Tom is thumping his chest as he routed Facebook in the tax paying fairness derby. As Bloomberg’s Business Week reported, Facebook reported $1.1 Billion in pre-tax profit and will likely pay no Federal or State taxes and may even get a tax refund of $429 Million. Tom kicked their ass in tax paying.
All this was mainly due to deductions for the cost of executive stock options and share awards. While Tom prides himself in paying more (fair and balanced) taxes, you can bet he will be increasing his executive stock options and share awards substantially.
The silence from Barack O’TomA is deafening on the fairness issue. Could it be because boy wonder Mark Zuckerberg hosted an O’TomA Town Hall at Facebook Headquarters and he was at O’TomA elbow at a Tech Star Dinner? Or is it because Facebook COO Sheryl Sandberg is a top Obama fundraising bundler?
Naw. But Zuckerberg may have an electric car and a windmill.
And with all the tax subsidies, it will take longer to end Facebook as we know it.