Earlier this month, the Facebook Inc. released its first “10-K” annual financial report since going public last year. Hidden in the report’s footnotes is an amazing admission: despite $1.1 billion in U.S. profits in 2012, Facebook did not pay even a dime in federal and state income taxes.What value are we, as a society, getting from subsidizing (i.e., protecting it from Federal taxes) Facebook?
Instead, Facebook says it will receive net tax refunds totaling $429 million.
Friday, February 15, 2013
What's Wrong With This Picture?
Can any one explain the logic behind this to me?