One of President Donald Trump’s former institutional enemies will face a $16 billion hit in the third quarter, all thanks to the Big Beautiful Bill omnibus package passed over the summer.
According to Reuters, Facebook and Instagram parent company Meta saw virtually all of its third-quarter income wiped out thanks to a one-time hit by the way taxes are calculated under the BBB.
While Meta will see lower taxes in the future, the implementation “led to the recognition of a valuation allowance against our U.S. federal deferred tax assets, reflecting the impact of the U.S. Corporate Alternative Minimum Tax,” which “includes a one-time, non-cash income tax charge of $15.93 billion,” according to a company media release.
Instead of being able to record a net income
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