Fri Feb 15, 2013, 03:42 PM
ProfessionalLeftist (4,982 posts)
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, 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.
Facebook will be able to carry further tax rebates forward, according to CTJ, for a total of $3 billion in tax deductions.
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Facebook Paid No Corporate Income Tax Last Year, After Making More Than $1 Billion In Profits (Original post)
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