He’s trying to make sure he doesnt lose control of his company to pay a forced tax bill on unrealized gains. That doesn’t seem unreasonable to me even if others dont like it.
If this passes it probably won’t be the last either which would have further jeopardized things. Now he has money for future things too.
Edit: Zuck has 60% of the company. Do this a couple times and he loses his company. I get wanting to tax him, but taxing him and taking his company are two different things.
I’ll be willing to accept that they are unrealized gains once they can no longer used as collateral to secure loans or used to calculate wealth. Until then they have value and should be taxed either when given (which is different than bought) or as an annual wealth tax.
Seems like that wasn’t argued, just a maneuver to preserve the control facet of the shares even while surrendering some of the financial value could be seen as acceptable…
Wealth tax is a property tax, and just like I am forced to pay tax based on a presumed amount I could sell my house for, it can absolutely make sense to do the same for stocks. But I can totally accept that whatever that is, it shouldn’t mean someone must cede control of a company based merely on a tax burden.
Of course, that said, these ‘too big’ companies arguably have too much public interest broadly to be focused in so few people, but that’s a separate discussion than the taxation part.
Of course, that said, these ‘too big’ companies arguably have too much public interest broadly to be focused in so few people, but that’s a separate discussion than the taxation part.
I agree, thats a completely separate issue and has nothing to do with a tax or this citizen ballot measure.
I’d be fine if they took him below 50% control. Companies that large should be required to be owned by many multiples of the number of people who currently own them and anyone seeking to remain on top of such a thing should be dancing for their many masters daily.
Well there is, only for new buyers of the c class shares. Idk why people are downvoting you. You’re right.
Everyone keeps the A class shares, and A class share count doesn’t change therefore voting power per shareholder doesn’t change.
But, what zuck is still doing, is trying to make sure nobody gets more voting power when buying his new shares.
He’s trying to make sure he doesnt lose control of his company to pay a forced tax bill on unrealized gains. That doesn’t seem unreasonable to me even if others dont like it.
If this passes it probably won’t be the last either which would have further jeopardized things. Now he has money for future things too.
Edit: Zuck has 60% of the company. Do this a couple times and he loses his company. I get wanting to tax him, but taxing him and taking his company are two different things.
I’ll be willing to accept that they are unrealized gains once they can no longer used as collateral to secure loans or used to calculate wealth. Until then they have value and should be taxed either when given (which is different than bought) or as an annual wealth tax.
He’d have to sell shares which would be realized gains at that point.
Seems like that wasn’t argued, just a maneuver to preserve the control facet of the shares even while surrendering some of the financial value could be seen as acceptable…
Wealth tax is a property tax, and just like I am forced to pay tax based on a presumed amount I could sell my house for, it can absolutely make sense to do the same for stocks. But I can totally accept that whatever that is, it shouldn’t mean someone must cede control of a company based merely on a tax burden.
Of course, that said, these ‘too big’ companies arguably have too much public interest broadly to be focused in so few people, but that’s a separate discussion than the taxation part.
I agree, thats a completely separate issue and has nothing to do with a tax or this citizen ballot measure.
I’d be fine if they took him below 50% control. Companies that large should be required to be owned by many multiples of the number of people who currently own them and anyone seeking to remain on top of such a thing should be dancing for their many masters daily.
The ballot measure isn’t should large companies be allowed a majority shareholder. Thats a very different issue than wanting them to pay taxes.
In my understanding he‘s not losing his company. He only will sell the shares that do not include parts of the company
If they hadn’t done this he would have been at risk. Hes no longer because of this.
Voting shares are not being diluted.
If he hadn’t done this.
Ah, ok. That condition wasn’t clear.