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".......Even though Facebook (FB) reported $1.1 billion in pre-tax profits from U.S. operations in 2012, it will probably pay zero federal and state taxes—and even receive a federal tax refund of about $429 million...."
Facebook, Exxon Mobile, etc. If you have a business with a lot of lobby power, you to can pay no taxes. Hell, in fact you can get more free money from the federal government then you paid in, all while making billions in profits.
This is why we should close loopholes, not lower tax rates, and cut spending.
".......Even though Facebook (FB) reported $1.1 billion in pre-tax profits from U.S. operations in 2012, it will probably pay zero federal and state taxes—and even receive a federal tax refund of about $429 million...."
The GOP is going down hard in 2014 if they keep standing in the way of these tax breaks while calling for Social Security, Medicare, and Medicaid to be cut.
One might have thought things like this is what the Dems would have went after the first two years of the Obama administration as opposed to crafting lousy regulations behind closed doors.
If they had they might have retained power and been able to do things in the light of day.
One might have thought things like this is what the Dems would have went after the first two years of the Obama administration as opposed to crafting lousy regulations behind closed doors.
If they had they might have retained power and been able to do things in the light of day.
(this is an easy game to play)
You're right and they didn't. How did 2010 turn out for them?
Facebook, Exxon Mobile, etc. If you have a business with a lot of lobby power, you to can pay no taxes. Hell, in fact you can get more free money from the federal government then you paid in, all while making billions in profits.
This is why we should close loopholes, not lower tax rates, and cut spending.
Amen.
We wouldn't even have to raise tax rates if we'd just cut out some of the loopholes. We have some of the highest tax rates in the world, but we have so many loopholes for businesses that it makes the tax rate a ridiculous, meaningless figure.
".......Even though Facebook (FB) reported $1.1 billion in pre-tax profits from U.S. operations in 2012, it will probably pay zero federal and state taxes—and even receive a federal tax refund of about $429 million...."
We wouldn't even have to raise tax rates if we'd just cut out some of the loopholes. We have some of the highest tax rates in the world, but we have so many loopholes for businesses that it makes the tax rate a ridiculous, meaningless figure.
They are not tax loopholes. Politicians call them loopholes in an attempt to make people think that these breaks weren't intentionally written into the tax code. They were.
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