Why America Is Failing – ‘Facebook 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’.
‘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