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Facebook Stock Tax Proceeds Tank, California Relying On Twenty -Somethings For Support

Well, the hits from the Facebook  stock implosion keep coming. Now, it’s the State of California, which apparently overestimated how much  tax revenue it was going to collect from Facebook employees after the IPO.

According to Bloomberg’s John  Erlichman, California is now saying its “tax revenue is at risk” because it  assumed it would get $1.9 billion from newly enriched Facebook employees.

But now those Facebook employees are only going to get about half as rich as  they would have if the stock were still trading at the IPO price. And that means that California–and the Federal government–are likely to  collect only about half as much Facebook-related tax revenue as they  thought.

State of Californa now counting on the twenty- somethings FaceBook employees for support..

 

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