Facebook Mades Billions Paid No Corporate Income Tax Last Year
Posted in the Minneapolis Forum
Saint Paul, MN
#1 Feb 15, 2013
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:
Earlier this month, the Facebook Inc. released its first “10-K” annual financial report since going public last year. Hidden in the report’s 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.
Facebook’s income tax refunds stem from the company’s use of a single tax break, the tax deductibility of executive stock options. That tax break reduced Facebook’s 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.
“When profitable corporations can use the stock option tax deduction to pay zero corporate income taxes for years on end, average taxpayers are forced to pick up the tax burden,” said Sen. Carl Levin (D-MI) when this issue arose as Facebook was preparing its initial public offering last year. This tax preference for corporations costs the U.S. about $2 billion in revenue per year.
#2 Feb 15, 2013
This is SOOO funny! Anything the Collectivist extremists cannot understand must be a plot by Responsible, Patriotic Americans.
These Doucebagger nuts are totally insane!
#4 Feb 15, 2013
But, but, Facebook isn't one of the evil big corporations. Facebook is liberal, that makes it different!
That means Facebook is exempt from liberal bias like the other liberal big corporations!
Lefties are so predictable!
#5 Feb 15, 2013
Oddly, you're making a claim, we don't agree with...
Taxes are the admission ticket to be American, it's NOT PARTISAN, putz !!!
Ps- Corporations aren't actually people, it's a stupid premise, just like you.
#6 Feb 15, 2013
Ps- Zuckerburg holds rethug fundraisers, grow a brain and observe the actual workings...
#7 Feb 15, 2013
Yes, There are people that are allowed to live in America and are sustained by their neighbors wealth, that really Bahyahayaahahahh that "Taxes are the price of admission to Amerika".
This is not a flippant comment by our Sociopath Slewsie, this is the mind set of the Millions of Dependent 5th and 6th Generation Leeches that have never contributed anything but Feral Children to our American Experience!
The sacrifices you and yours have made for Freedom, has Gifted these Scum with a Public Voice.
They have a vote!
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