GE pays no taxes. Wow!

GE pays no taxes. Wow! (Full Version)

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OrionTheWolf -> GE pays no taxes. Wow! (3/25/2011 8:22:17 AM)
" In a regulatory filing just a week before the Japanese disaster put a spotlight on the company’s nuclear reactor business, G.E. reported that its tax burden was 7.4 percent of its American profits, about a third of the average reported by other American multinationals. Even those figures are overstated, because they include taxes that will be paid only if the company brings its overseas profits back to the United States. With those profits still offshore, G.E. is effectively getting money back. " http://www.nytimes.com/2011/03/25/business/economy/25tax.html

Edwynn -> RE: GE pays no taxes. Wow! (3/25/2011 10:48:54 AM)
Old news. Lots more where that came from. Exon was tax free in 2009, but they and GE are just the biggest names on a lengthy list. http://www.reuters.com/article/2008/08/12/us-usa-taxes-corporations-idUSN1249465620080812 "The study showed about 28 percent of large foreign corporations, those with more than $250 million in assets, doing business in the United States paid no federal income taxes in 2005 despite $372 billion in gross receipts, the senators said. About 25 percent of the largest U.S. companies paid no federal income taxes in 2005 despite $1.1 trillion in gross sales that year, they said."

tazzygirl -> RE: GE pays no taxes. Wow! (3/25/2011 11:00:12 AM)
Two out of every three United States corporations paid no federal income taxes from 1998 through 2005, according to a report released Tuesday by the Government Accountability Office, the investigative arm of Congress. The study covers 1.3 million corporations of all sizes, most of them small, with a collective $2.5 trillion in sales. It includes foreign corporations that do business in the United States. http://dealbook.nytimes.com/2008/08/13/study-tallies-corporations-not-paying-income-tax/

MrRodgers -> RE: GE pays no taxes. Wow! (3/25/2011 11:42:51 AM)
Corporatism, their tax liability, serving investors and management while needing yet not serving society at large, has been the 'free-enterprisors' (sole proprietors) and founding fathers warning for 2-300 years. That they were unheaded confirms their prophecy of the country's eventual downfall...directly as a result.

slvemike4u -> RE: GE pays no taxes. Wow! (3/25/2011 1:05:28 PM)
quote: ORIGINAL: tazzygirl Two out of every three United States corporations paid no federal income taxes from 1998 through 2005, according to a report released Tuesday by the Government Accountability Office, the investigative arm of Congress. The study covers 1.3 million corporations of all sizes, most of them small, with a collective $2.5 trillion in sales. It includes foreign corporations that do business in the United States. http://dealbook.nytimes.com/2008/08/13/study-tallies-corporations-not-paying-income-tax/ How the fuck could that be tazzy,I happen to know for a fact that most of the right wing in these here parts proclaim a stifling corporate tax rate....which hampers business and chokes off any hope for an economic recovery. You must be wrong on this matter taz,no way all of those guys are blowing smoke!

OrionTheWolf -> RE: GE pays no taxes. Wow! (3/25/2011 3:58:58 PM)
I have not seen a single company yet, that if managed properly, their tax bill was the cause of them not being able to grow. Now I have seen some individual taxes that had a huge tax bill, in the middle class.

Fellow -> RE: GE pays no taxes. Wow! (3/25/2011 4:39:56 PM)
I would eliminate business tax totally. It will be passed to consumers anyway. Selective (non)-taxing gives large corporations competitive advantage. Tax revenue can be achieved from income tax, tariffs, sales tax.

outhere69 -> RE: GE pays no taxes. Wow! (3/25/2011 5:01:28 PM)
Corporate taxes contribute much less to the government than they used to, and still they cry foul to any proposal that would raise taxes or close their loopholes. In the meantime, the shortfall is passed to individuals...oh wait...we cut the top rate from 37% in the Reagan era to 28% now. Oops, there're the hedge fund guys, who claim their income is a capital gain, taxed at 25%. Do you really think that corporate giants like GE, Walmart, Tyson, etc. would pass more than pennies along to their customers? They could distribute the expense over millions of customers. Is it any wonder that we have deficits? No one has the balls to raise taxes lest the Club For Growth or Tea Party or [your favorite group here] rise in outrage. If this was a personal budget, you can cut expenses. No one's cutting the big items (only slicing on the 25% discretionary budget) so increased taxes will be required to make a dent in the deficit. It's immoral to have deficits, after all.

