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G.E. Paid No U.S. Taxes in 2010
Weekly Standard ^ | 3/25/2011 | Daniel Halper

Posted on 03/25/2011 9:53:36 AM PDT by xtinct

General Electric paid no American taxes in 2010, the New York Times reports:

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.

(Excerpt) Read more at weeklystandard.com ...


TOPICS: Business/Economy; Front Page News; News/Current Events
KEYWORDS: economy; ge; generalelectric; notaxes; taxes
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WTF ?
1 posted on 03/25/2011 9:53:39 AM PDT by xtinct
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To: xtinct
Sucking up to Obummer has it's privileges.


2 posted on 03/25/2011 9:56:11 AM PDT by Lazlo in PA (Now living in a newly minted Red State.)
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To: xtinct

It’s good to be the king’s BFF...


3 posted on 03/25/2011 9:56:22 AM PDT by ZirconEncrustedTweezers (Irritating a libtard is fun, and requires very little imagination.)
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To: xtinct

ping for later...


4 posted on 03/25/2011 9:56:42 AM PDT by rlmorel (The first casualty of Liberalism is The Truth...)
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To: xtinct

Time to get out the pitchforks and camp out at Immelt’s residence. No taxes No Justice!!!


5 posted on 03/25/2011 9:57:13 AM PDT by Hotlanta Mike (TeaNami)
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To: xtinct
Also making extreeeeeeeemly profitable nukes w/o passive backup cooling, thanks pricks, for “bringing good things to life”.
6 posted on 03/25/2011 9:57:18 AM PDT by de.rm ('Most people never believe anything you tell them unless it isn't true."-Groucho Marx)
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To: xtinct

Immelt drove GE into the ground, and now he’s in a position to help the Clown Chief drive this country into the ground.


7 posted on 03/25/2011 9:58:17 AM PDT by NWFLConservative
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To: xtinct

Doesn’t shock me. America voted these idiots in. Let them reap the benefits. Ugh, despicable.


8 posted on 03/25/2011 9:59:01 AM PDT by justice14 ("stand up defend or lay down and die")
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To: xtinct

Um, let’s all remember one thing here: businesses do not pay taxes, period. Taxes are a cost of doing business that get passed along in the cost of the business’ product or service. Whoever buys the product or service pays the tax, not the business. The business merely collects it for the government.

It’s easy to get upset in a knee-jerk reaction here because we all hate GE, but in so doing, do we want to be espousing the benefits of taxation on business?


9 posted on 03/25/2011 9:59:33 AM PDT by Zeddicus
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To: xtinct

Where are those phony folks who claim high corporate tax rates are really killing job expansion?


10 posted on 03/25/2011 9:59:34 AM PDT by ex-snook ("Above all things, truth beareth away the victory")
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To: xtinct

Siad they got a tax break huh. That wouldn’t be for those Mercury EPA endorsed Light Bulbs would it?


11 posted on 03/25/2011 10:00:15 AM PDT by Marty62 (Marty60)
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To: xtinct

Get ready to be called a commie for suggestion GE pay taxes.


12 posted on 03/25/2011 10:00:40 AM PDT by redgolum ("God is dead" -- Nietzsche. "Nietzsche is dead" -- God.)
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To: xtinct

Good grief. GE gets away with paying no taxes, and yet there were idiots on a thread last night, getting all high and mighty about what a terrible offence it is that regular joes get to deduct their mortgage interest from their income taxes.

Priorities, people, priorities.


13 posted on 03/25/2011 10:01:43 AM PDT by Titus Quinctius Cincinnatus (What if God doesn't want the Gospel rescued from the fundamentalists?)
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To: Lazlo in PA

WELL well look who’s sitting behind the most incompetent and unqualified and the fat GE Slug.


14 posted on 03/25/2011 10:02:12 AM PDT by Marty62 (Marty60)
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To: xtinct

Image and video hosting by TinyPic

It's good to be the King!

15 posted on 03/25/2011 10:02:33 AM PDT by txroadkill ( We are sooooooooo screwed)
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To: xtinct

Fair Tax, anyone? Businesses would stop tax sheltering overseas and both their tax revenue and our jobs would stay home in the U.S.


16 posted on 03/25/2011 10:03:05 AM PDT by OrangeHoof (Washington, we Texans want a divorce!)
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To: Zeddicus
Good points.

