For those who don’t know, Facebook founder Mark Zuckerberg this week pledged, on the birth of his daughter, to donate 99 percent of his $45 billion-worth of Facebook stock to good causes. Which has generated adulation and love, from around the world: just look at the Great and the Good lining up to applaud him on his Facebook page.
Our quote of the day comes from one absolute must-read article about Zuckerberg’s move:
“He amassed one of the greatest fortunes in the world — and is likely never to pay any taxes on it.”
In other words, one especially privileged person, in place of a democratic society, will get to decide how to spend all
these economic rents this money. And let’s never forget Facebook’s well known tax shenanigans.
Now read the rest of the short, excellent article.
Citizens for Tax Justice in the U.S. add:
“Facebook has used an executive stock-option tax break to lower its taxes by $4 billion dollars over the past five years, allowing the company to pay a federal income tax rate of only about 8 percent during that time. Put another way, the company has been able to shelter almost eighty percent of its profits from tax during this period using just this one tax loophole. And Facebook has also been an unabashed user of a complex foreign tax dodge known as the “double Irish.”
These aggressive tax-avoidance maneuvers impose a real cost: every dollar of income tax that Facebook doesn’t pay is, ultimately, a dollar that must be made up by the rest of us, either through higher taxes on middle-income families or draconian cuts in infrastructure spending.”