Facebook Paid No Income Tax in 2012 Despite More than a Billion in Profits

The company is one of many companies that managed to pay no income tax thanks to loopholes in the tax law.

As we head into the heart of the tax season and try to figure out just how to avoid having to pay in when we file our income tax, we should all be grateful we don’t have a bill the size of a company like, say Facebook, right? Not so, reports the Huffington Post. In fact, despite making pre-tax profits of $1.1 billion, Facebook paid no income tax at all in 2012. And on top of that, it received $429 million in net tax refunds for the year. Is it time for the whole tax code to be overhauled to ensure that everyone does indeed get to pay their fair share? This is as a result of those loopholes that the president talked about getting rid of in his State of the Union speech on Tuesday. Facebook is just one of the corporate giants that is able to…

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Where Does Free Speech End and Good Taste Begin?

There is a petition being circulated that asks Facebook to take down a page that has offensive language relating to the Sandy Hook shooting. So far, however, Facebook has not done so.

The First Amendment right to free speech is so often touted now that the true meaning has got lost somewhere in the translation. Simply put, it prohibits congress or the government from restricting free speech. However, it does not prevent an organization like Patch, or Facebook, from making rules of what it will or won’t allow to be “spoken” on it’s airwaves. A petiton on Facebook at the moment is asking for an offensive post related to the Sandy Hook tragedy be taken down. The administrator of the page, which is named Going to MacDonalds for a salad roll is like going to a brothel for a hug, claims that someone else posted it while he was distracted. He says now his page has been restricted and he can’t remove it. But people aren't …

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Has Facebook Gone to the Dogs - Literally?

People now have Facebook pages for their dogs? Is that too much?

When Facebook first crept onto the scene in 2004, it slowly earned 1 million users, but that grew incredibly in the eight years that followed. According to a story in Yahoo Finance this week, it now has 955 million users in any given month, an increase of 29 percent more than just a year ago. But recently a new trend has emerged that, considering the number of pet owners worldwide, could increase that number exponentially. Facebook users have begun setting up Facebook pages, just for their dogs. Tell us what you think about this, a naturally progression or has Facebook finally gone to the dogs? Are you ready to have Fido's daily activities coming through your Facebook feed?

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Sharon Swanepoel

1:46 pm on Sunday, September 16, 2012

I will do, thanks for the correction. Its mother and the other one from the litter are definitely too wild, but for some reason this one isn't - not sure why. I have another one that I brought inside from the same mother and I would never try and find him another home. He has been inside for two years and still hides for hours when he hears another voice in the house. Do you know why one cat from…   more ›

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Social Media: Divided by the Sexes

Breaking down the demographics of social media usage.

Almost 150 million Americans now use at least one social networking site, according to MediaBistro’s Shea Bennett. Women “check-in” much more than men – almost 100 million more visits per month! It’s probably no surprise that Pinterest is predominantly female, but according to the AllTwitter post, 64 percent of Twitter users are women who lead in log ins with 58 percent of Facebook and 60 percent of social gamers. “Men lead the way on Reddit (84 percent), Google+ (71 percent) and LinkedIn (63 percent)." There are more men on LinkedIn than there are women who use LinkedIn, Reddit and Google+ combined. A few more interesting facts: Online MBA brings perspective to other aspects of the demographics of social media users in their celestial …

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How Young is Too Young for Facebook?

World’s largest social media site is reportedly thinking of lowering the age limit on Facebook users. Is younger than 13 too young?

It is being reported in several media outlets, including CNET.com, that Facebook is looking at ways to lower the age restriction of 13 that is currently in place for Facebook users. But not everybody thinks it’s a good idea. A police officer, who has conducted undercover stings in an Internet predator unit, says it just opens up more opportunities for pedophiles. He also has concerns about social media bullying that would likely take place at a younger age. To get around some of these concerns, Facebook reportedly is trying out ways for parents to have control of the younger children’s Facebook experience. So what do you think? How young is too young for children to have their own Facebook page and circle of Facebook friends?

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Facebook - Passing Fad or Here to Stay?

Is Facebook a passing fad, destined to go the same way as the Rubiks cube and the hula hoop, or will it still be going strong 20 or 30 years from now?

As Facebook stocks hit the market Friday in one of the biggest initial public offerings ever, some investors were a little hesitant to put too much credence in the company’s sustainability.  Forbes reported that General Motors pulled its $10 million advertising investment on Facebook just before the launch of the IPO, saying the ads were ineffective and didn’t warrant the expense. More concerning for people considering buying up shares that launched at $38 a share, however, was whether or not Facebook would still be around 20 or 30 years from now. CNBC reported that a CNBC/AP poll conducted from May 3 – 7 among 1,004 people found that 50 percent thought Facebook was a passing fad. So what do you think? Is Facebook just a passing fad that …

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Are You Planning on Buying FB Stock?

The Internet giant, Facebook, is going public and will begin selling shares on Friday. Are you in?

Mark Zuckerberg, the founder of the Facebook, is taking his company public. Investors have been abuzz since FB first announced the news. According to an Associated Press article the world's most popular social network will begin trading on the Nasdaq Stock Market on Friday. Facebook's IPO (initial public offering) is expected to be in the $34 to $38 per share. The Menlo Park, Calif. company could raise $16 billion when it goes public if the shares trade on the higher end. Has all the hype influenced your interest in the Facebook IPO? Let us know whether you’re planning to buy or sit this one out.

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Will Leading the World In Corporate Taxes Hurt the U.S.?

Facebook's co-founder Eduardo Saverin recently renounced his U.S. Citizenship, and in the process, more than halved the $600 million he would have to pay if he sells his shares in Facebook after its IPO.

There are people who are saying good riddance to Facebook co-founder Eduardo Saverin for renouncing his citizenship. Who needs a rich guy who took advantage of a country and then skipped out without paying his fair share? But are the high taxes setting up the U.S. for more of this in the future? According to Fox News, the Brazilian immigrant, now turned U.S. emigrant, could earn $3.84 billion if he sells his four percent share in Facebook. The Capital Gains tax on that would reportedly amount to $600 million for a U.S. citizen. Saverin can’t escape the IRS entirely, and still has to pay exit taxes on his current net worth. But it is reportedly less than half of what he would have to pay on capital gains as a U.S. citizen. He has reportedly…

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