A new report claims that Facebook did not pay any income taxes in 2012.
According to The Huffington Post, a research group, Citizens for Tax Justice, said that Facebook will incur $429 million in net tax refunds after referencing the company’s annual fiscal report. The report added that Facebook will save $3.2 billion in taxes because of the single tax omission. Last year, Facebook grossed $1.1 billion in total profits.
This is certainly not the first time a corporation has reaped the financial gains of tax breaks. The Citizens for Tax Justice similarly reported in 2011 that a number of cost-effective companies such as Boeing, General Electric and Wells Fargo did not pay any net income taxes from 2008 to 2010.
Let’s be honest: these particular companies are not the sole culprits of tax evasion. Check out the slide show of other corporations and well-known individuals who have avoided paying taxes over the years: