Facebook Paid 0.3% Taxes On $1.34 Billion *non-U.S.*Profits

[dmcowen674]

12-28-2012

http://yro.slashdot.org/story/12/12...utm_source=rss1.0mainlinkanon&utm_medium=feed

Facebook Paid 0.3% Taxes On $1.34 Billion Profits



'Facebook operates a second subsidiary that is incorporated in Ireland but controlled in the Cayman Islands,' Kenneth Thomas explains. 'This subsidiary owns Facebook Ireland, but the setup allows the two companies to be considered as one for U.S. tax purposes, but separate for Irish tax purposes.


The Caymans-operated subsidiary owns the rights to use Facebook's intellectual property outside the U.S., for which Facebook Ireland pays hefty royalties to use. This lets Facebook Ireland transfer the profits from low-tax Ireland to no-tax Cayman Islands.'

Similar tax moves by Google, Microsoft, and others who have sought the luck-of-the-Double-Irish present quite a dilemma for tax revenue-seeking governments

Fixed title for accuracy - DrPizza

 

[dmcowen674]

I'm sure the usual suspect Rich Republicans will chime in supporting these Evil Corporations cheating the U.S. out of all this revenue while sending us over the physical cliff.

 

[Pr0d1gy]

As much as I don't agree with everything you say I absolutely agree with this being one of the biggest problems in this country right now.

 

[spittledip]

And this is why raising taxes on the rich won't help much. We need to close loopholes to prevent the rich from skirting their duty of paying taxes.

 

[Incorruptible]

As much as I don't agree with everything you say I absolutely agree with this being one of the biggest problems in this country right now.

But the fact that we are spending too much money isnt one of the biggest problems?

 

[Throckmorton]

And this is why raising taxes on the rich won't help much. We need to close loopholes to prevent the rich from skirting their duty of paying taxes.

Facebook isn't the rich, it's a corporation...

 

[Baptismbyfire]

Is Facebook a he or a she?

 

[Throckmorton]

It's OK, they're the makers not the takers! Job creators!

 

[Matt1970]

And this is why raising taxes on the rich won't help much. We need to close loopholes to prevent the rich from skirting their duty of paying taxes.

This. You want to raise the rates when they don't even apply to a lot of corporations?

 

[Tom]

But the fact that we are spending too much money isnt one of the biggest problems?

Spending too much on what ?

What is it you want ? People to be a little hungrier ? The air and water to be a little dirtier ? Food to be a little less safe ? Old people have a little less heat ?

More traffic congestion ? A few more bridges falling down every year ? Less disaster relief ?

 

[Zodiark1593]

Not quite sure whether that 0.3% tax is legitimate or not. I'm not quite sure how corporations are taxed. If they are evading taxes, then behead all the bosses.

 

[Greenman]

If that .3% is accurate, something is very wrong with the system.

 

[Londo_Jowo]

Why did you choose to leave out this tax was on it's non-US profits?

it paid Irish taxes of about $4.64 million on its entire non-U.S. profits of $1.344 billion for 2011.

 

[wirednuts]

If that .3% is accurate, something is very wrong with the system.

but, but, corporations are people.......

 

[Greenman]

but, but, corporations are people.......

So?

I don't care if they're dancing bears, they need to pay the same outlandish tax rates that I do.

 

[thraashman]

And this is why raising taxes on the rich won't help much. We need to close loopholes to prevent the rich from skirting their duty of paying taxes.

The GOP likes to point out that the US has one of the top corporate tax rates, but that's actually the MAX corporate tax rate. Most corporations don't pay anywhere near that rate. So the best option would be to lower the corporate tax rate to be lower than many other first world countries, but to close as many corporate tax loop holes as possible so that the lower rate actually took in more in taxes. What does it matter if the corporate tax rate is 35% when some companies can pay only 0.3%?

 

[CaptainGoodnight]

I'm sure the usual suspect Rich Republicans will chime in supporting these Evil Corporations cheating the U.S. out of all this revenue while sending us over the physical cliff.

You do realize that many companies are ran by Obama supporters?

 

[Coup27]

Europe will be closing all of these tax loopholes next year. Our chancellor has made it a priority.

 

[CaptainGoodnight]

Europe will be closing all of these tax loopholes next year. Our chancellor has made it a priority.

Don't count on it.

 

[Nemesis 1]

And this is why raising taxes on the rich won't help much. We need to close loopholes to prevent the rich from skirting their duty of paying taxes.

Please stop your destroying the illusion the Demons have created threw the years. Just tax the rich at a losey 39% and leave the holes open. Both the leaderships want you to have the illusion that the Demons win if the 39% tax rate stands these aren't the 90's were millions were created over night this economy is dead and the tax raise will do just the oppisite of whast it did in the 90,s bubble era. If you were to discover the Worlds biggest Gold strike doubling the supply . You would be murdered and your discovery passed off as hoax. Or invent free energy and try to bring it to market . You would be killed and your discovery mocked as a hoax. But the work would be kept for latter times . THEY are theives and liars and we threw bad gooberment officals gave them this power. Demons repulsives same animal differant race. The Demons being the racist in this respect. As well as others . Affirmative action is about as racist as it gets.

 

[Nemesis 1]

You do realize that many companies are ran by Obama supporters?

Again stop your tring to destroy an illusion . Let him have his thoughts . All companies are owned and run by repulsives. Demons don't buy stock in corps. They collect food stamps

 

[BudAshes]

You wonder how long it is going to take for people to realize pitting republicans vs democrats is just a way to keep us occupied. Non of the retarded stuff people argue about has any relevance what so ever. Smart people just ignore all the rules and do what they want while laughing at the rest of the world for being so stupid.

 

[Smoblikat]

Good for them, if the government is too stupid to be good at being greedy then it deserves all it gets. Evil governments steal money from everyone yet they do NOTHING for me.

 

[Coup27]

Don't count on it.

Why not? Most countries are cutting spending and raising taxes to cope financially and both of these are hugely unpopular and depending on how deep they are lead to unrest.

The amount of money being dodged in tax is biblical and is a way of clawing money back without upsetting the public and no Government is going to pass that up. I'd quite happily have a small wager that the UK sorts this out next year. At least then if a business has activity in the UK, it pays in the UK.

 

[s0me0nesmind1]

This. You want to raise the rates when they don't even apply to a lot of corporations?

WE ARE THE 99% WE ARE JEALOUS OF OTHER INDIVIDUAL SUCCESS. DON'T FIX THE SYSTEM, DIG INTO INDIVIDUAL POCKETS UNTIL SAID POCKETS ARE EMPTY. It's a circle jerk festival, YAY!