Since taxes are charged or then refunded depending on whether a share appreciates or depreciates in value, all that’s changing in this system versus the current one is when the tax is applied (that is, they pay capital gains before selling the shares rather than after). The argument for this is that it prevents families from profiting off of inheritance law by putting off paying their capital gains until the owner of the shares passes away.
Ok, so why not just change inheritance law to fix this (author alleged) discrepancy? The Zuckerberg tax is a somewhat convoluted solution that has the side effects of discouraging longer-term investments and requiring that the wealthy increase their liquid asset holdings.
Just create a law either stating that inherited shares are still subject to the capital gains taxes of the previous holders, or require that payment of capital gains taxes be made before the shares are given out by the estate. Simple.
When Facebook goes public later this year, Mark Zuckerberg plans to exercise stock options worth $5 billion of the $28 billion that his ownership stake will be worth. The $5 billion he will receive upon exercising those options will be treated as salary, and Mr. Zuckerberg will have a tax bill of more than $2 billion, quite possibly making him the largest taxpayer in history. He is expected to sell enough stock to pay his tax.
But how much income tax will Mr. Zuckerberg pay on the rest of his stock that he won’t immediately sell? He need not pay any. Instead, he can simply use his stock as collateral to borrow against his tremendous wealth and avoid all tax. That’s what Lawrence J. Ellison, the chief executive of Oracle, did. He reportedly borrowed more than a billion dollars against his Oracle shares and bought one of the most expensive yachts in the world.
In 2005 artist David Choe was asked by Facebook to paint their headquarters at the time. With the filing for IPO by Facebook, it turns out that painting the offices of the then Internet start-up, will make him one of the richest living artists one day.
This week Facebook announced that they will be going public in the near future. Along with the filing, they had to reveal the current ownership state of the company. In 2005 David Choe chose to be paid in stock rather than cash and it looks like that stock will be worth 200 Million USD, if Facebook will be valued on the open stock market at the estimated 100 Billion Dollar mark…
I read a review for The Behavior Gap…
Would you take financial advice from a cocktail napkin sketch? Well, it depends on who is sketching. If it’s your brother-in-law, who likes to boast about how he “almost” made a killing investing in Google stock, then the advice is probably not worth the paper it’s on. But if it happens to be sketched by Carl Richards, a financial planner and blogger on the New York Times‘ Bucks blog, then it’s a good idea to save the napkin and wipe your barbecue wing sauce covered fingers on your pants instead.
Richards’ sketches (you can find them all here) offer practical financial advice in the form of humorous (at times darkly humorous) graphs that get to the essence of peoples’ oftentimes troubled relationship with money and credit. For instance, Richards has a graph that charts the increase in the price of gold in relationship to the chance you will get hurt. That line climbs at a steady 45-degree angle.
Richards’ new book, The Behavior Gap: Simple Ways to Stop Doing Dumb Things with Money combines napkin sketch graphs with financial advice that focuses on reducing fear, making realistic choices, and learning to accept the fact that life rarely goes as planned.
Considering an iPhone but not sure if you can live without SSH in your pocket? Have no fear! Hot off the press is this review of four SSH clients for the iPhone: iSSH, pTerm, TouchTerm, and SSH. All four clients have their strengths and weaknesses, and iSSH seems to be the best option so far. Although each of these is an early release, and therefore has its own idiosyncrasies, they’ve got improved features being planned for the next major release. Furthermore, they’re surprisingly inexpensive (none of them are more than five dollars), and so you should give them a shot if you see the need to SSH without being bound to your terminal.
My fight against the check engine light still goes on, though, like an uncle with an extensive collection of pornography, I’m sure many of you were hoping I’d just keep it to myself. Well, like your pervy uncle, I won’t. I can’t. And, I’m not alone.
Among the many emails I received, most suggesting I speak with my clergyperson, I received an email from Richard Stallman, the founder of the free software movement and the man who started the GNU/Linux operating system. Here’s what he had to say.
REMINDER: Go sign our White House petition to ban the check engine light! Do it now — for your mom!
The latest fantastic Kickstarter-funded video from the album Solved, by MC Frontalot
“Since Gmail added oAuth support in March 2010, an increasing number of startups are asking for a perpetual, silent window into your inbox.
I’m concerned oAuth, while hugely convenient for both developers and users, may be paving the way for an inevitable privacy meltdown.”
I thought this week could do with some more “fanboy,” so cobbled together this blast of Every Apple Design Ever’ish in 30 seconds. I’m a Linux guy, at heart, but even if each of its products were given only a single frame of animation, such a video would not end before the heat death of the universe. Also, times have changed.
mitmproxy, “an SSL-capable man-in-the-middle proxy,” is a useful little free software utility that can sniff the traffic between your computer or mobile device and its servers and determine what data the apps you’re running are leaking to the mothership.
mitmproxy is an SSL-capable man-in-the-middle HTTP proxy. It provides a console interface that allows traffic flows to be inspected and edited on the fly.
mitmdump is the command-line version of mitmproxy, with the same functionality but without the frills. Think tcpdump for HTTP.
