Facebook CEO Mark Zuckerberg and his wife, Priscilla Chan, attracted attention and high praise when they announced Tuesday they plan to "give" 99 percent of their Facebook shares—worth roughly $45 billion—to the causes of "advancing human potential and promoting equality."
Figures the guy doesn't know to SHARE!
Forgive me for cribbing my own comment from the Ted Rall thread:
An LLC? An "Initiative"? "Charity"? The Rockefeller "Foundation" and the Gates "Foundation" were horrific enough scams to maintain personal and family control over looted wealth. It just gets worse and worse.
These raging egos can just say any fucking thing they want about it, and the monstrous PR machine that is the "mainstream" communication media is guaranteed to ignore the ugly reality in favor of sycophantic spin.
We the People have a massive pile of crap to cut through if we're going to reclaim the looted wealth and get out from under these lumbering oafs. If we can't imagine overturning a lot of what passes for "reality" in this delusional economy, to build something that respects our humanity and the Earth above the raging egos of looters, then we'll never develop any effective resistance. Diddling Facebook apps on our iPhones as the ecology dis-integrates.
And irrespective of ecological and civilizational disaster, nowhere is anyone giving attention to the actual implications of the network for humans. With the predatory structure embedded in the corporatist OS of the burgeoning network, the data being mined and the wealth being extracted will be run through the bio-chips connected directly to our brains. Meditate on that for a few years and think about where this network and these apps and these chips are leading us.
The tax advantages/avoidance over the years will amount to tens of billions of dollars. Claiming these types of capital transfers are for the distribution of wealth for charitable purposes is a huge false narrative. Let's call these types of wealth transfers what they really are ... tax avoidance schemes.
Granted, there will/may be funding for charitable causes of their choosing and control in the future.
However, the lost tax dollars over the years that could have been used for "common good" causes (programs to eliminate poverty, long-term job creation programs, education, public transportation, renewable energy development, etc.) will be forever lost.
These types of wealth transfer/tax avoidance schemes are solely designed and allowed under the U.S. tax code to benefit the transnational capitalist class ... not the worker class.
Capitalism is tyranny.
why would anyone trust the likes of Zuckerberg - after all he is a thief from the get go. another stinking scheme to rob the rest of us from tax dollars by a greedy guy and his wife. awful
Surprise, surprise, surprise...
That poor child.
If the buying of political favor (i.e. lobbying) was illegal would he still do this? If we publicly funded elections and outlawed private donations, would there be any benefit to lobbying? If we want publicly funded elections and to overturn Citizens United (what an oxymoronic name! It should have been called what it is: Corporation United!. Hey MAYBE that's how we CDers should refer to it from here on out. What do ya think?) we have to throw the rascals in congress out.
I'm starting with McCain. It's well past time to flush this John!
Charity, constantly bailing out capitalisms failure in many ways.
I have set these things up for clients in the past (not a "philanthropic LLC" , those are a fairly recent animal) and it is mainly about control. Philanthropic and Charity are two different things entirely, although most people think they are the same. A charity has fairly strict guidelines that must be followed. A philanthropic LLC has virtually no guidelines...you don't even have to give anything if you don't want to. Zuckerberg will not give up voting control over his 503 million shares of facebook. How to not do that, get tax benefits, and look like a good guy?....set up one of these.
We will undergo the implants after having completely destroyed our natural connection to each other, our intuition and our ability to co operate.
What we are calling money are simply 1s and 0s generated by bots based on supposed business transactions - in this case "Ads" placed on face book pages from "product manufacturers" who may have "paid" Facebook some amount of fiat based on projections.
I do have an idea using the block chain for real accountability, but it will take years and more manpower than me to create this equitable system. I intend to use Ethereum
This post was flagged by the community and is temporarily hidden.
Can he "ungive" his gift?
"... Citizens United (what an oxymoronic name! It should have been called what it is: Corporation United!. Hey MAYBE that's how we CDers should refer to it from here on out. What do ya think?)
