Facebook, $0 taxes due, $429 mil refund

[DrLeftover]

It hasn’t drawn much attention, but Facebook’s first annual earnings report contains an accounting gem: a multibillion-dollar tax deduction for the cost of executive stock options and share awards.



Even though Facebook (FB) reported $1.1 billion in pre-tax profits from U.S. operations in 2012, it will probably pay zero federal and state taxes—and even receive a federal tax refund of about $429 million—according to a Feb. 14 statement from Citizens for Tax Justice.

http://www.businessweek.com/articles/2013-02-15/facebook-gets-a-multi-billion-dollar-tax-break

 

[Geoffrey]

Shit man. This why our government has no money, stupid loopholes like this.



Hey um, Congress, let's reform that tax code? k?

 

[Evil Eye]

And they're not even sorry.



o.o

 

[Sinon]

And they're not even sorry.



o.o

Why should they be? They're not doing anything legally wrong

 

[Evil Eye]

Why should they be? They're not doing anything legally wrong

Ah, but it's the moral things one should apologise for.