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Giant Tax Loopholes and Tax Breaks: All About the Multi-Billion Dollar Facebook IPO

Shares of the social network go on sale Friday at an initial public offering expected to be one of the largest ever--so how's it managing to get a $3 billion tax break?

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There is no reason why Facebook and the other corporations who use this loophole should continue to receive these windfall tax deductions. 

If Zuckerberg really believes in paying higher taxes, why not prove it? That's the question the Working Families Party is asking in its petition on the occasion of Facebook's IPO. Calling for Zuckerberg to support Levin's bill and for Facebook to pay its fair share in taxes, the WFP echoes demands made over and over again in recent years: for corporations that profit off ordinary people to help pay for the services we all need.

Facebook would be nothing without its users, their information, their daily visits to the site. Of all companies that ought to understand they have some obligation to the public, Facebook should get it. Instead, like so many wealthy CEOs, Zuckerberg talks a good game about tax justice but takes full advantage of every loophole behind closed doors. 

 

Sarah Jaffe is an associate editor at AlterNet, a rabblerouser and frequent Twitterer. You can follow her at @sarahljaffe.

 
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