Facebook paid no taxes in 2012, gets $429 million tax rebate instead
Despite going public and earning US$1.1 billion last year, Facebook paid exactly zero dollars in taxes in 2012.
In fact, the brainchild of Mark Zuckerberg is due a refund of US$429 million.
By way of comparison, the average tax refund to American households in 2012 was a mere $2,803.
According to a report from Citizens for Tax Justice, "Facebook is also carrying forward another $2.17 billion in additional tax-option tax breaks for use in future years."
Note that as of this month, the average indebted U.S. household carries roughly $200,000 in debt: $15,257 in credit card debt, $149,782 in mortgage debt, and $34,703 in student loans.
But the huge corporate tax breaks, continual privacy breaches, errors, and identity theft are a small price to pay for the ability to overshare the intimate details of your life with near-strangers, right?