#Zuckerberg Forced to Defend Himself Against Critics After His Share #Donation Pledge
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| Daily Dot |
This, evidently, wasn't good enough for a lot of people, as Zuckerberg has been met with fierce criticism in the wake of the announcement. The biggest, ugliest one is tax, taxing on charities is fairly straight forward and above board, but LLCs have certain tax exemption clauses which could, theoretically, allow Zuckerberg to avoid paying tax on any of the shares he donates. This looks even worse when you remember that the company has already been caught avoiding paying tax in the UK.
On Thursday, Zuckerberg took to Facebook to defend the decision, and assure people that neither he nor his wife, Priscilla Chan, wouldn't be taking advantage of tax deductions on their donations. He claims that, in fact, using an LLC affords less tax benefit than if they had just registered it as a normal charity, and it was always going to be a system of investment rather than a system of donation.
I want to thank you all for your heartwarming congratulations on Max's birth and on starting the Chan Zuckerberg...
Posted by Mark Zuckerberg on Thursday, 3 December 2015
The upshot seems to be that a traditional charity model simply would not be able to do all the things that Zuckerberg wants to do with the Initiative, particularly in terms of research. The comments on the post seem to be a fairly even split between positive and negative, and to his credit, Zuckerberg has tried to address as many as he can. The fact of the matter is, until money starts coming into the Chan Zuckerberg Initiative, and gainful progress starts being made, we simply won't know how worthwhile it is.
Callum is a film school graduate who is now making a name for himself as a journalist and content writer. His vices include flat whites and 90s hip-hop. Follow him @CallumAtSMF
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#Zuckerberg Forced to Defend Himself Against Critics After His Share #Donation Pledge
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Monday, December 07, 2015
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Reviewed by Unknown
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Monday, December 07, 2015
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