Steve Jobs Pays Nearly $300M In Taxes
What’s that about rich people not paying enough taxes?
S.F. Business Times reports: “Steve Jobs let Apple Computer Inc. sell nearly half his stake in the company to pay taxes.”
According to a company filing with the Securities and Exchange Commission, Apple held back 4.5 million of the 10 million of Jobs’ shares that vested this month. The 5.4 million shares he has left are worth $323 million.
Apple used the proceeds from the sale of the witheld shares — $295.7 million — to pay taxes for the CEO.
He was awarded the shares in March 2003. Although he earned a salary of just $1 at Apple last year, Jobs is worth about $4.4 billion, according to Forbes magazine.
Don’t know what’s worse: the fact that someone who creates innovation, employment and wealth for others is taxed almost 50%, or the fact that liberal government programs will squander the proceeds like they do most things.
And another thing: considering that Steve Jobs isn’t the only billionaire in California paying taxes, why is the state economy hurting? Why do we consistently need to float bonds for schools and other social works?
You can be sure that the remaining $323 million in Steve Jobs’ account won’t be wasted in one fiscal year. Unlike government spending, he’ll probably make it grow while helping others.
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Technorati Tags: Steve Jobs, Apple, California economy, Taxes,
March 29th, 2006 at 1:06 pm
Look at the bright side - how many people will now be able to accumulate wealth by buying those shares that Apple sold?
And was the $295 million in taxes only for the $323 million made in stock, or did it cover other sources of income as well?