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

California's Facebook Windfall

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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/.

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