Saturday, February 16, 2013

Facebook paid no taxes despite record profits

As long as you're not big oil, Fox News or a gun manufacturer all's good.
Despite earning more than $1 billion in profits last year, social media juggernaut Facebook paid zilch when it came to federal and state taxes in 2012.
In fact, the website will actually be getting a refund totaling $429 million thanks to a tax reduction for executive stock options.

In the coming years, Facebook will continue to get monster tax breaks, totaling about $3 billion.

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