Facebook earns $1.1 billion in profits but pays zero taxes !
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. https://plus.google.com/107040353898400532534/posts/HKUwog3pPcF The G20 finance ministers meeting in Moscow have pledged to crack down on tax avoidance by multinational companies. http://www.bbc.co.uk/news/business-21481932 W...