Team Blue has given another bunch of 1%ers a huge tax break, in this case the execs at facebook:
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.
But do not despair. These 1%ers are the right kind, and no harm was done. They are progressives and love Team Blue, so they are OK, and deserve their break. It’s the other people that do not march to the tune of Team Blue that are the problem. Then again, the 1%ers at Facebook did pay their dues to Team Blue already, so all is really well:
The team had elite and, for tech, senior talent — by which I mean that most of them were in their 30s — from Twitter, Google, Facebook, Craigslist, Quora, and some of Chicago’s own software companies such as Orbitz and Threadless, where Reed had been CTO. But even these people, maybe *especially* these people, knew enough about technology not to trust it. “I think the Republicans fucked up in the hubris department,” Reed told me. “I know we had the best technology team I’ve ever worked with, but we didn’t know if it would work. I was incredibly confident it would work. I was betting a lot on it. We had time. We had resources. We had done what we thought would work, and it still could have broken. Something could have happened.”
As I have pointed out repeatedly, the left only hates the rich people that do not bow down to them and which do not agree with keeping and growing a system where these 1%5ers have to pay members of Team Blue big money or big favors to keep their cash. Anyone that doesn’t want to be part of this despicable scam/scheme is evil, but the ones that play along are all good people. The evil people are the ones that do not find this system that rewards cronyism and pay-offs to be a good thing or that think the rules should apply to everyone equally.