Facebook Paid No Income Taxes in 2012
Feel free to scream at the top of your lungs WHAT THE HELL IS GOING ON HERE? The largest social media network in the world called Facebook paid no U.S. or state income taxes??? BUT my Joe or Sue six pack pays out the ass and then some in state and federal taxes? What is wrong with this picture? Check it out here at CNBC.
How did the social network manage to swing such a nice tax break?
Well, according to the Citizen for Tax Justice report the company benefited from the tax deduct-ability of executive stock options, which reduced all of its income taxes by $1.03 billion in 2012.
The company also has another $2.17 billion in extra tax-option breaks to carry forward in the future, according to the report, which means Facebook gets to deduct a total of more than $3 billion in current and future taxes, according to the report."
Are you freaking kidding me??? Not one dime in taxes while they made billions?
I'm done... this is bullshit. Where is the Elizabeth Warren at the IRS??? We need an Alan Grayson mentality on this crap. This is wrong all across the board. All of these rape the country tax loopholes need to be closed once and for all. We all benefit from a strong government that protects all American interests. Nobody gets a free ride when you get billions in profits or even working for a paycheck as a shipping clerk for a small company. Nobody.