Mark Zuckerberg may owe $1.1 billion in taxes

[Tofu]

Mark Zuckerberg's team of accountants has a big headache on its hands: The Facebook (FB -1.95%) founder probably has a tax bill of around $1.1 billion.

Zuckerberg bought 60 million Facebook shares for just 6 cents each on May 18, 2012, the day of the company's initial public offering, CNNMoney reports. But even if he never sold those shares, they still count as income, bringing his income just from stock options last year to nearly $2.3 billion.

Under California's highest-tier tax bracket, Zuckerberg would likely get taxed at 48.3%. There are several loopholes the wealthy can take advantage of, but three California accountants that CNNMoney talked to estimated Zuckerberg's 2012 taxes at higher than $1 billion.

To put that in perspective, Zuckerberg is paying almost half of 1% of the total that all Americans paid in 2011, according to The Huffington Post.

Zuckerberg wasn't surprised by the tax bill. He sold some 30.2 million shares for $1.135 billion during the IPO just to cover the costs, according to CNNMoney.

Zuckerberg may be paying up, but his company has escaped the long arm of the IRS. My colleague Aimee Picchi reported in February that Facebook skipped out on federal and state income taxes and may have actually received tax refunds of $429 million.

From: http://money.msn.com/now/post.aspx?p...1-b548ce1bf466

[Phoenix]

he better take a picture and post it on facebook...sign a check for 1.1 billion and post that...like a boss!!!

[MikeRoth]

I don't understand why rich people don't pay their taxes... I barely scrape by on my income before I pay taxes and I still pay my taxes. Dude is wiping his ass with hundred dollar bills; don't want to pay taxes it's a waste of money.

[Spunky]

That's just spending money for him

[Relentless]

It will most likely cost him less than 100M in legal, accounting and financial planning fees to avoid 1B in taxes.

[_Richard_]

so another tax positive company?

[Phoenix]

Guys you didnt even have to click...it already says he is prepared to pay it.
sold shares just to pay it.

[purecane]

just goes to show that in America, corporations come first....

[sperbonzo]

What are you guys bitching about?

Can any of your read the OP?


HE IS PAYING THE TAXES!



(WTF is up with people these days? This class warfare crap is out of control)



.

[2012]

+1 for the wealth confiscation corp of america

[MikeRoth]

Originally Posted by sperbonzo

What are you guys bitching about?

Can any of your read the OP?


HE IS PAYING THE TAXES!



(WTF is up with people these days? This class warfare crap is out of control)



.

I don't normally read TL;DR posts but when I do I read the first and last sentence.

Mark Zuckerberg's team of accountants has a big headache on its hands: The Facebook (FB -1.95%) founder probably has a tax bill of around $1.1 billion.

My colleague Aimee Picchi reported in February that Facebook skipped out on federal and state income taxes and may have actually received tax refunds of $429 million.

my bad

[baddog]

mo money, mo problems

[TheSquealer]

Originally Posted by sperbonzo

What are you guys bitching about?

Can any of your read the OP?


HE IS PAYING THE TAXES!



(WTF is up with people these days? This class warfare crap is out of control)



.

You must be wrong. Rich people don't pay taxes. Thats what we hear day in and day out here. Obviously bad journalism as it can't possibly be true.

[Grapesoda]

Originally Posted by Tofu

From: http://money.msn.com/now/post.aspx?p...1-b548ce1bf466

Under California's highest-tier tax bracket, Zuckerberg would likely get taxed at 48.3%.

big fucking deal, I'm at 43.7%

[dyna mo]

i like this part::::::::

Zuckerberg may be paying up, but his company has escaped the long arm of the IRS. My colleague Aimee Picchi reported in February that Facebook skipped out on federal and state income taxes and may have actually received tax refunds of $429 million.

[pornguy]

Originally Posted by TheSquealer

You must be wrong. Rich people don't pay taxes. Thats what we hear day in and day out here. Obviously bad journalism as it can't possibly be true.

No what we hear day in and day out is how the tax breaks have the rich paying less than everyone else.

Sadly a LOT of those tax breaks are available to you as well. But, you have to do something that 99.8% of the people around here are unable to do. READ!

[Scott McD]

Zuckerberg is a cunt...

[96ukssob]

Good for him for paying up, but a pic of that check would be awesome!

To many people take advantage of the IRS then screw everyone else when it comes to taxes. IMO, having a system built on disposable income rather than earned income would help a lot of people out.

For example, if you have a mortgage, two kids, lazy wife and two cars, you expenses are around $6k a month most likely. However someone being single, also making $100k/yr may have expenses at $3k a year. Although this might seem like a rip off to the single guy as punishment for not being married with kids, he can opt for extra expenses such as real estate and investments to grow the economy instead of paying those lazy fat fucks in gov't that don't do shit besides collect pay checks

[kane]

There was an article about this a few days ago that explained how he has put off paying taxes on his Facebook income for several years using various accounting methods. He will take a big hit now that he has exercised all his stock options (when the company went public he was able to buy 60 million shares of stock at 6 cents per share), but by doing it the way he is actually getting off cheap. He only sold part of what he bought and since the options were part of his compensation package the IRS sees them differently. He is actually positioning himself to potentially pay far less or even nothing down the road.

[TheFootMan5]

Originally Posted by bossku69

Good for him for paying up, but a pic of that check would be awesome!

To many people take advantage of the IRS then screw everyone else when it comes to taxes. IMO, having a system built on disposable income rather than earned income would help a lot of people out.

For example, if you have a mortgage, two kids, lazy wife and two cars, you expenses are around $6k a month most likely. However someone being single, also making $100k/yr may have expenses at $3k a year. Although this might seem like a rip off to the single guy as punishment for not being married with kids, he can opt for extra expenses such as real estate and investments to grow the economy instead of paying those lazy fat fucks in gov't that don't do shit besides collect pay checks

Taxation is theft

Whenever you force someone to do something, you never get the desired result. Voluntarism is where it's at

[MrMaxwell]

Originally Posted by bossku69

Good for him for paying up, but a pic of that check would be awesome!

To many people take advantage of the IRS then screw everyone else when it comes to taxes. IMO, having a system built on disposable income rather than earned income would help a lot of people out.

For example, if you have a mortgage, two kids, lazy wife and two cars, you expenses are around $6k a month most likely. However someone being single, also making $100k/yr may have expenses at $3k a year. Although this might seem like a rip off to the single guy as punishment for not being married with kids, he can opt for extra expenses such as real estate and investments to grow the economy instead of paying those lazy fat fucks in gov't that don't do shit besides collect pay checks

Take advantage of the IRS?

That's like a 93lb 4'11" tall asian woman raping a 280lb 6'7" tall man who is in the picture of health.

Taking advantage of the IRS

[MrMaxwell]

Originally Posted by TheFootMan5

Taxation is theft

Whenever you force someone to do something, you never get the desired result. Voluntarism is where it's at

Our tax code says voluntary compliance. But you'd better comply or they'll rape your and your family to death in the street. When they're asked publicly about the voluntary compliance issue, they tell you, well you have to stop at a red light. Then someone said well there's a LAW that says I HAVE TO, where's the one which says I have to file a tax statement? No answer