Bailout Erases Tech Workers’ Unpaid Taxes

A number of lower-level and middle-management tech workers shafted by the dot-com bust got a break from that controversial $700 billion federal bailout, the Wall Street Journal reported on Monday.

Five paragraphs in that much-contested law essentially erased the taxes they were paying on stock options from the 1990s. For example, one Cisco Systems Inc. engineer owed $3.5 million in taxes, interest and penalties that he no longer must pay.

The Treasury is covering the workers’ unpaid taxes at a cost of $2.3 billion.

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