While others are focused on Facebook’s co-founder’s citizenship-based tax evasion, New York State’s Working Families Party leaped into another loophole debate associated with the profits accumulated from the company going public.
“You’re not gonna Like this. Facebook plans to Like tax loopholes this week — in a big way,” the organizations’ executive director, Dan Cantor, said in an email blast sent to supporters, some of whom may have groaned with the “Like” rhetoric. “And it’ll cost taxpayers billions.”
Facebook’s critics allege Mr. Zuckerberg plans to write-off the profit it receives from going public as a business expense, and thus avoid paying taxes on billions of dollars of revenue, which Mr. Cantor clearly feels to be an unacceptable outcome.
“Like Warren Buffett, billionaire Zuckerberg has told President Obama he agrees that the mega-rich should pay more in taxes,” he continued. “So we’re calling on Mark Zuckerberg to follow through and ask Congress and President Obama to close the Facebook loophole today so that Facebook — and every big company that goes public — pays its fair share.”
The Working Families Party is asking its supporters to “poke” Mr. Zuckerberg through signing their petition and “tell him that his big corporate tax dodge won’t win him any friends.”