Erskine Bowles and Alan Simpson have released yet another austerity plan that lowers taxes on corporations while proposing Social Security and Medicare benefit cuts.
But in a surprising statistic released from Alan Grayson’s office, it appears that there’s one deficit-enlarging tax break that Bowles personally benefits from that he is refusing to touch.
According to the SEC, Bowles owns 20,000 restricted stock units in Facebook. Thanks to Facebook’s ability to claim tax deductions worth $16 billion — what the company raised in its recent IPO — it is able to collect a $500 million tax refund, which would zero out its 2012 taxes.
As a result of this tax loophole, the value of Erskine Bowles’ share of the company increased by $114,000.