Wednesday, December 2, 2015

Zuckerberg Announces He Is Going To Take His Money Out Of His Left Taxable Pocket and Put It Into His Right Non-Taxable Pocket

Mark Zuckerberg announced today that he will put 99 percent of his Facebook Inc shares, currently worth about $45 billion into a new foundation that will be controlled by.....him.

The move will result in his not having to pay taxes on any shares sold once they are inside the foundation.

Zuckerberg also said he plans to remain CEO of Facebook for "many, many years to come."

In a letter to his newborn daughter "Max," which was posted on Facebook, Zuckerberg wrote, along with his wife, that the foundation will be known as The Chan Zuckerberg Initiative.

Zuckerberg's wife goes by her maiden name, Priscilla Chan.

In the letter, the parents spouted more lefty one world nonsense than has possibly been ever heaped on a baby not yet 24 hours old:

 "[W]e have a moral responsibility to all children in the next generation."
"We believe all lives have equal value, and that includes the many more people who will live in future generations than live today. Our society has an obligation to invest now to improve the lives of all those coming into this world, not just those already here.

"But right now, we don't always collectively direct our resources at the biggest opportunities and problems your generation will face...

"But together we can succeed and create a more equal world.---"

Here's my favorite wacko sentence in the letter:
"Can we connect the world so you have access to every idea, person and opportunity?"

Oh, and the humility of these tax avoiders:
We will give 99% of our Facebook shares -- currently about $45 billion -- during our lives to advance this mission. We know this is a small contribution compared to all the resources and talents of those already working on these issues. But we want to do what we can, working alongside many others. 

The newborn's reaction to the letter was not reported.

Bottom Line: We may have our first full-fledged billionaire couple with child, who can most aptly be described as slogan Marxists. It doesn't appear they have any deep knowledge of Marxism, or any other social theories, they are just sloganeers: "equality for all, especially future generations."

My God, not even Greg Mankiw's slightly free market introductory economics course (ec 10) made a dent on these two.



Apparently, Zuckerberg's "donation" is even less than what I gave him credit for ,he just put it in an LLC, not a charitable foundation. See: Mark Zuckerberg's Big "Donation" and His "Philanthropic" Efforts To Date


  1. Sounds pretty standard to me.

    This is the age old move to avoid taxes and build a utopia where a wealthy family may remain on top or at least in the club near the top forever. A free market means they could lose everything or someone else could simply pass them by as their wealth is eroded by taxation and inflation, the very forces used against the masses.

    By creating foundations they control they retain their wealth and then work to build a utopia where nobody will ever pass them by. Furthermore the political action will insure they will always be bailed out, where their risk and cost is socialized over the masses and thus never have to worry about pesky market forces.

  2. CBS This Morning said the "initiative" is currently being set up as a LLC, so that it can avoid various restrictions on foundations as to how they can operate and give Zuckerberg more "flexibility." Since it would be a pass-through entity, it is not exactly clear how this would be used as are traditional private foundations as a tax shelter (such as are those set up by, say, Tiger Woods, who clearly is tax adverse).

  3. Jimmy Joe is spot on about the family foundation as tax shelter; it's standard operating procedure for rich crony empires.  The Clintons have probably been the most brazen about it with their pay to play scheme.   

    On a personal note, however, zuckerberg is quite creepy, as I've written on this site before. He will no doubt be much creepier than Buffett and gates by the time he's their age. His open letter sounds as creepy as Maurice Strong's earth charter. And Maurice was a globalist crony super-creep of the first order. Was their any mention of Strong on this or target Liberty?

  4. N.B. I was confused and thought I was posting on EPJ lol