[ic_spinrewriter]FacebookÂ Â paid no taxes within the US, despite earning a couple of billion dollars in profits last year, a report has said.In fact, the web site will actually be getting money back totaling 429 million dollars as a result of a tax reduction for executive stock options.
According to media reports, within the coming years, Facebook will continue to get monster tax breaks, totaling about three billion dollars.Robert McIntyre, of watchdog group Citizens for Tax Justice said that the staff profit stock options, and at that time there’s tax deduction for the corporate.Â Because although it doesn’t cost Facebook a nickel, the govt. treats it as wages and so they get a deduction for it, and customarily it doesn’t wipe out companies whole tax bill, although many companies get big breaks from it, he added.
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The news comes after President Obama’s State of the Union speech is significan in this context .He called for such tax breaks to finish.The county would “save hundreds of billions of bucks by taking away tax loopholes and deductions for the well-off and well-connected,” Obama said in his speech on Tuesday.