( Reposing Mar 10, 2013 comment )
Citizens for Tax Justice - February 2013 CTJ report about how Facebook Paid No Corporate Income Tax Last Year, After Making More Than $1 Billion In Profits
From the CTJ:
Facebook’s income tax refunds stem from the company’s use of a single tax break, the tax deductibility of executive stock options. Facebook is also carrying forward another $2.17 billion in additional tax-option tax breaks for use in future years.
So in total Facebook’s current and future tax reductions from the stock options exercised in connection with its IPO will total $3.2 billion.
You gotta "like" that.
November 2011 - CTJ - Corporate Taxpayers & Corporate Tax Dodgers, 2008-2010 - 280 Most Profitable U.S. Corporations Shelter Half Their Profits from Taxes.
Corresponding ThinkProgress.org story
- Seventy-eight of the 280 companies paid zero or less in federal income taxes in at least one year from 2008 to 2010.
In the years they paid no income tax, these companies earned $156 billion in pretax U.S. profits. But instead of paying $55 billion in income taxes as the 35 percent corporate tax rate seems to require, these companies generated so many excess tax breaks that they reported negative taxes (often receiving outright tax rebate checks from the U.S. Treasury), totaling $21.8 billion. These companies’ “negative tax rates” mean that they made more taxes than before taxes in those no-tax years.
- Thirty corporations paid less than nothing in aggregate federal income taxes over the entire 2008-10 period.
These companies, whose pretax U.S. profits totaled $160 billion over the three years, included: Pepco Holdings (–57.6% tax rate), General Electric (–45.3%), DuPont (–3.4%), Verizon (–2.9%), Boeing (–1.8%), Wells Fargo (–1.4%) and Honeywell (–0.7%).