I had to laugh reading about this story on the CBC's website with the hundreds of commenters clamoring to express their adulation for the Goodness of the Wealthy and how wonderful it is that they set up this foundation and how the "lefties" were all jealous of these Good Works.
Somehow none of them seemed to notice that, actually, he didn't set up a foundation at all. Nor did he set up a 501(c)(3). He just gave the shares to himself. What a supreme act of generosity!
Thanks for a bit more detail, which just makes more clear how completely outrageous these "legal" structures are.
There could be some sense, reason, humanity, in allowing folks to TRULY give away money to a genuine "public benefit" nonprofit, that is then written off of their income or assets, and thus not applied to their tax algorithm.
The foundations were bad enough, but at least the original looter gave up technical voting control, although still pretty transparently not "giving away" as to a truly independent nonprofit charity. Today was my first time ever hearing of a "philanthropic LLC" which is so effing obviously set up as a tool for super-rich to evade tax while keeping wealth. Another sign of how UTTERLY CORRUPT the total structure of present-day society and economy is.
Do you have any detail on when and how this "philanthropic LLC" monster became a "legal" tax-avoidance strategy in the IRC?
Well, they have only recently come on the scene, so I am not that familiar with them. I would think that in most states they are just a normal LLC (Limited Liability Corporation) designated for that purpose. I believe in California that they must be set up through a non profit first. That doesn't really matter, as you are not restricted as to where you open an LLC based on what state you live in. You could live in Idaho and set one up in Delaware for example.
This is not to say all LLC's are bad. They were originally created so that a small business person could put her business in it..say a small grocery store, and then not lose her house if someone tripped in her parking lot..
In a regular LLC there are no owners, there are "members". So, a member can order a distribution of his/her share at any time they like. There may be tax consequences..but if there were, it would simply be a repayment - on a pro rata basis- of any tax advantage you got in the first place. Heck, he may end up giving it all away...but I bet I won't be alive to see it. He will probably give away some though...I hope.
Could we try just a bit of honesty? No business gives away money out of the kindness of their corporate hearts. Period.
Had to look up block chain. i'm illiterate regarding bitcoin. Maybe i should self-administer a crash course in coding and languages, i've got plenty of free time, i like understanding the course of human evolution, and the network is hugely significant. It's a bit of an anomaly that i'm not deeply into it all, given my personality and aptitude for education. i was actually enrolled in a course in programming, learning FORTRAN and COBAL, when i was kicked out of high school in 1977. We were using punch cards... i never picked it back up. Likely a good thing in terms of my social and personality development.
Many of the basic concepts look good - decentralized, anonymous, automatic, allowing micro-contracts that just cover actual use, etc. (Although i doubt the prospects for genuine decentralization and anonymity, since there are such potent established interests in our data, identities, transactions, etc.) i like cash since it's anonymous, and i anticipate the elimination of cash (for convenience! for efficiency!) soon, to enable and impose corporate / state awareness of every transaction.
Two deep concerns i hold, that are difficult for me to imagine becoming at ease about:
In my apprehension, the network as it evolves will have its own prerogatives, its own evolutionary drive, irrespective of the "human interests" and the human identity of the human nodes that comprise key parts of its early development. Ultimately, humans and humanity will be superfluous to the ongoing evolution of the network. Fascinating on the cosmic level, but i'm quite attached to my humanity. Do i just need to get over myself? On this tip, i do not participate in anything "smart," and will simply be left behind as the "internet of everything" takes off. (Unless ecological and civilizational collapse "take off" first.)
In the more immediate term, developers, service providers, and business are still driven by profiteering, promoting the extraction and accumulation of outrageous wealth controlled by raging egos like Zuckerberg, benefiting tiny minorities at the expense and to the detriment of everyone else, distorting social relations and seeding social disasters. Socialism sure looks a lot better than capitalism as the basic OS of "ownership," no matter the nature of the currency, or the sophistication and reduced friction of the processes.
If you have any insight that seems relevant, please share! And thanks again for your reply, i've learned something in the last couple hours.