Zuckerberg Favors Higher Tax For The Rich
Co-founder of Chan Zuckerberg Initiative Pricilla Chan who is also the wife of Mark Zuckerberg expressed her willingness to support high taxes for wealthy. Speaking during an interview with CNN during her visit to South by Southwest Conference she was asked about her views of Alexandria Ocasio-Cortez’s proposal to increase wealth tax by 70 percent, Mrs. Chan said that it could be an ideal way of getting more resources for important projects. She elaborated that though she did not have any in-depth details about proposal layout or the funds required wealthy people that can afford to pay should be taxed more.
During this session Ms. Chan also spoke about her organization named after her son and the various philanthropic initiatives that they do for everyone. As of now the group works to help people in the fields of science, education and criminal reform. Her comments were made on the same day as presidential candidate Elizabeth Warren announced a new plan to break down large tech firms like Facebook and Amazon. The Chan Zuckerberg Initiative is structured like a mix between corporate entity and business partnership in the form of a limited liability company.
It will offer them better control over their assets and expenditures when compared to regular private foundations and also provide them greater flexibility when they want to invest for-profit social causes or support political issues. Though Chan and Mark as a couple may not receive any charitable tax deduction immediately for shares given to the initiative they will start receiving benefits of these deductions when grants are made by these initiatives to nonprofits. The advantage of such a setup is that there is no compulsion to disclose contracts with for-profit businesses or non-profit businesses. In other words it will enable creative and flexible use of disposable capital over a period of time.