I don't want any company to pay taxes, because I know they just pass that expense down to the consumer who really pays it.

The problem, of course, is crony capitalism. GE actively works to support Obama's anti-American agenda, therefore GE gets the sweet deal and pays no taxes. The other companies? They get screwed and have to jack up their prices so that their consumers can pay the corporate tax bill.

It's not right.

17 posted on 03/25/2011 10:03:37 AM PDT by ClearCase_guy
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To: Zeddicus

How are income taxes passed onto consumers?


18 posted on 03/25/2011 10:05:10 AM PDT by DonaldC (A nation cannot stand in the absence of religious principle.)
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To: Lazlo in PA

Worst CEO this side of anyone running General Motors.


19 posted on 03/25/2011 10:06:29 AM PDT by Corporate Law (<>< - Xavier Basketball - Perennial Slayer of Top-Ranked Teams)
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To: xtinct

“Loss leader” business in the USA. Someone has to try to breed and raise those unicorns.


20 posted on 03/25/2011 10:06:36 AM PDT by HiTech RedNeck (Hawk)
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To: Lazlo in PA
Sucking up to Obummer has it's privileges.

"The assortment of tax breaks G.E. has won in Washington has provided a significant short-term gain for the company’s executives and shareholders. While the financial crisis led G.E. to post a loss in the United States in 2009, regulatory filings show that in the last five years, G.E. has accumulated $26 billion in American profits, and received a net tax benefit from the I.R.S. of $4.1 billion."

I'd say $4.1 billion in taxpayer money taken by G.E. would go just a tad beyond privilege.
21 posted on 03/25/2011 10:08:59 AM PDT by Renderofveils (My loathings are simple: stupidity, oppression, crime, cruelty, soft music. - Nabokov)
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To: DonaldC

Duh — higher prices for the company’s products. Or hadn’t you noticed?


22 posted on 03/25/2011 10:09:31 AM PDT by Tenniel2 (Ignore politics and you'll end up being governed by your inferiors. -- Plato)
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To: Zeddicus

I agree with your tax assessment, however the prism through which we should view this is whether or not the same tax options were available to GE’s competitors.

Is GE simply taking advantage of tax laws or is the Obambi administration picking winners and losers like they have with the GM tax breaks?


23 posted on 03/25/2011 10:09:37 AM PDT by RightOnTheBorder
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To: Lazlo in PA

GE is in bed with the loser


24 posted on 03/25/2011 10:10:51 AM PDT by KSCITYBOY
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To: xtinct

Beware the Corporate Gubamint Media Complex..


25 posted on 03/25/2011 10:11:57 AM PDT by NormsRevenge (Semper Fi ... Godspeed .. Monthly Donor Onboard .. Obama: Epic Fail or Bust!!!)
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To: Zeddicus

Nobody likes taxes or wants business taxed. This is just a sign of the commie rule. There is the priveleged class that reaps the rewards and the rest of us who suffer and pay.


26 posted on 03/25/2011 10:12:21 AM PDT by No Socialist
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To: Tenniel2

I can understand if we were talking VAT or something like that, but not income taxes.


27 posted on 03/25/2011 10:12:25 AM PDT by DonaldC (A nation cannot stand in the absence of religious principle.)
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To: redgolum
"Get ready to be called a commie for suggestion GE pay taxes."

I'm a commie then. GE pays no taxes on billions of dollars of profits, but the Feds raise the taxes on my lousy pension an extra $350 a year. There's something definitely wrong with that picture.

28 posted on 03/25/2011 10:13:11 AM PDT by mass55th (Courage is being scared to death - but saddling up anyway...John Wayne)
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To: xtinct

Good for GE.

Way to go.

If anyone is unaware of the fact that the US has the world’s largest capital rate, then go look it up.

Why should large corporations fork over billions of dollars to endorse Socialism in Washington DC? You and I as individuals look for ways to save our own money. Why shouldn’t GE?


29 posted on 03/25/2011 10:13:45 AM PDT by Responsibility2nd (Yes, as a matter of fact, what you do in your bedroom IS my business.)
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To: Zeddicus
Um, let’s all remember one thing here: businesses do not pay taxes, period. Taxes are a cost of doing business that get passed along in the cost of the business’ product or service. Whoever buys the product or service pays the tax, not the business. The business merely collects it for the government. It’s easy to get upset in a knee-jerk reaction here because we all hate GE, but in so doing, do we want to be espousing the benefits of taxation on business?

