Do you hate paying taxes? Learn how to earn $14.2 billion and pay ZERO taxes!

[variablebinary]

Our tax system is total crap.

I had the IRS up my ass for $400 dollars in 2007. It was a total pain in the ass situation.

Now, enter GE. They were up $14.2 billion and paid NO TAXES in 2010. NOT a DAMN DIME. GLOBALIST SONS OF BITCHES.

Even worse, they got a $3.2 billion tax benefit. That's probably more than every welfare ghetto momma from here to Detroit.

Kinda makes me feel ill actually.

http://abcnews.go.com/Politics/general-electric-paid-federal-taxes-2010/story?id=13224558

[mr_smiles]

That's great! Seriously that's what most on the right are arguing for, while the left are arguing to tax companies to un-sustainability.

Great times we live in. Maybe Palin can some how pull some magic trick out her ass and get elected and the newt can be here vp. What a fun time they'll be hehe. :lol:

[obucina]

And GE has used the money to purchase a few "smaller" petro firms and is now the largest oil company on the planet. All the while, a certain congressman from West Viriginia with a last name that is synonymous with oil derived wealth thinks that the companies that pay, arent paying enough. Jeff Immelt knows that in the current climate of this administration, if you arent at the table, you are on the menu. He heads the presidents "jobs board", but is the largest exporter of American jobs. Just corporate fascism at its finest. Also, with all of the claims of by rachel "oxygen thief" maddow that the previous administration was too cozy with big oil, this is no different, but now the elephant in the room is covered in neon multicam. Obamacare will prove to be a gold mine for GE, they will build the equipment (and eventually buy at Welch Allyn) and companies will IBM with their smarter planet crap will wrote the software.

[Suwannee Tim]

Worse, GE is soaking up "green" money and actively lobbying the government to favor them and punish their competitors. Every dollar GE makes off this scheme will cost the consumer and ratepayer a hundred or a thousand. GE is the worst of the worst of the crony capitalists. With billions and billions of these ill gotten gains floating around the potential for corruption of our political system is astronomical.

But wait! The fun really begins when, in ten years of so, you go down to your local GM dealer to buy a new vehicle and find the only thing available is an electric car that carries two midgets, two cats and a gym bag in comfort, that has a range of 100 miles, a recharge time of four hours and does zero to sixty in an afternoon.

The next step in this "pay to play" scheme is to require government contractors to include in their bid submissions a list of all officers and their political contributions. Sound far fetched? It's already been proposed by the Obama administration. The objective is the integration of big business, big government and big labor. Which is, by the way, except for the integration of the individual, the definition of Fascism.

You ready to be integrated?

[SHIVAN]

GE is paying huge sales & use tax, huge property taxes, and their shareholders will pay tax on their portion of the profit. Corporate tax code has never have been equivalent to personal tax code.

TL;DR = GE is paying billions and billions in to the US government machine via taxation. Just not directly on "profits".

[theblackknight]

GE is paying huge sales & use tax, huge property taxes, and their shareholders will pay tax on their portion of the profit. Corporate tax code has never have been equivalent to personal tax code.

TL;DR = GE is paying billions and billions in to the US government machine via taxation. Just not directly on "profits".

But they took ur jerbs!

[variablebinary]

GE is paying huge sales & use tax, huge property taxes, and their shareholders will pay tax on their portion of the profit. Corporate tax code has never have been equivalent to personal tax code.

TL;DR = GE is paying billions and billions in to the US government machine via taxation. Just not directly on "profits".

I pay sales tax, tax on my investments and a ton of other taxes every year and would still be regarded as a not paying taxes if I failed to pay taxes on my income.

Furthermore GE is a huge exporter of jobs, but gets a tax benefit, which is also known as welfare. People complain about the children of illegals that get foodstamps, when GE gets far more welfare and is far more destructive to the economy.

Just another case of why we need tax reform in this nation.

[Belmont31R]

I pay sales tax, tax on my investments and a ton of other taxes every year and would still be regarded as a not paying taxes if I failed to pay taxes on my income.

Furthermore GE is a huge exporter of jobs, but gets a tax benefit, which is also known as welfare. People complain about the children of illegals that get foodstamps, when GE gets far more welfare and is far more destructive to the economy.

Just another case of why we need tax reform in this nation.



