Facebook received a $429 Million refund from the government

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  1. #1

    Facebook received a $429 Million refund from the government

    http://www.examiner.com/article/face...id=db_articles
    Facebook received a $429M tax refund from the government for the year 2012. On Feb. 16, Mail Online reported that the social networking site cashed in pretty major despite having made $1 billion in profits. The huge refund was thanks to stock options and tax deductions, making 2012 a successful year for the company.

    "Facebook says it had a $559 million federal tax liability in 2012. But their refunds on the tax deductibility of stock options reduced the companies federal and state income taxes by $1.03 billion for the year, including refunds of earlier years’ taxes of $451 million. After a small portion is applied to state taxes, this benefit turns Facebook's liability into a refund," Mail Online reported.

    The Facebook $429M tax refund is pretty incredible, given the amount of money that the company spends, but they have people working behind-the-scenes to ensure that they are doing everything appropriately -- and it is paying off (pun intended). Naturally employee salaries and advertising expenses are "write-offs" and the company can catch a break by significant investments.

    "Facebook is hoping to reduce future tax liability by carrying forward another $2.17 billion in additional tax-option tax breaks for use in the years ahead," Mail Online reports. More investments are also planned for 2013.

    Does Facebook's $429M tax refund surprise you?

  2. #2
    His Royal Highness the Honorable King of LandThieves Esq. III
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    Only rich republican owned companies and CEO's cheat the US out of the tax money owed. It doesn't happen anymore under Obama..

  3. #3
    Originally Posted by SoCaliSooner View Post
    Only rich republican owned companies and CEO's cheat the US out of the tax money owed. It doesn't happen anymore under Obama..
    Please explain how Facebook was "cheating the US out of the tax money owed."

  4. #4
    His Royal Highness the Honorable King of LandThieves Esq. III
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    Anytime big businesses get tax breaks, refunds or big profits, if they aren't run by left leaning friends of the dems, they are cheats and thieves and "not paying their fair share".
    2 users like SoCaliSooner's post: cosmoxl, soonerintn


  5. #5

    Facebook received a $429 Million refund from the government

    That's BS

  6. #6
    Tug Medick's Avatar
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    Further elaboration: touch me


  7. #7
    KCRuf/Nek's Avatar
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    Originally Posted by Sinatra View Post
    Please explain how Facebook was "cheating the US out of the tax money owed."
    Tell you what there, Ol' Blue Eyes. Insert an oil company or maybe Fox news for Facebook and we'll see what sort of tune you're singing.
    2 users like KCRuf/Nek's post: cosmoxl, Tundra


  8. #8
    KCRuf/Nek's Avatar
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    Originally Posted by SoCaliSooner View Post
    Anytime big businesses get tax breaks, refunds or big profits, if they aren't run by left leaning friends of the dems, they are cheats and thieves and "not paying their fair share".
    "There is nothing wrong with making profits. Now is just not the time".

    - Barack Hussein Obama -
    The following users like this post: cosmoxl


  9. #9
    bushmaster06's Avatar
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    In before the 'Dome.

  10. #10

    Facebook received a $429 Million refund from the government

    I like to drink wine more than I used to. Anyway, I'm drinking more.

  11. #11
    Originally Posted by KCRuf/Nek View Post
    Tell you what there, Ol' Blue Eyes. Insert an oil company or maybe Fox news for Facebook and we'll see what sort of tune you're singing.
    False. Any company whose employees cash out restricted stock once vested or exercise stock options is entitled to a tax deduction. Furthermore, any company that incurred a loss for tax purposes in one year can carry it over to certain other years. Those are the tax laws and they apply to all companies. I don't care whether it's Facebook, Fox News, ExxonMobil or any other company. All companies generally are entitled to benefit from the same laws.

    Also, there are at least several on this board who started whining a while ago when GE took advantage of the same and similar laws to reduce its effective tax rate during several years. I'm sure you were upset at them, right?
    Last edited by Sinatra; February 17th, 2013 at 08:57 AM.

  12. #12
    Yatahaze's Avatar
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    Tax code: totally not broken

  13. #13
    Originally Posted by mgsooner View Post
    I like to drink wine more than I used to. Anyway, I'm drinking more.
    I also used to drink wine, I still do but I also use to

  14. #14
    Originally Posted by bushmaster06 View Post
    In before the 'Dome.
    Yes, yes you were "Domed"

  15. #15
    tcrb's Avatar
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    Related (somewhat)...not worthy of its own thread:

    Bye, bye, Facebook: Americans abandoning in droves, says poll

    The Facebook craze that gave us Farmville and notes from "friends" about their breakfast and just about everything else may finally be ending.

    A new Pew Research Center poll finds that a huge group of users, 61 percent, are taking breaks from Facebook up to "several weeks" long, and that virtually all age groups are decreasing their time on the social media site that recently flopped in its initial public offering of publicly traded stock. Most devastating: 38 percent of users aged 18-29, the focus of advertisers on the site, plan to slash their time on Facebook this year.

    The poll's findings that users are pulling back on their Facebook obsession flies in the face of the poll's other finding that Americans are spending more time on social network sites. It didn't indicate where internet users are going instead of Facebook. In Washington, many lawmakers are shifting their attention from Facebook posts to Twitter.

    The Pew Research Center's Internet & American Life Project poll, provided to Secrets, found that 67 percent of online adults are Facebook users, a sign of just how important the website is to American life.

    But the poll also found that many users seem to be getting bored with the website started in 2004. Besides the 61 percent who report taking long breaks from it, 42 percent of those aged 18-29, 34 percent of those 30-49, and 23 percent of users 50 and over have decreased their time on Facebook over the last year.

    When asked why users were abandoning Facebook, 21 percent said they have run out of time to check in with the site. Some 10 percent "pointed toward a general lack of interest in the site," an equal 10 percent said it lacked "compelling content," another 9 percent said it was too full of "drama" and "excessive gossip" from friends, and 8 percent worried that they were becoming addicts.

    Worse for Facebook, one in five adults told Pew that they no longer use Facebook. And while 59 percent said the site famous for sharing thoughts and pictures remains "about as important to them as it was a year ago," 28 percent said it isn't as important.

    Pew also asked users about their Facebook usage plans for this year. One in four said they are planning to "cut back" on their Facebook usage.
    LINK

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