Termyn8or -> RE: GE pays no taxes. Wow! (3/25/2011 5:11:11 PM)
FR Silly, they can't pay taxes, they need that money for lobbyists. T^T

Edwynn -> RE: GE pays no taxes. Wow! (3/25/2011 5:13:08 PM)
quote: ORIGINAL: OrionTheWolf I have not seen a single company yet, that if managed properly, their tax bill was the cause of them not being able to grow. Now I have seen some individual taxes that had a huge tax bill, in the middle class. Excellent correlation there, in case it escaped everyone's notice. And yes, I'm trained decently enough in statistics to understand that correlation and causation are two different things, but I'll take consistent results into proper consideration here also. What you read on this matter repeatedly, especially in the NY Times, is that these poor American companies only do all this offshore shuffling because the US corporate tax rates are "among the highest in the most developed countries," suchsame piffling tripe being as sufficient to keep those of predictable political and ideological bent from venturing any further. (sorry liberals, sorry conservatives, even though none of either exist anymore in any reasonable estimation or proper sense since you let the media co-opt the lot of you; if you even have to ask, you've proven the point) Counting on such audience, they feel confident that no one will bother to dig further into it on their own and discover that the US also has "among the lowest actual tax paid vs. statutory requirement among the most developed countries." The NY Times also earns its existence by neglecting to mention in these stories (and what an appropriate word that is here) that these other most developed countries that have these slightly lower corporate tax rates also have ... 1) higher personal tax rates overall, and less loopholes for the highest earners, and actual tax enforcement (what a concept!) for these same highest earners. Contrasting to the US, where the $5M above earners laugh at even the 20%-paying crowd in the putative "35% bracket" who pay "way too much." Germany, Sweden, Switzerland, Denmark, Netherlands, et al. have amongst each other noticeably different tax schemes, noticeably different social programs, noticeably different federal/state structures, ... The commonality existing there is that the fewer and far less malleable loopholes allowed are more easily administered, and they know how to collect taxes. Period. 2) VAT The US is the only highly developed economy with no value added tax. The only one. Not that I would argue for or against, but to have the NY Times and every other primary US media repeating the bleating of ... "these large corporations say that they would love to be good US corporate taxpayers, but these tax rates are just SO uncompetitive .... wheez ... gasp .... " .... awwww! poor baby! I'm sure that has nothing whatsoever to do with your own personal earnings out of that corporate affair are amongst the lowest in the developed world, does it? Or that the actual burden of the highest .01% earners have the most slippery escape clause from any substantial actual payment of even the post-loophole "obligation," does it? The money has to come from somewhere, bitch. Shut your whining, and shut down the completely useless NY Times while we're at it. The last thing we need from whining is a freakin' echo.

rulemylife -> RE: GE pays no taxes. Wow! (3/25/2011 5:21:11 PM)
quote: ORIGINAL: Fellow I would eliminate business tax totally. It will be passed to consumers anyway. Selective (non)-taxing gives large corporations competitive advantage. Tax revenue can be achieved from income tax, tariffs, sales tax. I'm really sick of hearing this argument that has become a conservative staple. What you are really saying is that you want to to shift the tax burden onto the average citizen and free up corporate profits that will somehow benefit the average citizen. Been there, done that. It doesn't work.

Termyn8or -> RE: GE pays no taxes. Wow! (3/25/2011 6:25:40 PM)
Whatever happened to that windfall profits tax ? T^T

Edwynn -> RE: GE pays no taxes. Wow! (3/25/2011 6:37:00 PM)
"What you are really saying is that you want to to shift the tax burden onto the average citizen and free up corporate profits that will somehow benefit the average citizen. " That is absolutely NOT what Fellow is saying, if your ears worked, or you had a clue. What he proposes may not work in reality, may not work in this that or another administration, may not work for "liberals", may not work for "conservatives", etc., I would take the last sentence, "Tax revenue can be achieved from income tax, tariffs, sales tax. ", and throw that one out as being 200 years ago, before jet planes and telegraphs, etc., He also overlooks the fact that ALL costs, commodity imposed, government (tax) imposed, upstream vendor imposed, ... however imposed costs are passed on to consumers in every event. Why it's such a big deal to the final buyer as to which comes from where in all this just because some think tank says so is another matter. But there is at least one thing that Fellow says that needs to find resonance to the farthest lands (within this country) .... "Selective (non)-taxing gives large corporations competitive advantage." Read and understand. What was some silly twit saying about how Fellow was only "parroting" , when it was actually the own accuser's parroting of what was in his own head, on trigger response, as opposed to actually listening? "Selective (non)-taxing gives large corporations competitive advantage" Yes, definitely a corporate shill there, no question. TY Fellow.

Hippiekinkster -> RE: GE pays no taxes. Wow! (3/25/2011 7:13:43 PM)
quote: ORIGINAL: Edwynn 1) higher personal tax rates overall, and less loopholes for the highest earners, Fewer, man, FEWER! You did so well on that other thread...[8D]

Hippiekinkster -> RE: GE pays no taxes. Wow! (3/25/2011 7:17:45 PM)
quote: ORIGINAL: rulemylife quote: ORIGINAL: Fellow I would eliminate business tax totally. It will be passed to consumers anyway. Selective (non)-taxing gives large corporations competitive advantage. Tax revenue can be achieved from income tax, tariffs, sales tax. I'm really sick of hearing this argument that has become a conservative staple. What you are really saying is that you want to to shift the tax burden onto the average citizen and free up corporate profits that will somehow benefit the average citizen. Been there, done that. It doesn't work. Yeah, it's a fuckin' tautology. ALL costs are passed on to the consumer.

