Facebook Paid No Taxes Despite Record Profits
In fact, Facebook will get refunds.
In the coming years, Facebook will continue to get monster tax breaks, totaling about $3 billion.
“The employees cash in stock options, and at that point there is tax deduction for the company,” Robert McIntyre, of watchdog group Citizens for Tax Justice, said in an interview with Fox News Channel. “Because even though it doesn’t cost Facebook a nickel, the government treats it as wages and they get a deduction for it. And usually it doesn’t wipe out companies whole tax bill, although many companies get big breaks from it.”
These are the kind of tax loopholes, the president favors doing away with and faces Republican opposition.