You’re not gonna Like this. Facebook plans to Like tax loopholes this week — in a big way. And it’ll cost taxpayers billions.[1]
How is Facebook posting this mega tax break on its timeline? Well, “it’s complicated.” But basically, when the company goes public tomorrow, a major corporate tax loophole will give Facebook a $3 billion dollar tax break.
Yes, that’s right, $3 billion — even more than what J.P. Morgan just lost through reckless banking. Even though Facebook is extremely profitable, this loophole will zero out its entire tax bill this year, and likely for years to come.
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