Friday, March 28, 2008
Larry Ellison’s Tax Cut Breaks School’s Budget (WSJ Buisness Technology Blog), by Ben Worthen:
The Portola Valley School District has to cut six positions–thanks in part to Larry Ellison.
The Oracle chairman, who is the fourteenth richest person in the world, recently had the value of his 23-acre Woodside, Calif., home reassessed from $173 million to about $70 million. That dropped his annual tax bill by more than a million dollars. The biggest loser: Local schools that depend on tax revenue for the lion’s share of their budgets, according to the Almanac.
Check out a picture of the house here. (Hat Tip: Sarah Lawsky.) Update:
- CNet News: Oracle's Larry Ellison Got a $3 Million Tax Break and You Didn't, by Jim Kerstetter
- San Francisco Chronicle: $3 Million Tax Cut on Larry Ellison's Estate, by James Temple
- San Jose Mercury News: Oracle CEO Wins Property Tax Case, by Neil Gonzales
- USA Today: Oracle CEO Wins $3M Tax Rebate on Imperial Retreat