$1.1 billion profit and $0 in taxes. You ok w/that?

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1 - 19 of 19 Comments Last updated Feb 18, 2013
The Taxman

Herndon, PA

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#1
Feb 15, 2013
 

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Make $1.1 billion in profit, pay $0 in taxes, and get a $429 million tax refund. Sound fair to you? Republicans seem to think so!

President Obama has long called for corporate tax reform by closing loopholes. However, without Republican support in the House, it can't happen and they don't support tax reforms. Too bad because it screws the country and every taxpayer day in and day out. See the article below. Then support President Obama's call for tax reform. And vote Democratic.

“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.

But that’s not all of the stock-option tax breaks that Facebook generated from its initial public offering of stock (IPO). Facebook is also carrying forward another $2.17 billion in additional tax-option tax breaks for use in future years.

So in total Facebook’s current and future tax reductions from the stock options exercised in connection with its IPO will total $3.2 billion.”

To review:

Facebook makes a billion-dollar profit.

Facebook executives cash out billions of dollars in stock options (money taxed at the 15% capital gains rate).

This sucks! Help the President fix this problem. Contact your Republican Representative ( www.kingston.house.gov ).

http://blogs.ajc.com/jay-bookman-blog/2013/02...
Redneck

Saint Marys, GA

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#2
Feb 15, 2013
 

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How does this compare to General Electrics profits in 2010-11? Also was the head of Facebook named head of the presidents jobs council? Immelt was even after he shut down a plant employing 6,000 people in the mid-west and moved it to China.

Your commie hero, presbo, suks.

If anyone is really concerned they should take it to presbo at www.whitehouse.gov
The Taxman

Herndon, PA

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Feb 15, 2013
 

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Redneck wrote:
How does this compare to General Electrics profits in 2010-11? Also was the head of Facebook named head of the presidents jobs council? Immelt was even after he shut down a plant employing 6,000 people in the mid-west and moved it to China.
Your commie hero, presbo, suks.
If anyone is really concerned they should take it to presbo at www.whitehouse.gov
It's just as bad as the GE debacle I agree.

BUT the President does not write legislation, it originates in Congress and he signs it. Our President has been pointing out exactly these type of tax loopholes that need closing, but the Republicans in the House like Jack Kingston won't do a damn thing.

It's like it all goes back to that Republican statement about not giving Obama "a win" on anything. These loopholes need to be closed. And Republicans need to get on board and help do so. Hell, they'd even get some good press for a change since an overwhelming majority of Americans want them closed. Not closing them is stupid and shortsighted.
Shiznixer

Saint Marys, GA

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#4
Feb 16, 2013
 
The Taxman wrote:
Make $1.1 billion in profit, pay $0 in taxes, and get a $429 million tax refund. Sound fair to you? Republicans seem to think so!
President Obama has long called for corporate tax reform by closing loopholes. However, without Republican support in the House, it can't happen and they don't support tax reforms. Too bad because it screws the country and every taxpayer day in and day out. See the article below. Then support President Obama's call for tax reform. And vote Democratic.
“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.
But that’s not all of the stock-option tax breaks that Facebook generated from its initial public offering of stock (IPO). Facebook is also carrying forward another $2.17 billion in additional tax-option tax breaks for use in future years.
So in total Facebook’s current and future tax reductions from the stock options exercised in connection with its IPO will total $3.2 billion.”
To review:
Facebook makes a billion-dollar profit.
Facebook executives cash out billions of dollars in stock options (money taxed at the 15% capital gains rate).
This sucks! Help the President fix this problem. Contact your Republican Representative ( www.kingston.house.gov ).
http://blogs.ajc.com/jay-bookman-blog/2013/02...
How about giving us the reason for the loopholes detail so we can make up our own mind.Why did they get the tax refund. I need some of that money.
Redneck

Saint Marys, GA

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#5
Feb 16, 2013
 

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The Taxman wrote:
<quoted text>
It's just as bad as the GE debacle I agree.
BUT the President does not write legislation, it originates in Congress and he signs it. Our President has been pointing out exactly these type of tax loopholes that need closing, but the Republicans in the House like Jack Kingston won't do a damn thing.
It's like it all goes back to that Republican statement about not giving Obama "a win" on anything. These loopholes need to be closed. And Republicans need to get on board and help do so. Hell, they'd even get some good press for a change since an overwhelming majority of Americans want them closed. Not closing them is stupid and shortsighted.
Taxman, you are right about the legislation but he has to sign in order for it to become law.

In both of his campaigns prezbo received more funds from business than the republican candidate.

The republicans have not been able to do anything legislativly since 2007.

Quit your lying!
Anon

Herndon, PA

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#6
Feb 16, 2013
 

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Redneck wrote:
<quoted text>
Taxman, you are right about the legislation but he has to sign in order for it to become law.
In both of his campaigns prezbo received more funds from business than the republican candidate.
The republicans have not been able to do anything legislativly since 2007.
Quit your lying!
I don't think taxman is lying there dude. Sounds like someone don't like the truth of Democrats trying to help America and Republicans trying to hurt. Check out these quotes about who gave to who:

"Surrounded by 13 of the nation's biggest financial CEOs, Obama fired the first shot: "My administration is all that stands between you and the pitchforks." A few months later he tongue-lashed them as "fat cats" and struck a populist tone to raise taxes on the rich and slap tough new regulations on their businesses.

