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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