Mark Zuckerberg’s Philanthropy Uses L.L.C. For More Control
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Re: Mark Zuckerberg’s Philanthropy Uses L.L.C. For More Control
#2I don't blame him after what happened in New Jersey.
Re: Mark Zuckerberg’s Philanthropy Uses L.L.C. For More Control
#3By putting money in the LLC he can avoid estate taxes and still give his family control if he wants.
>To sum up, his money is not going to a charity, but to his own LLC, which will let him evade tax by moving his private assets into a foundation.
>Unlike a charitable trust, which is compelled to spend its money on charity, Chan Zuckerberg Initiative, LLC will be able to spend its money on whatever it wants, including private, profit-generating investment.
From: http://says.com/my/news/what-no-one-is-telling-you-about-mar...
Re: Mark Zuckerberg’s Philanthropy Uses L.L.C. For More Control
#4I don't blame him after what happened in New Jersey.
What happened in New Jersey was that Mark was naive.
Re: Mark Zuckerberg’s Philanthropy Uses L.L.C. For More Control
#5Its sad to see how these comments are going focus on this being a tax dodge. He is doing SOMETHING with 99% of his money for the greater good.
Re: Mark Zuckerberg’s Philanthropy Uses L.L.C. For More Control
#6Its sad to see how these comments are going focus on this being a tax dodge. He is doing SOMETHING with 99% of his money for the greater good.
Not necessarily. He has just moved it around. He is ANNOUNCING he will do something good. He could use all the money to bankroll candidates or invest in for-profit companies. Nothing has changed yet except that he can avoid estate taxes. He however has said he will do something "good".
Re: Mark Zuckerberg’s Philanthropy Uses L.L.C. For More Control
#7Its sad to see how these comments are going focus on this being a tax dodge. He is doing SOMETHING with 99% of his money for the greater good.
In some ways, yeah, but viewed in another light, it's sad to see the tax code so ridiculously complex and catering to the rich that a guy like Zuckerberg or Romney can effectively pay a lower tax rate on investments than a working-class citizen would pay on their direct wages. Sometimes there needs to be a 'poster child' to focus on as an example of when even doing something admirable leaves a bad taste in the mouths of many.
Re: Mark Zuckerberg’s Philanthropy Uses L.L.C. For More Control
#8Did anybody see the part in the letter to the daughter that went into detail as to why the family made the decision to structure the legacy into an LLC instead of a traditional charity or trust? No? Wonder why they left that part out.
Re: Mark Zuckerberg’s Philanthropy Uses L.L.C. For More Control
#9Its sad to see how these comments are going focus on this being a tax dodge. He is doing SOMETHING with 99% of his money for the greater good.
Not necessarily. He has just moved it around. He is ANNOUNCING he will do something good. He could use all the money to bankroll candidates or invest in for-profit companies. Nothing has changed yet except that he can avoid estate taxes. He however has said he will do something "good".
Like Internet.org good?
Re: Mark Zuckerberg’s Philanthropy Uses L.L.C. For More Control
#10By putting money in the LLC he can avoid estate taxes and still give his family control if he wants. >To sum up, his money is not going to a charity, but to his own LLC, which will let him evade tax by moving his private assets into a foundation. >Unlike a charitable trust, which is compelled to spend its money on charity, Chan Zuckerberg Initiative, LLC will be able to spend its money on whatever it wants, including…
I don't see how this is a problem. He's following the law and organizing his affairs to retain control of the money he earned.
You aren't less of a citizen because you try to not pay more tax than you owe. The exemptions for certain types of income are put there because the legislature wants to promote certain activities as beneficial to the public good. Charitable Remainder Trusts are one of those things written into the law. Complain to your lawmakers if you think that's unfair.
Seriously. does anyone reading this post think the government is a better steward of their income than they are? If you think so, then donate 100% of your income to the government and live on public assistance. That option is provided on the tax return you sign here in the USA.