CONGRESS DOESN'T HAVE TIME TO READ NEW BILLS BEING PASSED BECAUSE OF FUND RAISING
"Of course the truth is that the congresspersons are too busy raising campaign money to read the laws they pass. The laws are written by staff tax nerds who can put pretty much any wording they want in there. I bet that if you actually read the entire vastness of the U.S. Tax Code, you'd find at least one sex scene ("'Yes, yes, YES!' moaned Vanessa as Lance, his taut body moist with moisture, again and again depreciated her adjusted gross rate of annualized fiscal debenture")."
-- Dave Barry
Eliminate this loophole and incentives for companies to send jobs overseas. I think doubling the taxes on overseas profits is the right move.
Facebook didn't pay any federal or state income taxes last year and will receive a hefty tax refund, according to a recent report.
How did the social network manage to swing such a nice tax break?
Well, according to the Citizen for Tax Justice report the company benefited from the tax deductability of executive stock options, which reduced all of its income taxes by $1.03 billion in 2012.
The company also has another $2.17 billion in extra tax-option breaks to carry forward in the future, according to the report, which means Facebook gets to deduct a total of more than $3 billion in current and future taxes, according to the report.