California's Facebook Windfall | WAMU 88.5 - American University Radio

California's Facebook Windfall

Play associated audio

Mark Zuckerberg is, among many other things, the highest-profile taxpayer on the planet today.

After today's Facebook IPO, Zuckerberg will owe nearly $200 million in California state taxes alone. That's "among the largest tax liabilities that a single individual has ever paid at a given point in time," says Jason Sisney of the California State Budget Legislative Analyst's Office.

Zuckerberg's profits will be taxed at a 10% rate in California. That's a much higher rate than in many other states.

In all, Facebook's employees and early investors are expected to pay about $2 billion in California state taxes over the next 13 months. But California is almost 16 billion dollars in the hole. Facebook won't solve that problem.

Copyright 2012 National Public Radio. To see more, visit http://www.npr.org/.

NPR

Investigating The Drug Trade In 'Cartel Land'

A new documentary tells a riveting story of the way power and violence intersect along the Arizona border and in embattled Michoacan, Mexico.
NPR

Why The World Might Be Running Out Of Cocoa Farmers

West African cocoa farmers earn less than $1 a day. Those low wages could jeopardize the future of chocolate labor, as young farmers find better opportunities to earn a living, a new report warns.
NPR

Donald Trump Controversy Highlights Influence Of Hispanics In U.S.

NPR's Rachel Martin speaks with Felix Sanchez, chairman and co-founder of the National Hispanic Foundation for the Arts, about Republican presidential candidate Trump's remarks on Mexican immigrants.
NPR

Pilot In Solar-Powered Plane Sets Aviation Record

André Borschberg, flying Solar Impulse 2, set a new record of 120 hours in the cockpit on a journey from Japan to Hawaii.

Leave a Comment

Help keep the conversation civil. Please refer to our Terms of Use and Code of Conduct before posting your comments.