Facebook pays no tax on $1.1 billion profit; time to rewrite the tax code

Facebook, which earned $1.1 billion last year, has revealed that because of tax loopholes and deductions, it will not…let me write that again…it will NOT pay any income taxes for 2012. And further more, it will receive, yes RECEIVE, $429 million in tax refunds.

The numbers are based on Facebook’s annual report that was released in January.

Tim Worstall, a contributing writer for Forbes, explains, rather matter-of-factly, how this can happen in his Feb. 19 article.

It’s legal and disgustingly routine as a result of the way this country’s tax codes are structured for corporations. For middle class Americans, who too often pay taxes rather than receive tax refunds, the legality of Facebook tax windfall is not comforting especially considering that Congress creates laws that benefit the rich and paid for by the average working man and woman.

Why is it so difficult for Congress to simplify the tax code, eliminate the deductions and loopholes and require all Americans, all businesses, to pair their fair share?

Nothing more, nothing less.

And if Congress is hell-bent on creating loopholes for corporations, then why is it so difficult for Congress to create the desperately needed incentives that would entice businesses to keep and especially to bring back their work forces from overseas?

To most working class folks, nothing Congress does these days (has Congress done anything recently?) makes sense or cents.

How nice it would be if Americans actually sent elected officials to Washington that worked for them instead of succumbing to the Washington beaurocratic way of life.

 

One Response

  1. Yet again another example of the ideocracy that runs Washington.

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