Fox News: Facebook to get a huge tax refund
What's behind company's deductions?
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Good evening out Brett -- two months from today you're federal income tax return is do here's something to think about as you get ready.
FaceBook made more than a billion dollars last year it's not paying income taxes it's getting a refund.
About a half billion dollars refund.
Chief national correspondent Jim Angle has our top story.
Public and the president personally visited FaceBook -- of the most successful start -- in the country and spent some time with founder Mark Zuckerberg on multiple occasions.
FaceBook is very successful making more than a billion dollars just in the US last year.
But -- Citic bank corporate taxes on that it'll actually get a refund a 429.
It's interesting FaceBook had paid a huge amount of bonuses to their corporate executives -- that greatly reduced there.
-- tax liability race.
-- because of its stock options tax breaks is getting a refund from the federal government and of more than 400 million dollars this year and more to come in the future.
Why because his deduct the executive stock options given employees before the company went public last year.
But FaceBook actually has a lot more tax deductions ago the group citizens for tax justice reported the.
-- employees cash in the stock options.
And at that point there's -- tax deduction for the company because even
though didn't cost FaceBook connect well the government treats it as wages and they get a deduction for.
The company couldn't use them all at once so -- will use more in the coming years three billion in tax breaks all together just the kind of thing the president says we should stop save hundreds of billions of dollars.
By getting rid of tax loopholes and deductions for the well -- and welcome back to.
Well connected could apply to FaceBook aside from facetime with the president mr.
Obama got a 100000.
Dollars in campaign contributions from the company there five times more than any other candidate the president has repeatedly gone after deductions taken by oil and gas companies for their business expenses.
Sharply criticizing them and calling for repeal.
But he said little about -- strategies for companies like FaceBook.
The president is very selective in the situations he points out to push his policy agenda.
There are major problems with the corporate -- code that need to be addressed but singling out the oil industry is not really going to help move the debate forward.
The president has lots of allies in California -- in the tech industry in this computer industry and he may be a little nervous about taking money.
Now Facebook which asked everyone to share had nothing to share with fox today when asked to comment on the report.
Which is based on its annual tax filings Brett.Source: ctj.org