Very well said. I was going to post along the same lines and then read your post. I couldn't have said it any better so am re-posting it since it's worth repeating. I am amazed that even here on Free Republic that point is so easily lost. Corporate taxes, payroll taxes, etc. are the liberal favorites because they are hidden. I am a believer in the FairTax because you would see the taxes you are paying right on your receipt. The FairTax people also seem to forget that transparency is the biggest selling point because they get caught up in the argument of whether it would be 23% or 27% or whatever. The worry is that people will not go along with it because it is too high. The argument in return is "yes, yes it is too high." The number is set to make it revenue neutral and is what you are paying right now without realizing it. If it is too high, then lower government expenditures. It is not the FairTax fault if a revenue neutral percentage is too high. People need to see the true cost of the government.

30 posted on 03/25/2011 10:14:11 AM PDT by Armando Guerra
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To: xtinct

Can’t wait to see how much Google was paid...


31 posted on 03/25/2011 10:14:41 AM PDT by surfer (To err is human, to really foul things up takes a Democrat, don't expect the GOP to have the answer!)
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To: Zeddicus

Good points, and this article comes out in time for UK protests tomorrow against corporations to pay more taxes, calling the companies tax dodgers.


32 posted on 03/25/2011 10:15:33 AM PDT by HollyB
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To: xtinct
Its American tax bill? None. In fact, G.E. claimed a tax benefit of $3.2 billion.

"A tax benefit"? So when GE got finished with it's taxes, it ended up with $3.2 billion more from the US than it started with? Impressive - most welfare leeches don't get anywhere near that kind of money.
33 posted on 03/25/2011 10:16:39 AM PDT by AnotherUnixGeek
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To: Responsibility2nd

If anyone is unaware of the fact that the US has the world’s largest capital rate, then go look it up.

ugh.

Should read ...

If anyone is unaware of the fact that the US has the world’s largest CORPORATE TAX rate, then go look it up.


34 posted on 03/25/2011 10:16:40 AM PDT by Responsibility2nd (Yes, as a matter of fact, what you do in your bedroom IS my business.)
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To: DonaldC

All corporate costs get passed on to the consumer. If they gotta pay a million bucks for something you can bet prices are going up. Unless their market situation dictates they absolutely have to (ie upping their prices even a little kills sales) companies don’t eat costs, whether it’s taxes or wages or utilities they all go into figuring out how much to charge.


35 posted on 03/25/2011 10:17:01 AM PDT by discostu (this is definitely not my confused face)
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To: xtinct

Even took Imelt on vacation to Brazil too! I’m sure that Jeffrey didn’t pay a dime or maybe it was one red cent.


36 posted on 03/25/2011 10:17:27 AM PDT by 23 Everest (A gun in hand is better than a cop on the phone.)
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To: mass55th
Any tax on a corporation is paid by the consumer.

Instead of asking the government to raise taxes on corporations, you should just ask them to raise your taxes directly and cut out the middleman.

37 posted on 03/25/2011 10:18:59 AM PDT by dead (I've got my eye out for Mullah Omar.)
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To: Lazlo in PA

That is a target rich environment if I’ve ever seen one.


38 posted on 03/25/2011 10:20:07 AM PDT by Freedom_Is_Not_Free (Don't confuse Obama's evil for incompetence.)
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To: xtinct
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.

While General Electric is one of the most skilled at reducing its tax burden, many other companies have become better at this as well. Although the top corporate tax rate in the United States is 35 percent, one of the highest in the world, companies have been increasingly using a maze of shelters, tax credits and subsidies to pay far less.

“He understands what it takes for America to compete in the global economy,” Mr. Obama said of Mr. Immelt, on his appointment in January

A review of company filings and Congressional records shows that one of the most striking advantages of General Electric is its ability to lobby for, win and take advantage of tax breaks.

Over the last decade, G.E. has spent tens of millions of dollars to push for changes in tax law, from more generous depreciation schedules on jet engines to “green energy” credits for its wind turbines. But the most lucrative of these measures allows G.E. to operate a vast leasing and lending business abroad with profits that face little foreign taxes and no American taxes as long as the money remains overseas.

