As a result of tax loopholes and deductions, the social media giant Facebook paid no income taxes for the fiscal year 2012, despite reaping $1.1 billion in US corporate profits, according to a new report.

While Americans have just been subjected to higher taxes, billion-dollar corporations like Facebook, General Electric, Boeing and Wells Fargo have all been able to avoid paying any corporate income taxes, reports Citizens for Tax Justice.
Assuming that the report is accurate, Facebook will collect $429 million in net tax refunds for the last fiscal year. On top of the $1.1 billion US corporate profits it made last year, the company continues to remain financially superior while poor and middle-class Americans struggle to pay back the national debt.