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?
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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.
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?
This is a Glock 40. Fifty Cent. Too Short. All of them talk about a Glock 40. OK?
I'm the only one in this forum fool enough - that I know of - to shoot himself with a Glock 40.
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.
Easy fix. Make dividends deductible to the same extent as employee salaries and benefits.
This is a Glock 40. Fifty Cent. Too Short. All of them talk about a Glock 40. OK?
I'm the only one in this forum fool enough - that I know of - to shoot himself with a Glock 40.
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
Texas CHL Instructor / NRA Certified Instructor
Final Shot Armory - Specializing in Firearms Sales & Transfers, NFA Sales
$20 Transfers for Current TX CHL Holders, Military, Teachers, LEO / $25 Everyone else http://www.FinalShotUS.com" onclick="window.open(this.href);return false;
