Billionaires way of paying NO TAXES ?
Posted on 12/02/2015 7:32:41 AM PST by SeekAndFind
If you were wealthy and your first child was just born, what would be the first thing you would do? Give away all your money so your child would get almost nothing, right? Well, that's the decent parental instincts of Facebook's Mark Zuckerberg, who penned an open letter to his newly born daughter telling her that she would never, ever see 99% of the 45 Facebook billion dollars he had made. His daughter Max will surely appreciate his noble gesture.
Instead, he plans to give it all to his charitable foundation, I mean his LLC, the Chan Zuckerberg Initiative.
In case you are worried that the money will be spent on something useful, you needn't be concerned. If the Zuckerberg's past charitable expenses are any guide, it will be about as impactful as President Obama's 1 trillion dollar stimulus.
For example, In 2010 Zuckerberg gave a hundred million dollars to the corrupt and inept Newark school system. The result?
Watching the $200 million iceberg (Mr. Zuckerberg’s $100 million donation was contingent on raising a matching amount) slowly melt into an ocean of recrimination over the course of 256 brisk pages can be a sometimes painful exercise. The union boss, Joe Del Grosso, demanded a ransom of $31 million to compensate for what he felt members should have received in previous years — before agreeing to discuss any labor reforms. The superintendent, Cami Anderson, demanded accountability from schools but set her own performance goals only after the academic year was largely over and relied on expensive consultants — whose total bill ultimately exceeded $20 million — without clear objectives long after she had promised to recruit a permanent leadership team.
(Excerpt) Read more at americanthinker.com ...
As the Bible says - A fool and his money are soon parted.
Fact is, Zuck will leave this life the same way you and I will. Without one thin dime of material possessions.
But he will have to give an account as to why he was so foolish with what the LORD blessed him with.
His $100M gift to the Newark school system disappeared in a single swallow, with no visible effect other than a slight burp.
Billionaires way of paying NO TAXES ?
If there is one thing anyone with a brain should now know, more money does not mean better schools.
LOL! Apparently the have a “broad range of goals”. Looks like mark and chan won’t be payin’ as much in taxes for a long time. Kinda like warren boofeh who doesn’t have a salary and just gets dividends. No wonder his secretary pays more income tax. Or something. Just doin’t what the law allows them to do. But let Donald do the same and they’ll scream like the banshees that they are.
Yes, Charitable trusts work wonders for tax savings.
I bet all the Facebook employees will be grateful too!
This should motivate the heck out of them to work harder to make sure the company gets even more money for him to piss away.
So, that means she gets $45,000,000. Or around $2 million per year for life?
We are supposed to be impressed with that?
Max will become an officer in the LLC and get a large salary for giving away tax free money for the rest of her life.
Sort of like Chelsea Clinton and the Clinton Foundation.
Billionaires way of paying NO TAXES ?
Yes, but if anybody thinks Zuckerberg would ever be allowed by any government to keep and control his entire fortune they are badly mistaken. At least this way, he has some say in how his money gets wasted.
Whereas if he used it to endow a string of charter schools, or used it to give scholarships (for non-disruptive kids who actually want to learn) to Catholic schools, he would have seen some results.
Charitable Trusts are a means of protecting your money and providing for tax-free income to the 'officers' of the fund (typically the person who set up the fund, and/or family members).
Only the Wealthy, with a team of lawyers to help construct the Trust, are able to successfully navigate through to tax laws to protect their wealth.
That is one of the reasons to push for a Flat Tax (or better, a Sales Tax only) and eliminate all of the deductions/shelters.
But since most of the Government 'leaders' are in on this legal scam -- not likely.
Mark, if you're lurking, freepmail me. I can suggest some great places to give, where you can make a real, permanent difference, and do something tangible, as opposed to subsidizing the grifter class.
If he still wants to do something for the schools, he should endow the private schools in a targeted community, or set up a scholarship fund to finance private school tuition for needy kids.
Or he can help save Civil War battlefields.
Spend a little in Philly to permanently stabilize the Olympia.
Sit down with the National Trust for Historic Preservation and work through their most-endangered list.
And if he really wants to save the world, invest in biomedical research on blockers for psychoactive drugs.
Or develop a rigorously private sector mentorship/partnership program to spur small business developments in poor neighborhoods.
But he will probably give billions to the bureaucrats again. Sigh.
The real mystery is how something as gimmicky as Facebook manages to get touted as some great technological breakthrough and make this self-absorbed joker a billionaire to begin with. As far as I can tell, it doesn't accomplish much that a personal webpage and email list/messageboard couldn't do just as well.
BINGO!
Bet those charities to help mankind are liberal bastions loaded with ideas to knock down the white race.
Missed a decimal place, it’s $450 million.
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