Facebook earns $1.1 billion in profits but pays zero taxes !

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Facebook not only managed to pay zero in federal and state income taxes but also will receive a refund of $ 429 million for previous income taxes paid !

Facebook also gets to carry forward for future years tax breaks of $2.17 billion ! 

These tax reductions are related to the stock options exercised from Facebook's IPO.

The current and future tax reductions amount to a total $3.2 billion.

This is the information that was garnered from Facebook's first 10-K annual financial report as determined by the Citizens for Tax Justice.
http://ctj.org/pdf/facebookexcess.pdf

Now, Facebook isn't the only company that is particularly good at not paying taxes.

Earlier I had reported how Starbucks paid no taxes for 14 years.

The G20 finance ministers meeting in Moscow have pledged to crack down on tax avoidance by multinational companies.

With Facebook not paying any income taxes, US citizens will have to pay more.  

Some have argued that this corporate behavior is unethical and even unpatriotic while others think it's fair game for the company to do any legal maneouvre to avoid paying taxes and maximize its profits for its shareholders.  

What do you think about Facebook ?

 

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