Zuck's Billions To Newark Ain't Free
How did Mark Zuckerberg get so much money that he can pay $100 million to remake Newark's schools however he wants?
Tax gifts:
The right-wing has been lauding Facebook co-founder Eduardo Saverin for his decision to renounce his U.S. citizenship in order to avoid taxes. But he isn’t the only one who’s going to slash his tax bill in the wake of Facebook’s upcoming initial public offering: both CEO Mark Zuckerberg and the company itself will lower their tax bill for years to come.While Zuckerberg will pay a hefty tax bill right off the bat if he follows through on his plan to sell $5 billion in Facebook stock options, as the New York Times noted, he may then never pay a dime of taxes on the rest of his Facebook wealth. “Instead, he can simply use his stock as collateral to borrow against his tremendous wealth and avoid all tax,” the Times reported.
