Monday, June 27

Investigation vents the director of Roblox for abuse of fiscal stimuli | Levelup

Facebook / Twitter / YouTube / Instagram / News / Discord / Forums / Telegram / WhatsApp

Roblox It has become a phenomenon over the years and currently has a user base in the millions. Like other projects, this one started with a basic version and limits of all kinds, a bet we go, however, success in the framework of capitalism cannot be understood without taking advantage of and abusing the legal bugs (in video game language) that supposedly seek to encourage small businesses and end up benefiting the richest, just as it has happened with Roblox Corporation.

Millionaires getting away with tax matters? Incredible!

An investigation of the New York Times revealed the abuse by large companies, with multimillion-dollar revenues, of a fiscal stimulus program that was created in the United States during the 1990s with the intention of encouraging new entrepreneurs, as well as small and medium-sized companies, but not It has been updated. According to the information, Roblox Corporation is one of those companies and the program in question is the Qualified Small Business Stock exemption, which seeks to boost investment in stocks in small companies by freeing those operations from the tax.

Video: SPEEDRUN – News Summary – Week 51 of 2021

The fiscal stimulus program has been taken advantage of by Roblox in a bad way

This program avoids paying taxes on earnings with stocks up to $ 10 million, however, the passage of time has taken a toll and ended up becoming, according to the research, a tool used by large companies to avoid paying taxes. In the case of Roblox Corporation, it is cited that the CEO and founder David Baszucki, applied in 2004 for the exemption when the company was small, which gave him the opportunity to enjoy this benefit when he had shares in the market.

Well, the information indicates that before Roblox Corporation launched its shares in the stock market, David Baszucki and his wife gave shares to relatives and acquaintances, who in turn applied the exemption. The result? This program was “cloned” up to 12 times in the case of Roblox, so being a millionaire company with enormous income, it avoided paying taxes that, originally, did correspond to it. The detail in question was that the Qualified Small Business Stock exemption does not make the act of giving away shares illegal and allow these people, or names, to apply for it according to their interests. Basically, Roblox Corporation took advantage of loopholes in tax matters to avoid paying taxes on the earnings of its shares and operations on the Stock Market.

Stay informed, in LEVEL UP.

Fountain



Reference-www.levelup.com

Leave a Reply

Your email address will not be published.