Facebook Co-Founder and Chief Executive Officer Mark Zuckerberg will follow in the footsteps of other notable tech CEOs and take a base salary of $1 in 2013, taking one step toward slashing his tax burden.
According to CNBC, in order to lower his tax obligations to zero, Zuckerberg would have to waive any future cash bonuses or stock awards, as well as cease the use of Facebook services, such as aircraft and estate and financial planning, for personal use.
CNBC reported that Zuckerberg will earn a base salary of $600,000 in 2012, up from $500,000 in 2011, and he also received a $250,000 cash bonus in the first half of 2011.
CNBC suggested that Zuckerberg could live off tax-free debt, or income-producing, tax-exempt municipal bonds, adding that should he decide to make a major purchase, he could cash in some of his Facebook stock and only be on the hook for the 15 percent capital gains tax.
All that, and he doesn’t even have to renounce his citizenship.
Readers: Are you surprised that a person with the wealth of Zuckerberg could actually legally pay no taxes?