The progressive voice of Point Loma, Ocean Beach and Loma Portal since 1954
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.
Associate Campaign Director, Daily Kos