These tax breaks need to be stopped!!!!
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Despite Facebook reporting profits of over $1.1 billion in 2012, the company is expected to pay no federal or state income taxes. In fact, Facebook will receive net tax refunds totaling $429 million, because tax deductions on executive stock options can be written off as salary deductions.
Less than a week after the sequester has officially gone into effect, bringing with it painful budget cuts, layoffs, and furloughs for employees, this is a perfect example of how the deficit and spending cuts are driven by loopholes that allow corporations and wealthy Americans to get all the breaks.
Congress desperately needs to reform the tax code so that the most successful among us pay their fair share.
Keep fighting,
Rachel Colyer
Associate Campaign Director, Daily Kos
P.S. Please help keep Daily Kos strong by chipping in $3.
Related articles
- Facebook among US corporations that pay no income taxes – RT (2012indyinfo.com)
- Some Tax Tips for the Average Joe (theburningplatform.com)
- Levin Corporate Loophole Plan in U.S. Raises $200 Billion (bloomberg.com)
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