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. Continue reading

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