- Intercept and modify HTTP traffic on the fly
- Save HTTP conversations for later replay and analysis
- Replay both HTTP clients and servers
- Make scripted changes to HTTP traffic using Python
- SSL interception certs generated on the fly
Jason Torchinsky’s interest in the bottoms of toy cars borders on the Nicholson Bakeresque…
The bottoms of toy cars are fascinating because it’s a revealing insight into the mind of the toy designer. Generally, you don’t really have to do anything at all, but most toy cars have at least some attempt made to have some measure of detail or accuracy. On many models, there is a genuine attempt to get the mechanicals shown below as accurate as possible, and often the results are quite good. You can see corrugated oil pans, suspension arms, mufflers, differentials, driveshafts, and more. It’s clear the designer actually looked at the original car.
Other times, even if the body is accurate, the bottom can be this sort of collage of parts the designer knows should be there– most often prop-shaft and some kind of exhaust– but the locations and sizes are placed with a certain casual whimsy. I like these as well, as they give a nice view of what someone who may not know much about cars thinks a car underside should look like.
Here lies the late Robert Sanders, 58, at the Robert L. Adams drive-through funeral parlor in the Los Angeles area city of Compton. The funeral parlor has been in business since 1974, and is believed to be the only drive-through funeral home in southern California, according to office manager Denise Knowles-Bragg. She says the parlor offers a convenient alternative to older people who find it hard to walk, those who want to make a quick stop during the lunch hour, and the families of well-known deceased people who expect many visitors.
He looked like a character Hollywood might produce: a giant, swashbuckling, black-suited jet-setter, bikinied babes on his arm, yachts, planes and exotic cars at his disposal. He displayed a villainous visage and a shotgun in his publicity photos, and his fleet boasted “GOD” and “EVIL” on license tags.
But the story of Kim Dotcom, 38, a German born as Kim Schmitz who liked to call himself King Kimble, reaches far beyond a cartoonish persona, self-promotion and a criminal record of pump-and-dump stock fraud.
The former computer hacker is the principal figure behind Megaupload, which U.S. prosecutors charge was a global empire that reaped a mega-fortune from illegal digital distribution of movies, songs and other copyright works.
“went to short dogs house, they was watching Yo MTV RAPS”
Yo MTV RAPS first aired:
Aug 6th 1988
Ice Cubes single “Today Was a Good Day” released on:
Feb 23 1993
”The Lakers beat the Super Sonics”
Dates between Yo MTV Raps air date AUGUST 6 1988 and the release of the single FEBRUARY, 23 1993 where the Lakers beat the Super Sonics:
Nov 11 1988 114-103
Nov 30 1988 110-106
Apr 4 1989 115-97
Apr 23 1989 121-117
Jan 17 1990 100-90
Feb 28 1990 112-107
Mar 25 1990 116-94
Apr 17 1990 102-101
Jan 18 1991 105-96
Mar 24 1991 113-96
Apr 21 1991 103-100
Jan 20 1992 116-110
Dates of those Laker wins over SuperSonics where it was a clear day with no smog:
Nov 30 1988
Apr 4 1989
Jan 18 1991
Jan 20 1992
“Got a beep from Kim, and she can fuck all night”
Beepers weren’t adopted by mobile phone companies until the 1990s. Dates left where mobile beepers were available to public:
Jan 18 1991
Jan 20 1992
Ice Cube starred in the film “Boyz in the hood” that released late Summer of 1991, but was being filmed mid-late 1990 early 1991 and Ice Cube was busy on set filming the movie January, 18 1991 too busy to be lounging around the streets with no plans.
Ladies and Gentlemen…
The ONLY day where:
- Yo MTV Raps was on air
- It was a clear and smogless day
- Beepers were commercially sold
- Lakers beat the SuperSonics
- and Ice Cube had no events to attend was…
After the authorities terminated MegaUpload yesterday, founder Kim Schmitz’s possessions were targeted, with his car collection being the first to be seized.
We don’t know what’s more opulent: the vehicles themselves, or their number plates, which, for example, read “GOD” (Rolls-Royce Phantom Drop Head Coupe), “MAFIA” (Mercedes-Benz ML63 AMG), “STONED” (Mercedes-Benz E63 AMG), “GOOD” & “EVIL” (Mercedes-Benz ML63 AMG). We have to mention that the photos came to us via Elliott Kember.
HoneyCups model Midori West, aka a hot girl in a bikini, explains how to upgrade your RAM.
Ron Paul we need you in 2012!
A handful of large websites will go dark on Wednesday to protest an anti-piracy bill that critics say will wreck the Internet as we know it.
Wikipedia, user-submitted news site Reddit, the blog Boing Boing and the Cheezburger network of comedy sites all plan to participate in the blackout. The protest is their response to the Stop Online Piracy Act (SOPA) bill, a piece of proposed legislation that is working its way through Congress.
Petros Vrellis created this interactive, animated version of Vincent Van Gogh’s Starry Night, where the viewer can send impressions swirling with a touch.