Meta strikes deal with Zuckerberg to protect him from California wealth tax

RaffaelKuhn

California is the big loser here (as expected).

csense

> Californians will vote early next month on Proposition 40, a one-off 5% tax on the roughly 250 billionaires who live in the state. If you have $1 billion and you're going to get taxed $50 million in California, why not spend $1 million to buy a house in some other state and move there on paper before the tax goes into effect?

breakyerself

This is some of the most embarrassing shit ever. Man with more money than God is too selfish to pay some taxes. Needs giant corporation to give him even more money to keep him from throwing a fit and moving away from where his job is that made him unimaginably rich. The entitlement of these billionaires is boundless. Take all their fucking money. They don't deserve it.

GlibMonkeyDeath

"Meta strikes deal with Zuckerberg to help him foot billionaire tax bill" is actual title. Zuckerberg is staying, and like all the billionaires he doesn't have that wealth sitting around in a big stack of $100 bills.

BashiBazouk

Is the opposition to the wealth tax about the money or the control of the company? If Zuck sells shares to pay the tax, what percentage does his controlling shares drop. I wonder if these special shares are specifically non voting rather than to save him money?

jansport123

the reason bay area is so powerful is the network of all the smart people there, capital is a part of it but i think the concentration of smart people is much more important so this notion of capital flight because of taxes doesn't really convince me much. Zuckerberg wants to be near meta AI researchers / engineers in the bay area not live in austin and i'm sure he'll pay taxes in order to do that (unless he finds loopholes).

kamranjon

For those that aren't as keen with some of the nuances of what is going on here, Kylan Scanlon made a really handy short explaining it here: https://www.youtube.com/shorts/6gA0OROwlgk