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Feb 19 - the facebook empire pays ZERO income tax and gets $429 million refund

 Feb 19 - the facebook empire pays ZERO income tax and gets $429 million refund
topic by messy marv stan - 02-19-2013, 02:33 PM - Boxden > BX Daily Bugle - news and headlines

Facebook pay no tax for 2012 and even get a tax refund of $429MILLION despite $1BILLION in profits | Mail Online

Facebook claim they have a $559 million federal tax liability

But a huge tax break means the world's largest social media company will actually receive a refund

.Facebook will not pay any tax for 2012 despite making $1.1 billion in pre-tax profits from U.S. operations, according to a report released on Thursday.
But Mark Zuckerberg's company will also get a multimillion dollar tax refund of around $429 million according to Citizens for Tax Justice (CTJ).

The refunds reportedly come from tax deductions on executive stock options and share awards

Facebook released its first annual report as a public company on January 30 after floating in May 2012.

CTJ describe the fact that the company 'did not pay even a dime in federal and state income taxes' as an 'amazing admission.'
As reported by Businessweek, Facebook says it had a $559 million federal tax liability in 2012.

But their refunds on the tax deductibility of stock options reduced the companies federal and state income taxes by $1.03 billion for the year, including refunds of earlier years’ taxes of $451 million

Facebook spokeswoman Ashley Zandy declined to discuss the tax break with Businessweek and instead referred to a transcript of Facebook executives’ conference call with analysts.

In this call, Chief Financial Officer David Ebersman mentioned the accumulated tax benefits before noting that Facebook ended the fiscal year with nearly $10 billion in cash and investments.

Ebersman claimed this gave the company 'great flexibility and risk protection.'

Facebook delivered fourth-quarter results above Wall Street's expectations on January 30 and sought to show that it has finally transformed into a 'mobile company' after rising to dominance as a Web-based social network.

But its stock dropped in after-hours trading as investors placed more significance on the company's growing expenses rather than on its increasing user base and higher advertising revenue.

'Everything was slightly better than expected,' said Wedbush Securities analyst Michael Pachter. 'I don't see anything here that would make me want to sell the stock.'

Nonetheless, Facebook's stock fell $1.11, or 3.6 percent, to $30.13 in after-hours trading following the earnings report.

Facebook Inc. grew its revenue and increased the percentage of it that comes from mobile advertising - a closely watched figure. But expenses also grew sharply.

The company also said 2013 will be a year of 'significant investments' and hiring as it focuses on long-term growth rather than short-term profits.

The world's largest social media company earned $64 million, or 3 cents per share, in the October-December period. That's down 79 percent from $302 million, or 14 cents per share, a year earlier when it was still a privately held company.

Revenue rose 40 percent to $1.59 billion from $1.13 billion, surpassing analysts' expectations of $1.51 billion.

Advertising revenue grew 41 percent to $1.33 billion, increasing at a faster clip than in the third quarter, when it climbed 36 percent to $1.09 billion

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42 comments for "Feb 19 - the facebook empire pays ZERO income tax and gets $429 million refund"

 02-19-2013, 02:36 PMonline - #2
Ham Rove 2069 heat pts2069

$37,664 | POWERFUL
yeah thats bull####, but but poor people are to blame!!!! These corporations getting huge tax rebates is nothing new. I mean for christ sake we are subsidizing the most profitable corporations in world history, the oil companies.
 02-19-2013, 10:46 PMaway - #3
TheChief 14 heat pts14

$2,995 | POWERFUL
they help out the feds with information, gotta give them something for that ####
 02-19-2013, 10:52 PMaway - #4
ATLANTASTAN 57 heat pts57

$23,806 | POWERFUL
a change will come
 02-19-2013, 10:52 PMaway - #5
JetsLost 18 heat pts18

