Friday, December 20, 2013

Are you paying Facebook's taxes? Again...

According to Senator Tom Coburn (R-Oklahoma) Facebook will be paying no tax again this year, in fact, it looks like they might even get a refund.

Each year Senator Coburn publishes his ‘Wastebook’, a report that details how much money the government waste.

Of Facebook he says:

“One of America’s largest companies avoided paying federal or state income taxes, and is poised to do so again this year. In fact, they will likely receive a check from the federal government in the form of a tax refund.”

“Despite bringing in more than $1 billion in US pretax profits last year, the social-media giant Facebook reported a combined $429 million refund from their federal and state tax filings,” he continues, including roughly $295 million from Uncle Sam. According to Coburn’s report, last year Facebook relied on an employee stock option tax deduction to lower the amount of owed income taxes by around $1.03 billion.

“By providing stock options as a major form of their compensation, to date Facebook has claimed $3.2 billion in federal and state stock option deductions, $1.03 billion of which was used to offset their total US pretax profit of $1.1 billion in 2012 and $429 million was refunded from its 2010 and 2011 tax bills,” he says. Full story...

Related posts:
  1. Facebook offshores HUGE WAD OF CASH to Caymans - via Ireland to avoid taxes...
  2. Facebook to pay NO tax for 2012 and will even get tax refund of $429m...
  3. Facebook co-founder becomes Singapore citizen to save millions on taxes...
  4. America's richest families avoid paying taxes...
  5. American socialite dumps US nationality and most taxes by becoming Singapore citizen...

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