Facebook Eyes Tax Loophole, But So Does Senator
Senator Carl Levin, a Democrat from Michigan, introduced legislation Wednesday to try to close a huge tax loophole that Facebook was poised to take advantage of with its initial public offering looming.
Senator Carl Levin, a Democrat from Michigan, introduced legislation Wednesday to try to close a huge tax loophole that Facebook was poised to take advantage of with its impending initial public offer.
The New York Post reported that under current tax laws, Facebook can claim a loss on shares that Co-Founder and Chief Executive Officer Mark Zuckerberg buys in the company, potentially creating a deduction of up to $5 billion.
Levin has sought to get rid of this tax deduction for 15 years, and his latest attempt comes in the form of an amendment to change the policy on stock option deductions.
WORK SMARTER - LEARN, GROW AND BE INSPIRED.
Subscribe today!
To Read the Full Story Become an Adweek+ Subscriber
Already a member? Sign in