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Facebook Paid No Taxes in 2012, Yet Received Almost Half A Billion in Rebates

Discussion in 'BlackHat Lounge' started by The Scarlet Pimp, Feb 15, 2013.

  1. The Scarlet Pimp

    The Scarlet Pimp Jr. VIP Jr. VIP Premium Member

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    "Thanx fer the cash, suckas!" - MZ :cool:

    According to a new report by the Citizens for Tax Justice, one of the corporations that has avoided paying taxes is the social media giant, Facebook. The new study shows that not only did Facebook not pay any taxes in 2012, despite earning more than $1 billion dollars, they actually received a tax rebate of almost a half a billion dollars.

    "Earlier this month, 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."

    The report continues to show that when all is said and done, after Facebook uses reductions from its stock options, their rebate will total nearly $3 billion.

    "In total Facebook's current and future tax reductions from the stock options exercised in connection with its IPO will total $3.2 billion. That's almost exactly what CTJ predicted last year, when Facebook first announced its IPO."

    Facebook joins a laundry list of other corporations, such as Verizon and GE, who profit billions of dollars each year, but because of the current tax code, end up depriving the federal government of fair revenue with each passing year.

    http://www.examiner.com/article/report-facebook-paid-no-taxes-2012-received-massive-rebate
     
  2. JohnnyBlackHatHero

    JohnnyBlackHatHero Newbie

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    disgusting...
     
  3. wordgeist

    wordgeist Regular Member

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    How do I get those reabates too :)
     
  4. Qokaine

    Qokaine Regular Member

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    [​IMG]
     
  5. jazzc

    jazzc Moderator Staff Member Moderator Jr. VIP

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    You need to pay $3.2 billion in stocks to your employees :)
     
  6. intrepid

    intrepid Regular Member

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    They've got a good scheme going. They make money off people's status updates, use people's pics for making money, and make money with tax rebates. Gotta be a big biz to make money.
     
  7. The Scarlet Pimp

    The Scarlet Pimp Jr. VIP Jr. VIP Premium Member

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  8. kideze

    kideze Elite Member

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    All the top companies have failed to pay taxes. Bank of America, Starbucks, man the list goes on. Rich getting richer.
     
  9. The Scarlet Pimp

    The Scarlet Pimp Jr. VIP Jr. VIP Premium Member

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    and yet Capone took the fall.
     
  10. KevinZaki

    KevinZaki Junior Member

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    There needs to be some serious tax reform. We need Ron Paul as the president.