There was no surprise after all this that financial executives would respond with their checkbooks. For every dollar that Wall Street has given to Obama this election, it has given three to Romney.

The financial sector has bet big on Romney. The industry — including insurance and real estate — has so far sent $52.4 million in campaign donations to Romney, according to data compiled by the Center for Responsive Politics. That's almost 19% more spent on ousting Obama than the $44.2 million the financial sector spent on putting him into the White House in 2008."

http://articles.latimes.com/2012/nov/03/busin...
NFL Guy

Herndon, PA

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#7
Feb 16, 2013
 
The Taxman wrote:
Make $1.1 billion in profit, pay $0 in taxes, and get a $429 million tax refund. Sound fair to you? Republicans seem to think so!
President Obama has long called for corporate tax reform by closing loopholes. However, without Republican support in the House, it can't happen and they don't support tax reforms. Too bad because it screws the country and every taxpayer day in and day out. See the article below. Then support President Obama's call for tax reform. And vote Democratic.
“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.
But that’s not all of the stock-option tax breaks that Facebook generated from its initial public offering of stock (IPO). Facebook is also carrying forward another $2.17 billion in additional tax-option tax breaks for use in future years.
So in total Facebook’s current and future tax reductions from the stock options exercised in connection with its IPO will total $3.2 billion.”
To review:
Facebook makes a billion-dollar profit.
Facebook executives cash out billions of dollars in stock options (money taxed at the 15% capital gains rate).
This sucks! Help the President fix this problem. Contact your Republican Representative ( www.kingston.house.gov ).
http://blogs.ajc.com/jay-bookman-blog/2013/02...
A good, yet unbelievable article. Thanks.

And a good link to loser Kingston too.
Anon

Herndon, PA

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#8
Feb 17, 2013
 
Wow, I'm stunned. That's some serious tax loopholes!
bubba131

Calhoun City, MS

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#9
Feb 17, 2013
 
The Taxman wrote:
Make $1.1 billion in profit, pay $0 in taxes, and get a $429 million tax refund. Sound fair to you? Republicans seem to think so!
President Obama has long called for corporate tax reform by closing loopholes. However, without Republican support in the House, it can't happen and they don't support tax reforms. Too bad because it screws the country and every taxpayer day in and day out. See the article below. Then support President Obama's call for tax reform. And vote Democratic.
“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.
But that’s not all of the stock-option tax breaks that Facebook generated from its initial public offering of stock (IPO). Facebook is also carrying forward another $2.17 billion in additional tax-option tax breaks for use in future years.
So in total Facebook’s current and future tax reductions from the stock options exercised in connection with its IPO will total $3.2 billion.”
To review:
Facebook makes a billion-dollar profit.
Facebook executives cash out billions of dollars in stock options (money taxed at the 15% capital gains rate).
This sucks! Help the President fix this problem. Contact your Republican Representative ( www.kingston.house.gov ).
http://blogs.ajc.com/jay-bookman-blog/2013/02...
Taking advantage of the tax code is perfectly legal and smart.
When you file your taxes next year don't take advantage of the tax laws!!
Jack

Herndon, PA

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#10
Feb 17, 2013
 

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bubba131 wrote:
<quoted text>
Taking advantage of the tax code is perfectly legal and smart.
When you file your taxes next year don't take advantage of the tax laws!!
While it might be "perfectly legal" turdblossom, it sure as hell is not good for our great country. Multiply this case times hundreds or thousands year after year and it's pretty easy to see corporate America is screwing us and this country over and over again.

It would be damn nice if Republicans would finally man-up and get on board with President Obama and close these loopholes and quit only trying to protect their failing, shrinking party.
gossip person

Saint Marys, GA

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#11
Feb 17, 2013
 
The Taxman wrote:
Make $1.1 billion in profit, pay $0 in taxes, and get a $429 million tax refund. Sound fair to you? Republicans seem to think so!
President Obama has long called for corporate tax reform by closing loopholes. However, without Republican support in the House, it can't happen and they don't support tax reforms. Too bad because it screws the country and every taxpayer day in and day out. See the article below. Then support President Obama's call for tax reform. And vote Democratic.
“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.
But that’s not all of the stock-option tax breaks that Facebook generated from its initial public offering of stock (IPO). Facebook is also carrying forward another $2.17 billion in additional tax-option tax breaks for use in future years.
So in total Facebook’s current and future tax reductions from the stock options exercised in connection with its IPO will total $3.2 billion.”
To review:
Facebook makes a billion-dollar profit.
Facebook executives cash out billions of dollars in stock options (money taxed at the 15% capital gains rate).
This sucks! Help the President fix this problem. Contact your Republican Representative ( www.kingston.house.gov ).
http://blogs.ajc.com/jay-bookman-blog/2013/02...
Oops!! You left out the fact that Mark Zuckerberg is a regular visitor to the White House and donated huge sums to the Obama campaign.
Big Deal

Herndon, PA

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Feb 18, 2013
 

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gossip person wrote:
<quoted text>Oops!! You left out the fact that Mark Zuckerberg is a regular visitor to the White House and donated huge sums to the Obama campaign.
Big deal. Obama's trying - publicly - repeatedly - to close these type tax loopholes for the good of the country.