No business should pay taxes on profits. All that does is take money away from job creation and increases costs to consumers.


Not paying taxes is not destructive to the economy. I don't really like GE as a company and do not knowingly buy their products. Their CEO is in bed with Obama. They own MSNBC which together they play off as "news" to push for things that would benefit GE like socialized medicine, green energy, supporting Obama which the CEO works for, ect. Then we are 'shocked' when they don't pay taxes.


The problem here with why they don't pay taxes when other companies do is because of corruption. People from GE met with Rangel and got the tax break...then a month later GE paid millions of dollars for schools in NY...11 million in Rangel's district. I wouldn't even be surprised if they found tons of cash in these politicians freezers....oh wait they did.

[variablebinary]

All that does is take money away from job creation

GE is one of the largest exporters of jobs in the nation so what job creation are you referring to.


Not paying taxes is not destructive to the economy.

When you get back in welfare far more than you paid in, that is destructive to the economy because it destroys the free market by propping up companies.



I don't really like GE as a company and do not knowingly buy their products. Their CEO is in bed with Obama. They own MSNBC which together they play off as "news" to push for things that would benefit GE like socialized medicine, green energy, supporting Obama which the CEO works for, ect. Then we are 'shocked' when they don't pay taxes.

This is not a GOP or communist/Dem problem because both parties are shills for wall street at the expense of the American people, who are tax payers and are basically paying for scum bag CEO's through consumption of goods, tax breaks and bail outs. We subsidize them while they export jobs to people that hate us.


The problem here with why they don't pay taxes when other companies do is because of corruption. People from GE met with Rangel and got the tax break...then a month later GE paid millions of dollars for schools in NY...11 million in Rangel's district. I wouldn't even be surprised if they found tons of cash in these politicians freezers....oh wait they did.

Which is exactly why companies should pay a flat tax with no exemptions that can't be wiggled around, no exceptions.

[Alpha Sierra]

The fun really begins when, in ten years of so, you go down to your local GM dealer to buy a new vehicle

Why in the F would one ever do that?

[chadbag]

When you get back in welfare far more than you paid in, that is destructive to the economy because it destroys the free market by propping up companies.



PLease explain this. If there were no corp income tax in the first place (which IS how it should be), there would be no "tax benefit" for them to get. Such a system would get rid of the direct "welfare".

(does not change the cronyism on contracts and business of course)

----

Also, I think if you look at the whole accounting of it, getting $3B back is from overpayment in previous years. Most of the accounts I read about corporations not "paying their fair share" come about because of ignorance of accounting. And calls to pay taxes on money and profits made in foreign countries, etc.

[SHIVAN]

Most of the accounts I read about corporations not "paying their fair share" come about because of ignorance of accounting.

There it is, in a nutshell. GE is paying billions in taxes to the US, state and local governments.

[variablebinary]

The NYT did a good piece on GE's shenanigans: read it and make up your own minds.

http://www.nytimes.com/2011/03/25/business/economy/25tax.html?pagewanted=all



G.E.’s Strategies Let It Avoid Taxes Altogether

The company reported worldwide profits of $14.2 billion, and said $5.1 billion of the total came from its operations in the United States.

Its American tax bill? None. In fact, G.E. claimed a tax benefit of $3.2 billion.

That may be hard to fathom for the millions of American business owners and households now preparing their own returns, but low taxes are nothing new for G.E. The company has been cutting the percentage of its American profits paid to the Internal Revenue Service for years, resulting in a far lower rate than at most multinational companies.

Its extraordinary success is based on an aggressive strategy that mixes fierce lobbying for tax breaks and innovative accounting that enables it to concentrate its profits offshore. G.E.’s giant tax department, led by a bow-tied former Treasury official named John Samuels, is often referred to as the world’s best tax law firm. Indeed, the company’s slogan “Imagination at Work” fits this department well. The team includes former officials not just from the Treasury, but also from the I.R.S. and virtually all the tax-writing committees in Congress.

[Caeser25]

Obamacare will prove to be a gold mine for GE, they will build the equipment (and eventually buy at Welch Allyn) and companies will IBM with their smarter planet crap will wrote the software.

I don't see how GE will profit from Obamacare when some bureaurat in Washington will be the one advising what is and isn't covered, the HHS secretary.