Also in this playlist...
This transcript is automatically generated
It's tax season and while many of us may have to pay up this year the social media site FaceBook is reportedly getting a ton of cash back from the government.
Peter -- see -- live with the details now Peter.
Folks all around the world use FaceBook for free but that company still manages to make a lot of money about one point one billion dollars in profit just last year just here in the United States.
And they didn't pay any federal income tax or state income tax and 2012 in fact.
They'll get a refund of 429.
Million dollars because of one.
Tax deduction for executives stop.
Employees cash in the stock options.
And at that point there's a tax deduction for the company because even though didn't cost FaceBook connect well the government treats it as wages and they get a deduction for.
And just this week President Obama said congress should get rid of tax breaks like this one.
Save hundreds of billions of dollars by getting rid of tax loopholes and deductions for the well off and welcome back.
President Obama has benefited tremendously from his popularity and social media and tax experts say that might be why he lets FaceBook get away with billion dollar tax breaks like this one.
The president so I had a double stand when it comes to picking out examples that helped me advance his policy agenda.
He often points oil and gas company is taking.
Questionable deductions which are perfectly legal under the law but he leaves out other companies like FaceBook that.
That pay affect lower effective tax rate but doesn't go after a -- which are perfectly legal and and just thought reductions but the point them out and doesn't make an example the same -- he does.
And an -- like oil and gas.
All in all FaceBook got about a one billion dollar tax break in 2012 and they carried over 2.2 billion dollars in breaks to use in future years so far -- FaceBook spokesperson has declined comment about the big tax breaks -- Peter Doocy thank you very much Peter.
Filter by section