Published On: Sun, Feb 17th, 2013

Facebook paid no taxes despite record profits

Despite earning more than $1 billion in profits last year, the social media juggernaut Facebook paid no tax when it came to federal and state taxes in 2012.

In fact, Facebook 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 huge tax breaks, totaling to about $3 billion.

The news comes after President Obama’s State of the Union speech in which he called for an end to such tax breaks.

The county would “save hundreds of billions of dollars by getting rid of tax loopholes and deductions for the well-off and well-connected,” the president said in his speech on Tuesday.

Obama’s 2008 and 2012 campaigns received large boost from social media sites such as Facebook, which has experts speculating why they haven’t been singled out.

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