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That number is so large, it's hard for me to wrap my mind around it. For some reason I keep thinking about the fact that California plans to close 70 state park
by whyenot 15y ago
That number is so large, it's hard for me to wrap my mind around it. For some reason I keep thinking about the fact that California plans to close 70 state parks in order to save $11 million. That is 0.045% of 24 billion.
- anamax 15y agoCA's 2011-2012 budget is just under $86B. Cutting parks to save $11M is saying that there's $86B of other spending that CA thinks are more important than those parks. Note that Zuckerberg will never see the majority of that money. He can't liquidate without taking the price and even if he does, he'll lose a lot to taxes. (CA has no capital gains rate.) Instead, he'll donate a huge fraction to some foundation.
- vladd 15y agoHe can use it though as collateral to get real money.
- beatle 15y agoBillionaires (like Larry Ellison) borrow money against his stocks. No tax, no hassles.
- anamax 15y agoDo you really believe that someone would loan $1B backed by $1B in stock gains that haven't been taxed? Yes, you can borrow against stock, but the lender won't give you full value because the stock can go down and they will account for the taxes on unrealized gains. Not to mention that lenders do want their money back. At some point, stock will have to be sold to cover your expenses (including interest on your loans) and that's going to result in taxes paid.