Obama Definition Of “Closing Loopholes”

When Obama talks about closing loopholes for the rich. what he means is stealing money from the middle class to give to his rich supporters.

It hasn’t drawn much attention, but Facebook’s first annual earnings report contains an accounting gem: a multibillion-dollar tax deduction for the cost of executive stock options and share awards.

Even though Facebook (FB) reported $1.1 billion in pre-tax profits from U.S. operations in 2012, it will probably pay zero federal and state taxes—and even receive a federal tax refund of about $429 million—according to a Feb. 14 statement from Citizens for Tax Justice.

Facebook Gets a Multibillion-Dollar Tax Break – Businessweek

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12 Responses to Obama Definition Of “Closing Loopholes”

  1. tckev says:

    “Democracy and socialism have nothing in common but one word, equality. But notice the difference: while democracy seeks equality in liberty, socialism seeks equality in restraint and servitude.”
    Alexis de Tocqueville

  2. phodges says:

    Are you starting to notice the socialists in charge are not poor blacks, mexicans, and muslims?????

    • They are the ones electing these scumbags.

      • phodges says:

        But the point is they are not the ones benefiting…no matter who is in power, dem or republican, GE will still get a tax refund, and the banks will still get bailed out. You and I will pay for it.

        100 years ago, people did not pay taxes, but corporations did.

        Now we are but debt peons…

  3. A couple of comments here. Companies or corporations are in a sense accounting fictions. They don’t actually earn money or pay taxes. The shareholders of these entities are earn income. The consumers of the goods and services produced pay. So long as those who are benefiting are ultimately taxed equitably, then there isn’t necessarily a problem here.

  4. David says:

    Will, the problem is called hypocrisy.

  5. David says:

    I take your comment to mean that as long as the profit goes to the individuals at the head of the cooperation, and they pay the taxes, then all is fine, it does not matter where the tax comes from. My point is that Obama, as well as the political ideology of facebook purports to support the 99% When a coorperation takes hundreds of millions of dollars in profit for the “elite” one percent within that cooperation in massive stock options to wipe out over a billion in profit, and according to the article even recieve a federal tax credit, while at the same time demonizing the one percent, this is hypocrisy in my view.

    • I’m not familiar with the US tax code but so long as, say, stock options, are taxed if exercised, then there shouldn’t be a problem. However, if the US tax code has various loopholes to minimize tax on options, then that may be a genuine matter of concern.

    • Or let me try to explain this another way. If say, 1000 employees get stock options and exercise those options, those 1000 employees should be taxed on their additional income earned. The corporation shouldn’t be taxed – which is why the deduction is valid – otherwise you’d be taxing the same bundle of money twice.

  6. gator69 says:

    Facebook, like GE, was a good little soldier in the war on freedom. Combat pay.

  7. David says:

    Will, you missed the point. Facebook is a huge supporter of Obama, and a idelogical supporter of the very lame Occupy Wall Street, a strong support group for the “beggar thy neighbor” liberal agenda. Most of these average OWS people incredibly think Obama supports them, along with the “cool” companies like Facebook. Somehow Facebook washed away a billion dollars in profit, and avoided giving their “fair share” to the goverment for all their “only we, the elite govt, care about poor people” programs, and instead gave several billion to thir top executives, so much so that some how, and this I do not understand, they, Facebook, recieved several hundred million dollar credit. Yes I understand your point that those individuals revieving this gift will pay taxes on it. I am not so certain. Stock options tax are deferred and not taxed as income as far as I know.

    http://www.google.com/url?sa=t&rct=j&q=&esrc=s&frm=1&source=web&cd=1&cad=rja&sqi=2&ved=0CEEQFjAA&url=http%3A%2F%2Fwww.smartmoney.com%2Fpersonal-finance%2Ftaxes%2Ftaxes-on-incentive-stock-options-12196%2F&ei=i8QhUe2eN8KDjAKx14HIDw&usg=AFQjCNGeQf5cY9t0_SAz3GkpkMUhnqqNEw&sig2=zZ8DsTQ_Eyz90YJlqQDy1w

    and so will only be paid years later, at dollars less valuable, at a reduced tax percentage.
    However this is not relevant to the cogent charege of hypocrisy made by our host, as Obama never ceases attacking big business as selfish and overpaid.

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