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

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 Feb 19 - the facebook empire pays ZERO income tax and gets $429 million refund
Unread 02-19-2013, 01:33 PMJoined Sep 2009 - away - #1
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messy marv stan 2197 heat pts2197 space
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Facebook pay no tax for 2012 and even get a tax refund of $429MILLION despite $1BILLION in profits | Mail Online




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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"

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Unread 02-19-2013, 01:36 PMJoined Jan 2007 - away - #2
Ham Rove 2409 heat pts2409 space
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yeah thats bullsh*t, 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.
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Unread 02-19-2013, 09:46 PMJoined Feb 2005 - away - #3
TheChief 14 heat pts14 space
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they help out the feds with information, gotta give them something for that sh*t
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Unread 02-19-2013, 09:52 PMJoined Oct 2004 - on now - #4
ATLANTASTAN 57 heat pts57 space
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a change will come
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Unread 02-19-2013, 09:52 PMJoined Sep 2008 - away - #5
JetsLost 18 heat pts18 space
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America
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Unread 02-19-2013, 09:56 PMJoined Feb 2004 - away - #6
Silver N Black 15 heat pts15 space
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facebook accountants sleeping in piles of cash, doing lots of blow and fu*king ya favorite models.
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Unread 02-19-2013, 10:13 PMJoined May 2007 - away - #7
cankstoochie 41 heat pts41 space
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This makes no sense. The government knows that there are loopholes and continue to do nothing about it.
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Unread 02-19-2013, 10:17 PMJoined Aug 2006 - away - #8
philly337 15 heat pts15 space
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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

sh*ts crazy...and middle class morons will still support republicans
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Unread 02-19-2013, 10:39 PMJoined Dec 2005 - away - #9
FlamboyantOne 1 heat pts space
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for the life of me , I dont get why FB makes that much money.


sh*t, why stop there with the greed......come up with 6.99 Monthly fees or some sh*t
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Unread 02-19-2013, 11:23 PMJoined May 2010 - away - #10
Sk8bamboo 46 heat pts46 space
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Pretty disheartening to be an American sometimes.
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Unread 02-19-2013, 11:48 PMJoined May 2008 - away - #11
PEK 6 heat pts space
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How the fu*k do you get a refund if you didnt even pay taxes? Thats some bullsh*t 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 sh*t back. I paid like 25k in taxes and got less than 5k back. This some bullsh*t
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Unread 02-20-2013, 01:13 AMJoined Jun 2010 - away - #12
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Originally Posted by FlamboyantOne
for the life of me , I dont get why FB makes that much money.


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

mebe a dollar a month
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Unread 02-20-2013, 01:40 AMJoined May 2011 - on now - #13
Backflipz 82 heat pts82 space
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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

sh*ts crazy...and middle class morons will still support republicans
It's crazy people believe in this sh*t.

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
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Unread 02-20-2013, 07:32 AMJoined Jan 2010 - away - #14
Trilluminati GA 401 heat pts401 space
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our gov't is a joke
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Unread 02-20-2013, 08:18 AMJoined Jan 2012 - away - #15
kiddalex 8 heat pts space
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I'm bout to go Chris D on these fu*king corporate crooks mane




How am I paying more in taxes than FB ?!?!?!
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Unread 02-20-2013, 08:47 AMJoined Jan 2005 - away - #16
choong 9 heat pts space
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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!
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Unread 02-20-2013, 08:58 AMJoined Feb 2011 - away - #17
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Unread 02-20-2013, 09:12 AMJoined Apr 2007 - away - #18
iThink 7 heat pts space
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broken system


ordinary citizens are to blame if you ask repubs though, corporate welfare like this is okay to them.
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Unread 02-20-2013, 09:30 AMJoined Aug 2011 - away - #19
superdrunken 6 heat pts space
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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 fu*k over everyone else and survive in the most profitable way possible.

And to be fair, corporate profits are extremely high under Obama.
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Unread 02-20-2013, 11:11 AMJoined Sep 2009 - away - #20
messy marv stan 2197 heat pts2197 space
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the tax code is a joke
the only way to get tax breaks is to bribe these politicians
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