Why Facebook Gets a $429 Million Tax RefundSubmitted by Barracuda_Trader on Sat, 02/23/2013 - 12:06
By Brandon Ballenger, Money Talks News
A new report from the Citizens for Tax Justice (fun name) says Facebook didn’t pay “even a dime in federal and state income taxes” this tax year. It also highlights the $429 million the company will get refunded.
If that report were all you read, it would sound pretty outrageous. But what it minimizes is the reason behind the refund – the same reason many Americans get refunds. They overpaid their taxes. In our case, it’s often because we’re giving Uncle Sam an interest-free loan by having too much withheld from our paychecks. In Facebook’s case, it’s a one-off stock situation related to the company going public last year, according to Business Insider.