Facebook Makes $1B, Pays No Taxes

[njpilot 671]

Plus they will get a $429M refund.

 

How's your tax return looking this year?

 

Are you a big supporter/donor of Obama?

[TheLugNutZ 21]

Pisses me off. How does shit like that even happen? Obv they have a shitton of writeoffs but damn. NOTHING!?!?

[ryan_j 0]

It sucks for me. I have to pay AMT.

 

I wonder how much the evil big oil companies are paying?

 

I am a Ron Paul supporter and somewhat of a libertarian but I held my nose and voted for Romney.

[acuevo 0]

so they are getting nearly 43% of what they made in the year BACK?? WHY are people ok with this!?!?!

[NJMac 0]

Where are you getting your information from njpilot?

[Melgamatic 66]

I don't know which 10-K you read, but the official one I read says they made $1.062B in US income, lost $568mm in Foreign, for a total profit of $494mm. In 2012 they plan to pay $559mm in Federal taxes, $45mm in state and $22mm in foreign taxes.

 

They do have deferred tax expenses of $172mm, but plan to pay around $441mm in taxes for 2012.

 

They also state in their 10-K that their effective tax rate in 2012 is 89.3% (up from 41.0% in 2011).

[njpilot 671]

http://www.businessinsider.com/why-facebook-gets-an-income-tax-refund-2013-2

 

http://money.msn.com/now/post.aspx?post=1910aec1-e693-4a41-9bdd-f91d67e30b92

 

http://www.huffingto..._n_2694368.html

 

 

Facebook Paid No Income Taxes In 2012: Report

 

The Huffington Post | By Bonnie Kavoussi Posted: 02/15/2013 12:42 pm EST | Updated: 02/15/2013 1:53 pm EST

 

While taxes rose for most Americans at the beginning of year, some big companiesapparently paid no income taxes at all, according to a recent report.

Facebook paid no net corporate income taxes in the U.S. last year, according to a new report from Citizens for Tax Justice, a left-leaning research and advocacy group. Instead, Facebook will rake in $429 million in net tax refunds for the year, the report said, citing Facebook's recent annual financial report. The company earned $1.1 billion in U.S. corporate profits last year.

Facebook reduced its tax burden mainly by taking advantage of the tax deductibility of executive stock options, linked to its initial public offering last year, the report said. Thanks to this one tax break, Facebook will save a total of $3.2 billion in taxes, according to the report.

Facebook didn't immediately respond to an e-mailed request for comment from The Huffington Post.

If the report's allegations prove true, it would be just one of many ways Facebook is cutting its tax burden. The company also paid a foreign tax rate of just 0.3 percent in 2011, according to the Guardian.

Facebook is one of many big companies that's faced accusations of avoiding taxes.Thirty of America's most profitable companies -- including General Electric, Boeing and Wells Fargo -- paid no net income taxes between 2008 and 2010, according to a2011 report from Citizens for Tax Justice. President Barack Obama advocated for "getting rid of tax loopholes and deductions for the well-off and well-connected" in his State of the Union address earlier this week.

After-tax corporate profits have soared since 2000, according to Commerce Department data, as corporate profits have reached record highs and corporate tax avoidance has become increasingly common. Check out this graph of after-tax corporate profits:

[almiz111 26]

Well Suckleberg needs the money. He has to send some to his bud Christie. LOL.

 

I have been trying to figure out why they are locked at the hip? Anybody??

[blksheep 466]

How many of you have Facebook...you support him. Your just as at fault as the government.

[2 trip_nick 0]

Corporations shouldn't pay any taxes. They're not people. People own these entities and should pay taxes on their profits through normal income taxes. By treating corp.'s as people it's easy for the owners to hide money behind the corporate shield.

 

Probably not a popular position

[njpilot 671]

Corporations shouldn't pay any taxes. They're not people. People own these entities and should pay taxes on their profits through normal income taxes. By treating corp.'s as people it's easy for the owners to hide money behind the corporate shield.

 

Probably not a popular position

 

I agree, but it should be applied equally, do all companies. Not demonize companies the douche in office doesn't like, like oil companies, but give billions to phony "green companies".

[NJSigfan 218]

Well the stock price is still $10/ share below the IPO so they still suck for me...

[Melgamatic 66]

How many of you have Facebook...you support him. Your just as at fault as the government.

 

You don't support them until you click on the advertising links.

[fapipa 3]

You don't support them until you click on the advertising links.

 

Actually, you do support them even if you never click on their ads. You provide valuable information such as your web surfing habits that they can now track for many sites via the "like" button (without you clicking it), facial recognition data in your photos that can be used to identify who you and your friends associate with, location information, and much, much more.

 

http://allfacebook.com/europe-facial-recognition-data-deleted_b110321

[blksheep 466]

If you have a page...you support em.