anti-success socialist propaganda indoctrination going on and it needs to stop now!
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What can I say, dude? Nothing says "reach for the stars" like "if you reach too high, we'll just take all those extra stars you grasped, you greedy horrible rich person".
 
Stiletto said:
Of course. What happens to the rich has nothing to do with any of us, because rich people just take all their money and stack it up in tightly bound columns to line the walls of their mansions, while laughing evilly and rubbing their hands together with sinister smiles. :rolleyes:
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The Golden Rule. Those that have the gold make the rules.
 
Between the Feds and California I pay about 40% of my income to taxes, and the tax bracket above me pays over 50%!

I know this was the case back in World War II but I don't think we're at war with the world anymore... I love this country but damn did I turn Republican real quick after the liberal poverty that was college.

;):D
 
Terminus said:
Between the Feds and California I pay about 40% of my income to taxes, and the tax bracket above me pays over 50%!

I know this was the case back in World War II but I don't think we're at war with the world anymore... I love this country but damn did I turn Republican real quick after the liberal poverty that was college.

;):D
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When you have nothing to your name, you consider property unimportant.

Once you have property, and the advantages of having it, you suddenly discover the magic of property rights.

And then people with nothing to their name come along and want a piece of it.

And then you vote Republican.

And then they draft a budget that gives the Democrat-controlled Senate the ability to pass new taxes with 50 votes instead of 60.

And then you start self-medicating heavily.
 
God I hate taxes this year. Thinking about them makes me want to puke. Work so hard to make more money only to have the government take more money away from me because I moved up the income bracket.
 
pewter77 said:
This isn't the same thing, the laws are designed in such a way where childrens as dependents is within the spirit of the law. A loophole is something that wasn't intended to be there but is. Its lawful but its not within the spirit of the law.
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That doesn't make sense. If it's legal, then it's legal. If people are unhappy about it, then amend the law to specifically cover that.

And who makes these laws? You and me? Nope, the same people that get to enforce them. The laws are not our choice and we have no say in them.
 
xIronCrossx said:
36%...dafuq
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He won the Doritos Super Bowl commercial contest 2 years ago and that was the tax rate on the million they gave him. I don't recall the exact amount but was over $300k and less than $400k in tax.
 
There is a difference between making money and screwing people out of money.
Z made his, more power to him.
 
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