Page 1 of 1
99%ers Club
Posted: Tue Feb 19, 2013 11:25 am
by RX8er
This is just one more reason why the "rich" are so evil.
http://www.foxnews.com/tech/2013/02/16/ ... d-profits/" onclick="window.open(this.href);return false;
Despite earning more than $1 billion in profits last year, social media juggernaut Facebook paid zilch when it came to federal and state taxes in 2012.
In fact, the website will actually be getting a refund totaling $429 million thanks to a tax reduction for executive stock options.
In the coming years, Facebook will continue to get monster tax breaks, totaling about $3 billion.
Do you think the 99%ers are now boycotting FaceBook?
Re: 99%ers Club
Posted: Tue Feb 19, 2013 2:51 pm
by gthaustex
Do you think the 99%ers are now boycotting FaceBook?
I doubt it. It is all smoke and mirrors at this point anyway....
Re: 99%ers Club
Posted: Tue Feb 19, 2013 5:04 pm
by TexasGal
GE did not pay any taxes last year and got a tidy refund as well.
Re: 99%ers Club
Posted: Tue Feb 19, 2013 5:12 pm
by stroo
Bama Buddies!
Re: 99%ers Club
Posted: Tue Feb 19, 2013 5:34 pm
by fickman
I don't believe in corporate taxes anyway. The corporate rate should be 0% on profits and their capital gains should be no different than you or I pay.
Re: 99%ers Club
Posted: Tue Feb 19, 2013 5:41 pm
by bigbang
fickman wrote:I don't believe in corporate taxes anyway. The corporate rate should be 0% on profits and their capital gains should be no different than you or I pay.
Why should their profit be taxed less than the profit of an unincorporated business?
Re: 99%ers Club
Posted: Tue Feb 19, 2013 5:49 pm
by Andrew
bigbang wrote:fickman wrote:I don't believe in corporate taxes anyway. The corporate rate should be 0% on profits and their capital gains should be no different than you or I pay.
Why should their profit be taxed less than the profit of an unincorporated business?
It's double taxation. Profits are taxed at the corporate level and then again as income to shareholders. SP,GP,LLC, etc have profits taxed as income only.
Re: 99%ers Club
Posted: Tue Feb 19, 2013 5:53 pm
by bigbang
Easy fix. Make dividends deductible to the same extent as employee salaries and benefits.
Re: 99%ers Club
Posted: Tue Feb 19, 2013 5:55 pm
by The_Busy_Mom
Andrew wrote:bigbang wrote:fickman wrote:I don't believe in corporate taxes anyway. The corporate rate should be 0% on profits and their capital gains should be no different than you or I pay.
Why should their profit be taxed less than the profit of an unincorporated business?
It's double taxation. Profits are taxed at the corporate level and then again as income to shareholders. SP,GP,LLC, etc have profits taxed as income only.
Exactly right, Andrew. This is why our business formed an LLC with a passthrough to the members. I'd rather pay self-employment tax that get hit twice because I incorporated. Granted, there are advantages for incorporating (ala Facebook and GE), but for the everyday Joe who is running a small business, incorporation is not the way to go because of double taxation.
IANAL, but I have owned a successful accounting business!!
TBM