And when he does, guess what? Zuckerberg and other celebs will still try and hang on/around a president. He is (or she after 2016) the biggest celeb of all.

Be nice if Republicans and Teapublicans would help out, not hinder.
gossip person

Saint Marys, GA

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Feb 18, 2013
 

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Big Deal wrote:
<quoted text>
Big deal. Obama's trying - publicly - repeatedly - to close these type tax loopholes for the good of the country.
And when he does, guess what? Zuckerberg and other celebs will still try and hang on/around a president. He is (or she after 2016) the biggest celeb of all.
Be nice if Republicans and Teapublicans would help out, not hinder.
When Obama talked about raising taxes, the republicans tried to simplify the tax codes and remove tax loopholes. The president chose,instead, to PUNISH the rich instead of helping all americans. If he had followed the republican lead the tax problem would now be solved. Too bad, Obama had rather play politics than help the American people.
Redneck

Saint Marys, GA

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#14
Feb 18, 2013
 
Big Deal wrote:
<quoted text>
Big deal. Obama's trying - publicly - repeatedly - to close these type tax loopholes for the good of the country.
And when he does, guess what? Zuckerberg and other celebs will still try and hang on/around a president. He is (or she after 2016) the biggest celeb of all.
Be nice if Republicans and Teapublicans would help out, not hinder.
Ha Ha Ha Ha Ha Ha Ha Ha. Five thousand comedians out of work and you trying to be funny!

Which side of the HNIC's mouth did he use in trying to close which loop holes? He has about 6 different plans for every scheme on each problem he says he will fix.
Redneck

Saint Marys, GA

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#15
Feb 18, 2013
 
Jack wrote:
<quoted text>
While it might be "perfectly legal" turdblossom, it sure as hell is not good for our great country. Multiply this case times hundreds or thousands year after year and it's pretty easy to see corporate America is screwing us and this country over and over again.
It would be damn nice if Republicans would finally man-up and get on board with President Obama and close these loopholes and quit only trying to protect their failing, shrinking party.
Neither is 47 million people on food stamps, 6 million unemployed, 3 million ex workers who have gave up looking for a job, and joined the deadbeat rolls, millions more on medicaid, 6 trillion more debt added to the deficit.

Yeah, your HNIC is doing a damn good job sparky. Which social programs do you partake of or do you work for a state or federal agency that doles out the goodies?
Big Gvmt Sux

Kingsland, GA

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#16
Feb 18, 2013
 

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The tax system and tax code are corrupt. The United States has the most corrupt tax system and tax code ever devised by man. It was in place before Obama.
AUC

Herndon, PA

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#17
Feb 18, 2013
 

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Big Gvmt Sux wrote:
The tax system and tax code are corrupt. The United States has the most corrupt tax system and tax code ever devised by man. It was in place before Obama.
The democrats controlled house and senate 2007/2008/2009/2010. In 2011 the lost the house but kept the senate. If they, or HBO for that matter, wanted to change the tax code they had plenty of time!
Don’t blame face book … they implemented tax rules the democrats AND HBO did not want to change. And do not forget … HBO great friend, the CEO of GE did exactly the same … GE did not pay a dime in tax on a profit of around 5bil.
bubba131

Calhoun City, MS

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#18
Feb 18, 2013
 

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Jack wrote:
<quoted text>
While it might be "perfectly legal" turdblossom, it sure as hell is not good for our great country. Multiply this case times hundreds or thousands year after year and it's pretty easy to see corporate America is screwing us and this country over and over again.
It would be damn nice if Republicans would finally man-up and get on board with President Obama and close these loopholes and quit only trying to protect their failing, shrinking party.
So its just the Republicans who abuse the tax code huh??
LOL LOL LOL
You are clueless as well as profane.... watch the language dipstick..
AUC

Herndon, PA

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#19
Feb 18, 2013
 
Jack wrote:
<quoted text>
While it might be "perfectly legal" turdblossom, it sure as hell is not good for our great country. Multiply this case times hundreds or thousands year after year and it's pretty easy to see corporate America is screwing us and this country over and over again.
It would be damn nice if Republicans would finally man-up and get on board with President Obama and close these loopholes and quit only trying to protect their failing, shrinking party.
The democrats controlled house and senate 2007/2008/2009/2010. In 2011 the lost the house but kept the senate. If they, or HBO for that matter, wanted to change the tax code they had plenty of time!
Don’t blame face book … they implemented tax rules the democrats AND HBO did not want to change. And do not forget … HBO great friend, the CEO of GE did exactly the same … GE did not pay a dime in tax on a profit of around 5bil.

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