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A report says Facebook will receive $429 million in tax refunds for 2012. (Karen Bleier / AFP/Getty Images) |
A recent report saying Facebook will receive $429 million in tax refunds has sparked outrage on the Web, given that the company made more than $1 billion in profits in 2012.
Facebook is getting the refund in large part because of a $1.03-billion tax break, according to the report released by Citizens for Tax Justice, a tax research and advocacy group.
That tax break was a result of stock Facebook awarded its employees in 2012, when the company went public.
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The Silicon Valley company paid some "income and other employment taxes," according to its 2012 annual earnings report. Facebook said it paid $2.86 billion to "the appropriate tax authorities.”
Facebook declined to comment on the advocacy group's report.
The perception that Facebook paid no taxes brought forth indignation on the Web. Here are a few Twitter users' reactions:
We can't figure out how to fund education in the US but we're paying Facebook a $429m tax refund. Nice. americablog.com/2013/02/facebo…
— keef (@keefTV) February 17, 2013
Not only will Facebook not pay taxes for last year, they will get a $429M tax refund. So, my taxes go to Octomom and Facebook.
— Enty Lawyer (@entylawyer) February 17, 2013
ALSO:FAIR SHARE??? HUH, OBAMA? Facebook to pay NO tax for 2012 & will even get tax refund $429M despite $1BN profits dailymail.co.uk/news/article-2… #tcot
— slone (@slone) February 17, 2013
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