Jobs gets a good tax bill

by Tom Sanders

29 Mar 2006

Steve Jobs last week had to sell about $300m worth of Apple stock, because he was awarded $600m earlier.

In short, the taxman wanted its cut of a plush pay package that Jobs had agreed upon in 2003. At the time, the executive agreed to a $1 annual cash salary plus the 10m Apple shares, which would vest in 2006.

Everybody benefits. President Bush gets to purchase some new Humvees for Iraq and Jobs gets a new turtleneck.

Apple shareholders are left to pick up the bill. And given that Apple stock has been down 29 per cent since it peaked at $86.40 in January, they might be less thrilled.

Tags: apple, steve jobs

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