The Last Of The Millenniums

Just because it always has been, doesn't mean it always will be

Archive for the day “May 19, 2012”

‘It isn’t fair to the rest of American taxpayers who will have to pay more because Facebook pays nothing’

Sen. Carl Levin (D-MI)

‘Facebook Inc.’s IPO will create billions in new wealth for its founders, employees and investors. It will also save the company billions — about $16 billion, to be precise — in taxes’.

‘That’s the amount Facebook will be able to deduct from its tax bill for granting stock options to its owners and employees. The tax-break windfall, which will be the largest ever claimed by a company for stock option awards, is known by some critics as the “stock option tax loophole.”
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‘Facebook is a booming, successful company.  Its securities filing boasts of double-digit increases in Facebook’s average revenue per user, citing a 32 percent increase in 2010, and another 25 percent increase in 2011, with “growth across all regions.”  Despite trumpeting those revenue increases to investors, Facebook is planning at the same time to tell Uncle Sam it has no taxable income, offsetting its revenues with stock option tax deductions’.

‘Facebook’s $16 billion stock option tax deduction is so huge, it will enable Facebook to claim a $500 million refund of taxes paid over the prior two years and wipe out this year’s tax bill’.
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