The founder of "Meta Universe First Share" Roblox used small business tax cuts to avoid millions of dollars in taxes

Time:2021-12-30 Source: 1282 views Trending Copy share

The founder of "Meta Universe First Share" Roblox used small business tax cuts to avoid taxation of millions of dollars] According to reports, the founder of "Meta Universe First Share" Roblox used a tax cut policy for small businesses to evade payment Millions of dollars in taxes.

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According to reports, the founder of "Meta Universe First Share" Roblox used a tax reduction policy for small businesses to avoid paying millions of dollars in taxes.

  According to the article, Roblox founder and CEO David Baszucki and his wife, children, and in-laws have used Qualified Small Business stocks at least a dozen times in the past few years. Stock, QSBS) for tax incentives. This provision allows the start-up investment by at least 10 million US dollars of profits from tax. According to Bloomberg estimates, Baszuki's net worth is approximately US$7 billion.

  In response, Roblox did not immediately respond to a request for comment.

  The little-known QSBS tax reduction policy was originally formulated in 1993 for small business owners and investors. U.S. President Bill Clinton and U.S. Senator DaleSupporters such as Dale Bumpers touted the tax cut as a way to encourage people to invest money in small businesses. This tax exemption policy also relieves venture capitalists and biotech investors who are dissatisfied with high capital gains taxes.

  The media previously reported that if you intend to "sell your startup for $10 million, and you own 100% of the shares, then you may get the entire $10 million, minus the stock price you initially paid. "

  To be eligible for this concession, investors must hold stocks with total assets of US$50 million or less in a company and hold stocks for at least 5 years. According to the QSBSExpert.com website, QSBS is only open to startup founders, employees, investment funds and registered investors.

  The founder can also gift eligible stocks to heirs through trusts, and include family members in QSBS benefits.

  According to the U.S. Small Business Administration, this is an opportunity to own "a company whose share price has appreciated substantially, and you can sell it without paying taxes on profits."

  In the past year, the legal tax avoidance of billionaires and companies has been a major political issue.

  Critics slam AmazonNo federal taxes were paid in 2017 and 2018. In October last year, Senator Elizabeth Warren criticized billionaires for hoarding “enough to send themselves into space” through tax avoidance. According to a survey conducted by the U.S. Internal Revenue Service, the wealthiest 1% of taxpayers in the U.S. underreported one-fifth of their income to the IRS.

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