$6,741 | POWERFUL
 02-19-2013, 10:56 PMaway - #6
.amberlamps. 13 heat pts13

$25,367 | POWERFUL
facebook accountants sleeping in piles of cash, doing lots of blow and ####ing ya favorite models.
 02-19-2013, 11:13 PMonline - #7
cankstoochie 35 heat pts35

$11,674 | POWERFUL
This makes no sense. The government knows that there are loopholes and continue to do nothing about it.
 02-19-2013, 11:17 PMonline - #8
philly337 15 heat pts15

$21,738 | POWERFUL
And this is exactly the problem

I posted many articles last year how like 70% of big business paid in no tax and actually received refunds

####s crazy...and middle class morons will still support republicans
 02-19-2013, 11:39 PMaway - #9
FlamboyantOne 1 heat pts

$3,532 | 10142295
for the life of me , I dont get why FB makes that much money.

####, why stop there with the greed......come up with 6.99 Monthly fees or some ####
 02-20-2013, 12:23 AMaway - #10
Sk8bamboo 43 heat pts43

$1,045 | POWERFUL
Pretty disheartening to be an American sometimes.
 02-20-2013, 12:48 AMonline - #11
PEK 6 heat pts

$7,994 | POWERFUL
How the #### do you get a refund if you didnt even pay taxes? Thats some bull#### and I aint just talking about facebook, I'm talking about everybody that gets a refund higher than what they actually paid in taxes. The IRS stay raping my pockets and hardly give me #### back. I paid like 25k in taxes and got less than 5k back. This some bull####
 02-20-2013, 02:13 AMaway - #12
420Heat 2 heat pts

$5,070 | 13366911
Originally Posted by FlamboyantOne
for the life of me , I dont get why FB makes that much money.

####, why stop there with the greed......come up with 6.99 Monthly fees or some ####
people wouldnt use it then

mebe a dollar a month
 02-20-2013, 02:40 AMonline - #13
Backflipz 81 heat pts81

$11,881 | POWERFUL
Originally Posted by philly337
And this is exactly the problem

I posted many articles last year how like 70% of big business paid in no tax and actually received refunds

####s crazy...and middle class morons will still support republicans
It's crazy people believe in this ####.

I was in my Sociology class and the teacher was giving a lecture about consolidation of wealth in the 1% and we got to the part about companies paying no taxes.

This being the south, one redneck dude was saying "well they got to keep competitive and it's a good thing to do Reagan trickle down economics. We should do more of it to stimulate the economy!"

How do you think we got here in the first place
 02-20-2013, 08:32 AMaway - #14
Trilluminati GA 355 heat pts355

$33,099 | POWERFUL
our gov't is a joke
 02-20-2013, 09:18 AMaway - #15
kiddalex 7 heat pts

$2,316 | 17154358
I'm bout to go Chris D on these ####ing corporate crooks mane

How am I paying more in taxes than FB ?!?!?!
 02-20-2013, 09:47 AMaway - #16
choong 9 heat pts

$3,312 | 9736834
Apple, Google and Starbucks are a few more companies that avoided paying tax in the UK, yet the made hundreds of millions from trading here!
 02-20-2013, 09:58 AMaway - #17
Trolling 61 heat pts61

$1,853 | POWERFUL
 02-20-2013, 10:12 AMaway - #18
iThink 7 heat pts

$13,936 | POWERFUL
broken system

ordinary citizens are to blame if you ask repubs though, corporate welfare like this is okay to them.
 02-20-2013, 10:30 AMaway - #19
superdrunken 5 heat pts

$6,188 | POWERFUL
capitalism is just like an extension of nature and survival of the fittest... ain't nothing fair in this world They will take any and all available options to #### over everyone else and survive in the most profitable way possible.

And to be fair, corporate profits are extremely high under Obama.
 02-20-2013, 12:11 PMaway - #20
messy marv stan 1640 heat pts1640

$13,139 | POWERFUL
the tax code is a joke
the only way to get tax breaks is to bribe these politicians

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