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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsFacebook Paid No Corporate Income Tax Last Year, After Making More Than $1 Billion In Profits
Between 2008 and 2011, 26 major corporations were able to pay no federal corporate income tax, despite making a combined $205 billion in profits. According to a new report from Citizens for Tax Justice, Facebook joined that illustrious club last year, receiving $429 million in tax rebates despite making more than $1 billion in profits:
Facebook will be able to carry further tax rebates forward, according to CTJ, for a total of $3 billion in tax deductions.
Earlier this month, the Facebook Inc. released its first 10-K annual financial report since going public last year. Hidden in the reports footnotes is an amazing admission: despite $1.1 billion in U.S. profits in 2012, Facebook did not pay even a dime in federal and state income taxes.
Instead, Facebook says it will receive net tax refunds totaling $429 million.
Facebooks income tax refunds stem from the companys use of a single tax break, the tax deductibility of executive stock options. That tax break reduced Facebooks federal and state income taxes by $1,033 million in 2012, including refunds of earlier years taxes of $451 million
Facebook will be able to carry further tax rebates forward, according to CTJ, for a total of $3 billion in tax deductions.
MORE...
http://thinkprogress.org/economy/2013/02/14/1597741/facebook-pays-no-taxes/
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Facebook Paid No Corporate Income Tax Last Year, After Making More Than $1 Billion In Profits (Original Post)
ProfessionalLeftist
Feb 2013
OP
demwing
(16,916 posts)1. I'm so tired of Facebook
DUers, I wash my hand of this weirdness
Dawson Leery
(19,348 posts)2. I never joined, I never will.
City Lights
(25,171 posts)3. Greedy corporations suck.
FU FB.