Yhn BusinessFinance first seen 4 d ago, last 1 h ago, peak #4
Meta deal shields Zuckerberg from California billionaire tax
Original: Meta strikes deal to protect Zuckerberg from California billionaire tax
Meta has reportedly reached an arrangement that protects Mark Zuckerberg from California's proposed billionaire tax, a levy that would target extreme wealth held by the state's richest residents. The agreement would spare the Meta chief executive from paying taxes on his vast shareholding in the company. The news is drawing attention to how the ultrawealthy and the corporations they control can structure their affairs to avoid proposed wealth taxes, and it lands amid other legal and financial pressure on Meta, including record multibillion-dollar penalties in separate matters.
Why now: California's billionaire wealth tax proposal is under active debate, and news that the state's most prominent tech billionaire may be shielded from it is highly contentious.
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