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Faecesbook to get $429 million tax refund for 2012 despite $1 billion in profits

#1iGenesisPosted 2/17/2013 7:03:51 PM(edited)
http://www.dailymail.co.uk/news/article-2279701/Facebook-pay-tax-2012-tax-refund-429MILLION-despite-1BILLION-profits.html

They took advantage of tax deductions from executive stock options and share awards, as well as the "Double Irish" tax avoidance scheme and other tax loopholes.

To the folks who complain that America's corporate tax rates are too high, these are the facts:
(1) 26 out of 30 companies in the Dow Jones Industrial Average received tax refunds on profits made in the U.S. between 2008 and 2011
(2) Despite the advertised 39.2% top corporate tax rate, the average effective (actual) tax rate paid by U.S. corporations is only 12.1%.
Source: http://www.huffingtonpost.com/2012/04/09/corporate-tax-rates_n_1413268.html

What about lowering the corporate tax rate and eliminating loopholes, as certain members of CONgress keep proposing? The fact is, there will always be loopholes. They will take advantage of the lower rates AND continue to use loopholes, resulting in even lower tax revenue.
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#2RockStar18XPosted 2/17/2013 7:12:55 PM
CORPORATIONS ARE GOING TO MOVE OVERSEAS BECAUSE OUR TAXES ARE TOO HIGH!!!
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#3Nitro378Posted 2/17/2013 7:13:58 PM
Meh, you guys have it lucky, here (UK) Facebook paid no tax whatsoever iirc.
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#4Xenogears15Posted 2/17/2013 7:19:21 PM
Nitro378 posted...
Meh, you guys have it lucky, here (UK) Facebook paid no tax whatsoever iirc.


Uh...they didn't pay any taxes here, either. They got a freaking refund.
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#5SaikyoStylePosted 2/17/2013 7:22:06 PM
RockStar18X posted...
CORPORATIONS ARE GOING TO MOVE OVERSEAS BECAUSE OUR TAXES ARE TOO HIGH!!!


*SaikyoStyle likes this
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#6Nitro378Posted 2/17/2013 7:22:16 PM
Xenogears15 posted...
Nitro378 posted...
Meh, you guys have it lucky, here (UK) Facebook paid no tax whatsoever iirc.


Uh...they didn't pay any taxes here, either. They got a freaking refund.


As I understand it that's a refund on taxes they already paid out. I didn't click the link because the Mail is a joke paper.
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#7TheRealJiraiyaPosted 2/17/2013 7:25:13 PM
RockStar18X posted...
CORPORATIONS ARE GOING TO MOVE OVERSEAS BECAUSE OUR TAXES ARE TOO HIGH!!!


Big businesses that can afford these sorts of loopholes arent going anywhere regardless. The fear is that we dont want to do anything that will hurt small, rapidly growing businesses.

Which is why I support a scaled corporate tax system which doesnt tax small businesses at all and closes all of the known loopholes at the top
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#8iGenesis(Topic Creator)Posted 2/17/2013 7:33:08 PM
From: Nitro378 | #006
As I understand it that's a refund on taxes they already paid out. I didn't click the link because the Mail is a joke paper.

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

There, better? The Mail is a joke tabloid when posting non-news about celebrities, but their business articles are actually quite good.
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#9Nitro378Posted 2/17/2013 7:36:06 PM
Okay, fair enough then, that's pretty ****ed up

lol, the west
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#10ImperialDragonPosted 2/17/2013 7:36:20 PM
My good for nothing cousin only paid in $600 in taxes this year, and is getting a $4000 refund. Pisses me off.
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