Although the company earned $1.1 billion in 2012, Facebook Inc. did not pay any state or federal income taxes. Instead, the company expects to collect $429 million in tax refunds, Citizens for Tax Justice said in a report. The company’s lack of tax liability was disclosed in its annual financial report to the U.S. Securities and Exchange Commission. CTJ said Facebook’s tax wipeout stems from a single taxbreak—the tax deductibility of executive stock options.
Talk Radio News Service: While the taxman slept