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Mark Zuckerberg just screwed the US government out of billions of tax revenue

squerly

Supported Ben Carson
GOLD Site Supporter
Say what you will about Facebook but Mark Zuckerberg is a pretty bright fellow. Some highlights.

Sovereignman said:
In an open letter to his newborn daughter, Mark and his wife explained how many problems are out there. War. Disease. Bigotry. Etc. Like any parent, they want their child to grow up in a better world. And they outlined their vision to make this happen, including taking risks and making long-term investments, building technology, and backing strong, independent leaders and visionaries.

This sounds conspicuously like the mission statement for any number of high-end Silicon Valley venture capital firms. In a way, this is what the Zuckerbergs have created. At the end of the letter, they pledge to contribute 99% of their Facebook shares, currently worth about $45 billion, to “advance this mission”.

Sovereignman said:
The Zuckerbergs formed a limited liability company (LLC). The Chan Zuckerberg Initiative is a for-profit, privately held vehicle that’s intended to make investments that will advance their vision. Over the course of their lives, they’ll transfer Facebook shares to the LLC. But as that transfer is considered a donation, the Zuckerbergs will be able to completely eliminate capital gains tax from their Facebook shares. Plus they’ll be able to shield billions of dollars of other income from tax by writing off the donation as a charitable contribution.

Sovereignman said:
Perhaps the biggest benefit is that the Facebook shares could now entirely avoid US federal estate tax. At the end of the day, Mr. Zuckerberg gets to retain -control- of his fortune and shares, directing funds as he sees fit into for-profit, private investments, while drastically reducing his tax bill.

Story here
 

300 H and H

Bronze Member
GOLD Site Supporter
Sounds like something the Clinton's would pull on the American people as well....:hammer::hammer::hammer:

Sorry but this shouldn't be allowed, and a simple rules change is all it would take to eliminate this loop hole.

Regards, Kirk
 

waybomb

Well-known member
GOLD Site Supporter
First they should eliminate any and all inheritance and estate taxes. If was all bought with taxed money.
 

Fredsdeadfriend

New member
First they should eliminate any and all inheritance and estate taxes. If was all bought with taxed money.

Amen to this.


They tax the companies that make the raw materials(companies A-E), that another company(company F) purchases to use in making their products. They tax the employees of both of these companies out of the paychecks they are paid for helping to produce these raw materials and the products made with these raw materials. They tax the companies(companies G-J) that make the packing materials needed to ship the products out along with those companies employee paychecks. They tax the shipping companies(companies K-M) used to transport Company G's products across the country. Then companies(N-R), who sell Company G's products, they are taxed, both the companies themselves, and all of their employees. Then companies G and N-R purchase advertising time on TV and/or radio and/or on the internet to market Company G's products and all of the other products Companies N-R sell. They hire companies S-V to do this marketing for them. Both companies S-V and all of their employees pay taxes. Companies W1-W999, all TV stations and radio networks and internet companies, get paid by companies S-V for the time on their networks companies N-R need to market Company G's products. Companies W1-W999 and all of their employees pay taxes. The general population, many who own homes and property and pay property taxes, go to those stores owned by companies N-R, including many of the employees of companies A-W999, and purchase Company G's products and pay a sales tax. After opening up the product they throw away the packaging and Companies X1-X999 go around picking up that garbage and Companies X1-X999 all pay taxes as do all of their employees.

From Jan 1st - Apr 15th every year, Companies Y1-Y10 help many of those employees to file their taxes. Companies Y1-Y10 and all of their employees pay taxes as well. Those tax returns and the ensuing tax refunds mailed out to all of those people are delivered to and from the government by mail. US Postal Service employees incomes are taxed. Banks and their employees, where people go to cash their income tax return checks are taxed. The paper companies and their employees that make government checks are taxed.

The IRS employees who process all of these tax returns and figure out how much of a refund everyone gets, their incomes are taxed.


Some of those people put portions of their income into savings accounts or they invest the money, and if they make a big profit, that is taxed. If they die and leave money to their family, that is taxed. If the product Company G makes is something that can be resold, like a car, the money made by the people who sell those cars, is taxed.


I could go on and on and on and on about this. Point was probably clear early on in my post, with the exception of the richest of people and the richest companies, Americans in general are OVERTAXED.
 
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