Where is the fairness crying as Facebook logs $1.1 Billion in profit and pays no Federal or State taxes?

Tom is thumping his chest as he routed Facebook in the tax paying fairness derby.  As Bloomberg’s Business Week reported, Facebook reported $1.1 Billion in pre-tax profit and will likely pay no Federal or State taxes and may even get a tax refund of $429 Million.  Tom kicked their ass in tax paying.

All this was mainly due to deductions for the cost of executive stock options and share awards.  While Tom prides himself in paying more (fair and balanced) taxes, you can bet he will be increasing his executive stock options and share awards substantially.

The silence from Barack O’TomA is deafening on the fairness issue.  Could it be because boy wonder Mark Zuckerberg hosted an O’TomA Town Hall at Facebook Headquarters and he was at O’TomA elbow at a Tech Star Dinner?  Or is it because Facebook COO Sheryl Sandberg  is a top Obama fundraising bundler?

Naw.  But Zuckerberg may have an electric car and a windmill.

And with all the tax subsidies, it will take longer to end Facebook as we know it.

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4 Responses to Where is the fairness crying as Facebook logs $1.1 Billion in profit and pays no Federal or State taxes?

  1. I think the big Zuck’s been taking lessons from Starbuck’s over in Old Blighty. Nary a farthing for taxes over there, through some loophole trickery. And after all, what’s the point in raising tax rates if you’ll collect 10% more than’s paid today (zero)? 😉

    • tom says:

      Didn’t Jeffery Immelt of GE set the standard for huge profits and no taxes. He was rewarded withe the Job council which never met until it was disbanded after the election.

      • Hey, if they didn’t count patronage jobs in the employment figures, half of the city of Chicago would be on the dole! (I’m waiting for some yahoo to claim that the high murder rate in Chicago is some kind of government plot to cut down on welfare payments. Gotta admit, an average of 1.5 folk dead PER DAY for 2012 is pretty dang impressive. Sad, but impressive….)

      • tom says:

        Don’t sweat. Chicago just needs to follow the lead of LA. Eventually we ran out of victims and the murder rate went down. This freed the LAPD to put 20 rounds in a pickup manned by a 72 year old woman and her daughter delivering the newspapers.

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