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

SoWal Insider

Mar 25, '11 · 9:27 AM711

http://www.nytimes.com/2011/03/25/business/economy/25tax.html By DAVID KOCIENIEWSKI
Published: March 24, 2011

General Electric, the nation?s largest corporation, had a very good year in 2010.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. uch strategies, as well as changes in tax laws that encouraged some businesses and professionals to file as individuals, have pushed down the corporate share of the nation?s tax receipts ? from 30 percent of all federal revenue in the mid-1950s to 6.6 percent in 2009.....by the corporations, for the corporations....amen brother teabag

Replies

Beach Fanatic

Mar 25, '11 · 9:34 AM#2

Getting in bed with Obama has its benefits. It's ok for everyone else but not me mentality is tearing us apart.

Moderator

Mar 25, '11 · 9:44 AM#3

While I don't necessarily agree with them getting benefits how is this any different from any other major company? Their business is to make shareholders money by hook and by crook. All companies do it. Some are more successful than others...

SoWal InsiderAuthor

Mar 25, '11 · 10:05 AM#4

rationalizing theft

Beach Fanatic

Mar 25, '11 · 11:44 AM#5

Maybe there will be a real benefit to giving Justices Scalia, Alito, and Thomas free major appliances.

Moderator

Mar 25, '11 · 12:24 PM#6

rationalizing theft

Have you ever had a sketchy or questionable deduction?

If so...pot...meet kettle

Banned

Mar 26, '11 · 1:46 AM#7

http://www.nytimes.com/2011/03/25/business/economy/25tax.html By DAVID KOCIENIEWSKI
Published: March 24, 2011

General Electric, the nation?s largest corporation, had a very good year in 2010.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. uch strategies, as well as changes in tax laws that encouraged some businesses and professionals to file as individuals, have pushed down the corporate share of the nation?s tax receipts ? from 30 percent of all federal revenue in the mid-1950s to 6.6 percent in 2009.....by the corporations, for the corporations....amen brother teabag

It's all part of the trickle down economic theory and the attack on the greedy overpaid American worker. Have faith, the corporations can self regulate and make the country (read shareholder) prosper by shifting more operations over seas.:sarc:

SoWal Insider

Mar 26, '11 · 2:25 AM#8

http://www.nytimes.com/2011/03/25/business/economy/25tax.html By DAVID KOCIENIEWSKI
Published: March 24, 2011

General Electric, the nation?s largest corporation, had a very good year in 2010.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. uch strategies, as well as changes in tax laws that encouraged some businesses and professionals to file as individuals, have pushed down the corporate share of the nation?s tax receipts ? from 30 percent of all federal revenue in the mid-1950s to 6.6 percent in 2009.....by the corporations, for the corporations....amen brother teabag

G.E.'s CEO Immelt currently heads President Obama's Job's Council, and apparently, the president approves -

Obama stands by GE's Immelt | POLITICO 44

"By the corporations, for the corporations....amen brother *liberal*."

Tax incentives, when spent on green jobs and initiatives, are AOK for this administration. The Tea Party isn't your enemy Bob, it's your own kind you need to be worried about. ;-)

margarita brocolia

Mar 29, '11 · 7:18 PM#9

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"I know the supreme court ruled that corporations are people, but what I didn't realize is that those people are a**holes." -- Jon Stewart

Stewart takes on Corporate welfare, GE, Obama, GE CEO Immelt, corporate tax breaks ..............

I Give Up - Pay Anything... - The Daily Show with Jon Stewart - 03/28/11 - Video Clip | Comedy Central

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