Hippiekinkster -> RE: GE pays no taxes. Wow! (3/25/2011 7:29:18 PM)
quote: ORIGINAL: Termyn8or Whatever happened to that windfall profits tax ? T^T Republicans don't have windfalls. They have the pittance they make after they raised themselves up, educated themselves, started their business in a closet somewhere, on money they saved up from working in a coal mine. Eight days a week they toiled, living on spam and ketchup soup, without sleep, no friends, with only a radio tuned to The Ayn Rand Show to keep them company, until finally they made enough to get married and have a family that they neglected while they toiled away... toiling, toiling... until they finally made their first dollar of pure profit, that wasn't alreadey spent on ketchup soup for the wife and kids. Windfall Profits is a leebrul commie teachers union Obamaist socialist Soros Daily Kos conspiracy.

Sanity -> RE: GE pays no taxes. Wow! (3/25/2011 7:33:57 PM)
Republicans blah blah blah - what a load of trash. quote: The GE-Obama affair, and Jeff Immelt’s harsh words Except for maybe Google, no company has been closer and more in synch with the Obama administration than General Electric. First, there’s the policy overlap: Obama wants cap-and-trade, GE wants cap-and-trade. Obama subsidizes embryonic stem-cell research, GE launches an embryonic stem-cell business. Obama calls for rail subsidies, GE hires Linda Daschle as a rail lobbyist. Obama gives a speeech, GE employee Chris Matthews feels a thrill up his leg. I could go on. Then there’s the personal connections: CEO Jeff Immelt sits on the President’s Economic Recovery Advisory board and was asked by Obama’s Export-Import Bank to the opening act for the President at the most recent Ex-Im conference. Finally, there’s the philosophical similarities. Days after Obama promised in his inauguration to “remak[e] America,” Immelt wrote to shareholders: The interaction between government and business will change forever. In a reset economy, the government will be a regulator; and also an industry policy champion, a financier, and a key partner. Read more at the Washington Examiner: http://washingtonexaminer.com/blogs/beltway-confidential/ge-obama-affair-and-jeff-immelt-s-harsh-words#ixzz1HfXj89Us quote: ORIGINAL: Hippiekinkster Republicans don't have windfalls. They have the pittance they make after they raised themselves up, educated themselves, started their business in a closet somewhere, on money they saved up from working in a coal mine. Eight days a week they toiled, living on spam and ketchup soup, without sleep, no friends, with only a radio tuned to The Ayn Rand Show to keep them company, until finally they made enough to get married and have a family that they neglected while they toiled away... toiling, toiling... until they finally made their first dollar of pure profit, that wasn't alreadey spent on ketchup soup for the wife and kids. Windfall Profits is a leebrul commie teachers union Obamaist socialist Soros Daily Kos conspiracy.

Edwynn -> RE: GE pays no taxes. Wow! (3/25/2011 7:41:39 PM)
quote: ORIGINAL: Edwyn 1) higher personal tax rates overall, and less loopholes for the highest earners, /quote] Fewer, man, FEWER! You did so well on that other thread... Man, if you've missed out on my several severances of thought to written word prior to this, you've missed out! I do well just to type, much less connect coherent thought to language. But thanks for someone other than tweakabelle holding me to task on it. I hate when that happens. Just as reminder to folks, were I more intentional and creative about all this, mein Name wurde vieleicht "Stratosphere" genannt bekannt. (Shakespeare + Stratocaster, that is surely the etymology of that word, no?) He got good money 300 years ago for doing what I am currently absorbing heretofore unknown grief in service to same object. OK, the actual talent and better serviceably conveyable societal benefitability aside, what's to serve as any noticeworthy differentiabilty anderweise? I mean, really!

Brain -> RE: GE pays no taxes. Wow! (3/25/2011 8:31:33 PM)
Mr. Lawrence O’Donnell explains very well why General Electric pays no income taxes so if you really want to know why watch the video. Lawrence rewrites GE's tax return http://thelastword.msnbc.msn.com/ quote: ORIGINAL: OrionTheWolf " In a regulatory filing just a week before the Japanese disaster put a spotlight on the company’s nuclear reactor business, G.E. reported that its tax burden was 7.4 percent of its American profits, about a third of the average reported by other American multinationals. Even those figures are overstated, because they include taxes that will be paid only if the company brings its overseas profits back to the United States. With those profits still offshore, G.E. is effectively getting money back. " http://www.nytimes.com/2011/03/25/business/economy/25tax.html Lawrence O'Donnell [image]local://upfiles/392475/F3B046878E074DB9B3C087B2081E7706.jpg[/image]

Fellow -> RE: GE pays no taxes. Wow! (3/25/2011 8:32:57 PM)
quote: I'm really sick of hearing this argument that has become a conservative staple. What you are really saying is that you want to to shift the tax burden onto the average citizen and free up corporate profits that will somehow benefit the average citizen. Been there, done that. It doesn't work. Not at all. We are talking taxes, not profits. I would re-organize how the corporations are regulated. Actually, not even re-organize, but just regulate the corporations. Today the corporations are not regulated, they game the system as they wish. Of course, it is just a fantasy as the corporations own the government.

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