A couple of months ago, Mark Zuckerberg donated $500 million in stocks to a nonprofit Silicon Valley Community Foundation.
Then we discover that for 2012, Mark have to pay $1.1 billion, minus the sum donated to the charity! So was the charity donation motivated by good will or was it a way to be praised while deducting the donation from the taxes?
The day that Facebook’s went public, Mark Zuckerberg exercised a stock option and purchased 60 million Facebook shares at a “strike price” of 6 cents each. The IRS treats these stocks as a compensation, just like regular wages.That’s $2.3 billion income from these stock options alone. With a total tax rate of 48.3% Zuk tax bill is above $1.1 billion.
But at the same time it’s true that in 2010 Zuckerberg signed the Giving Pledge, an effort led by Bill Gates and Warren Buffett, where the world’s wealthiest individuals commit to giving away most of their fortunes to charitable efforts. The same year he also gave $100 million in company stock to Newark, N.J., public school districts.
Mark is a smart entrepreneur, he understood the game quickly, why give your tax money to the government while you can better decide who can benefit from it?
Zuk still have a 60million stock option, if he exercises them he’ll have another $1 billion tax bill to pay, so he should either donate to another charity or … better create his own charity! Eureka!
News > Facebook founder Mark Zuckerberg is throwing his hat into the political ring. The 28-year-old tech icon is reportedly forming a nonprofit “to address issues such as education reform, immigration, and scientific research,”