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| The Rich Get Richer....Or pay No taxes |
Facebook will receive a $429 million dollar tax return after netting 1.1 Billion in profit in 2012. Tax advocacy groups are beyond furious, claiming that Facebook will end up paying no state or federal income taxes. How was Facebook able to avoid such steep taxation? It has to do with the manner in which stock options are treated in relation to the tax code.
To make matters even more intriguing, Facebook can avoid future tax bills by reserving an additional $2.1 billion in stock-option tax breaks to write off against it's liabilities.
Be pissed people, be very pissed.
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