Facebook Founder Zuckerberg Faces $1 Billion-Plus Tax Bill

Facebook's stock market debut left founder and CEO Mark Zuckerberg with a paper fortune currently valued at $13 billion -- and a 2012 tax bill of around $1.1 billion.

NEW YORK — Mark Zuckerberg, the creator of Facebook, is preparing to enter American politics. The 28-year-old billionaire is forming a political campaign group that is expected to focus initially on liberalising the U.S. immigration and visa system. Zuckerberg, who has previously donated US$100-million of his US$13-billion fortune to the state school system in his native New Jersey, is said to be ready to use another US$20-million on the new venture.

Jason Kincaid submits: Tuesday, Inside Facebook posted a very interesting interview with Facebook founder/CEO Mark Zuckerberg.

(Reuters) - Facebook co-founder Mark Zuckerberg wed longtime girlfriend Priscilla Chan on Saturday, announcing the nuptials through a status update on the social networking site. Tens of thousands of people "liked" his status change, which was accompanied by a photo of the couple in wedding attire. The 28-year-old billionaire is also the CEO of Facebook, which had a historic initial public offering on the Nasdaq stock exchange on Friday. Zuckerberg co-founded the site Facebook in a Harvard dormitory eight years ago. ...

By James Kwak Some people have been claiming that Marc Zuckerberg is subject to a high tax rate, with Robert Frank even claiming, “Mr. Zuckerberg’s tax bill will also provide an important counter-point to the notion that the rich pay lower tax rates than the rest of America. That may be true for professional investors and private-equity chiefs, but not for dot-commers and many entrepreneurs.”