Press Here

39 posted on 03/25/2011 10:20:42 AM PDT by kcvl
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To: Corporate Law
How this piece of garbage was ever Jack Welch's hand picked successor, I will never know. Jack knew how to make a profitable business. Immelt must have had earplugs in during Jacks lessons because he is the polar opposite. Just look at how he ran GE into the ground.


40 posted on 03/25/2011 10:20:42 AM PDT by Lazlo in PA (Now living in a newly minted Red State.)
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To: DonaldC

Do you own your own business? If you did, you would know that taxes are a cost of doing business. Costs are passed on in the form of higher prices. If the market cannot support the higher prices you go out of business or move overseas where the taxes or other costs of business (such as labor) are lower. Now that Japan is dropping its corporate tax rates the U.S. leads the world in tax rates. Between that and the thug unions is there any wonder why our industries have left the country?


41 posted on 03/25/2011 10:21:21 AM PDT by Armando Guerra
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To: Responsibility2nd

“Why should large corporations fork over billions of dollars to endorse Socialism in Washington DC?”

Well, they reap the rewards of military protection, infrastructure, etc, just like the rest of us, so they should be paying something.


42 posted on 03/25/2011 10:21:21 AM PDT by DonaldC (A nation cannot stand in the absence of religious principle.)
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To: Lazlo in PA
The assortment of tax breaks G.E. has won in Washington has provided a significant short-term gain for the company’s executives and shareholders. While the financial crisis led G.E. to post a loss in the United States in 2009, regulatory filings show that in the last five years, G.E. has accumulated $26 billion in American profits, and received a net tax benefit from the I.R.S. of $4.1 billion.

But critics say the use of so many shelters amounts to corporate welfare, allowing G.E. not just to avoid taxes on profitable overseas lending but also to amass tax credits and write-offs that can be used to reduce taxes on billions of dollars of profit from domestic manufacturing. They say that the assertive tax avoidance of multinationals like G.E. not only shortchanges the Treasury, but also harms the economy by discouraging investment and hiring in the United States.

43 posted on 03/25/2011 10:23:19 AM PDT by kcvl
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To: dead

Instead of asking the government to raise taxes on corporations, you should just ask them to raise your taxes directly and cut out the middleman.

____________________________________________

I’ve read that corporate taxes - which as you know are passed on to individuals - indirectly add over $3,000 per year per individual in higher taxes.

So when you look at local, state, property, federal taxes you pay - don’t forget to factor in your share of corporate taxes.


44 posted on 03/25/2011 10:25:03 AM PDT by Responsibility2nd (Yes, as a matter of fact, what you do in your bedroom IS my business.)
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To: xtinct

Folks need to think before they post. Do you really think that GE is evading the law? GE, like any good business or accountant conforms to the letter of the law in order to pay the minimum taxes possible. Every one of you do the same. If you are angry that GE owed no taxes in the US this year, blame Congress for writing the law, not GE for obeying the law. To do otherwise is to fall for the dems attempt to instigate class warfare.


45 posted on 03/25/2011 10:27:27 AM PDT by SunTzuWu
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To: xtinct

GE CEO: “We are all Democrats Now”
http://www.economicpolicyjournal.com/2009/11/ge-ceo-we-are-all-democrats-now.html
now I get what he meant! Charlie Rangel, Tim Geithner,
Tom Daschle...


46 posted on 03/25/2011 10:27:39 AM PDT by WOBBLY BOB ( "I don't want the majority if we don't stand for something"- Jim Demint)
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To: xtinct

No business should ever pay taxes!


47 posted on 03/25/2011 10:28:10 AM PDT by dalereed
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To: xtinct

In return, obama gets nothing but positive press from NBC, MSNBC and CNBC.


48 posted on 03/25/2011 10:29:46 AM PDT by jersey117
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To: Jet Jaguar; NorwegianViking; ExTexasRedhead; HollyB; FromLori; EricTheRed_VocalMinority; ...

The list, ping

Let me know if you would like to be on or off the ping list

http://www.nachumlist.com/


49 posted on 03/25/2011 10:30:05 AM PDT by Nachum (The complete Obama list at www.nachumlist.com)
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To: OrangeHoof

“Fair Tax, anyone?”

Stuf it up yor backside!


50 posted on 03/25/2011 10:32:07 AM PDT by dalereed
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