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Lots of rich people have hidden their wealth in non-profits or corporations as foundations to avoid paying taxes on them. It is called a Jackie O Trust because

Lots of rich people have hidden their wealth in non-profits or corporations as foundations to avoid paying taxes on them. It is called a Jackie O Trust because Jackie O was famous for making such an organization and left the money to her children as tax free income after she passed away. Almost every rich family has such a trust in their name. It is a good PR move because it looks like they are giving back the money, when in secret they only give away a small amount of money and keep the rest in investments to hand down to their children at a future date, etc. http://www.bloomberg.com/news/articles/2013-09-12/how-wal-mart-s-waltons-maintain-their-billionaire-fortune-taxes http://www.bloomberg.com/news/articles/2013-09-12/how-wal-ma... http://www.bloomberg.com/infographics/2013-09-12/how-to-preserve-a-family-fortune-through-tax-tricks.html http://www.bloomberg.com/infographics/2013-09-12/how-to-pres... It is actually using tax loopholes to avoid paying taxes to use such an organization to hide your money in it. He did not found a charity he founded a LLC: http://www.buzzfeed.com/alexkantrowitz/not-all-of-mark-zuckerbergs-donation-to-go-to-charity#.cc0JbNRGO http://www.buzzfeed.com/alexkantrowitz/not-all-of-mark-zucke... The news media sort of reported it would be a charity but it is not. It is a Jackie O trust. Bill Gates has his own and tried to invest $2B USD in schools: https://www.washingtonpost.com/news/answer-sheet/wp/2014/06/09/how-much-bill-gatess-disappointing-small-schools-effort-really-cost/ https://www.washingtonpost.com/news/answer-sheet/wp/2014/06/... It failed miserably, test scores did not improve, despite trying to build better and high tech schools with smaller classes and personalized learning for each student. The same thinking that went to build Microsoft can't be used to solve socioeconomic problems because that requires a different type of thinking. Students have problems learning due to poverty, family issues, emotional and psychological issues, and other stuff. Spending the money on better schools does not address any of those problems.

Chathamization 11y ago
Zuckerberg also failed in his $100 million effort to fix Newark's schools. It's funny, because people like Gates and Zuckerberg are pushing the idea of "accountability" - if teachers can't get scores to improve, we need to fire them. Yet when they fail completely to improve things, the notion of accountability suddenly disappears, end the long list of excuses comes out.
- orionblastar 11y ago
  They always blame the teachers, but if the parents and guardians are not helping out with homework and support the child won't learn. If the child grows up in poverty, has emotional and psychological problems, has family issues, etc that can interfere with their learning. Which is why teachers are against standardized testing, because it punishes them for low scores. It is sort of like working as a programmer and having no support from management or your coworkers, being given projects that others have failed at because of how hard they are, and then being punished when it takes too long to finish or you can't get results.
  - qrendel 11y ago
    Most of the educated blame seems to go towards the teacher's unions, which have always been heavily against accountability for teachers, in favor of seniority protections, so that the worst teachers can't be fired. Standardized testing, for all it's shortcomings, is equally bad for them, since it reflects on which teachers are the worst performing. Low testing scores due to poverty is a poor defense since such deviations can easily be controlled for, as is commonly done in statistics-based research. Teacher unions constantly fighting to kill educational reform has been a recurring theme in most all reform initiatives, including Zuckerberg's.[1] There are numerous documentaries (e.g. Waiting for Superman, The Cartel, etc.) covering attempts at reform and how the one thing the unions will never allow is holding bad teachers accountable. [1] http://www.businessinsider.com/mark-zuckerbergs-failed-100-million-donation-to-newark-public-schools-2015-9 http://www.businessinsider.com/mark-zuckerbergs-failed-100-m...

Chathamization 11y ago

Zuckerberg also failed in his $100 million effort to fix Newark's schools. It's funny, because people like Gates and Zuckerberg are pushing the idea of "accountability" - if teachers can't get scores to improve, we need to fire them. Yet when they fail completely to improve things, the notion of accountability suddenly disappears, end the long list of excuses comes out.

orionblastar 11y ago
They always blame the teachers, but if the parents and guardians are not helping out with homework and support the child won't learn. If the child grows up in poverty, has emotional and psychological problems, has family issues, etc that can interfere with their learning. Which is why teachers are against standardized testing, because it punishes them for low scores. It is sort of like working as a programmer and having no support from management or your coworkers, being given projects that others have failed at because of how hard they are, and then being punished when it takes too long to finish or you can't get results.
- qrendel 11y ago
  Most of the educated blame seems to go towards the teacher's unions, which have always been heavily against accountability for teachers, in favor of seniority protections, so that the worst teachers can't be fired. Standardized testing, for all it's shortcomings, is equally bad for them, since it reflects on which teachers are the worst performing. Low testing scores due to poverty is a poor defense since such deviations can easily be controlled for, as is commonly done in statistics-based research. Teacher unions constantly fighting to kill educational reform has been a recurring theme in most all reform initiatives, including Zuckerberg's.[1] There are numerous documentaries (e.g. Waiting for Superman, The Cartel, etc.) covering attempts at reform and how the one thing the unions will never allow is holding bad teachers accountable. [1] http://www.businessinsider.com/mark-zuckerbergs-failed-100-million-donation-to-newark-public-schools-2015-9 http://www.businessinsider.com/mark-zuckerbergs-failed-100-m...