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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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To: Responsibility2nd
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.

I believe it.

I do agree with those who have a problem with GE buying these tax breaks. It feeds into the overall corrupt socialist atmosphere in this country. The solution, as you know, is not to demand higher corporate taxes anymore than it is to demand higher individual taxes. The government needs to be shrunk, not expanded.

51 posted on 03/25/2011 10:32:22 AM PDT by dead (I've got my eye out for Mullah Omar.)
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To: xtinct

Corporate taxes are very complex. I think that GE’s US federal income tax return is at least 10,000 pages. They incur large costs to minimize corporate taxes. I do not support crony capitalism in which corporations lobby for competititve advantage over their competitors. I am not sure how GE’s lobbying has obtained special tax breaks not available to other competitors. I am not condemming GE without a careful analysis of their tax return.


52 posted on 03/25/2011 10:33:20 AM PDT by businessprofessor
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To: dalereed

“No business should ever pay taxes!”

The same problem would exist with excluding them as with anyone. The tax system is too manipulative where everyone would praise no taxes but go nuts at the loss of credits and such. Too much wealth is concentrated in corporate bank accounts to be ignored by the fed anyway.


53 posted on 03/25/2011 10:34:02 AM PDT by DonaldC (A nation cannot stand in the absence of religious principle.)
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To: discostu

“All corporate costs get passed on to the consumer.”

Not really. They’re constrained by what their competition chooses to try to pass along. They try to pass along what they can, but they can’t pass it all off. If they could, why would they care about taxes or try to carve out exceptions in the tax code? After all, they would just pass it on to the consumer.


54 posted on 03/25/2011 10:34:14 AM PDT by RKBA Democrat (Repudiate the national debt)
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To: xtinct

Win[ning] The Future!


55 posted on 03/25/2011 10:35:27 AM PDT by OneWingedShark (Q: Why am I here? A: To do Justly, to love mercy, and to walk humbly with my God.)
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To: dead

I do agree with those who have a problem with GE buying these tax breaks. It feeds into the overall corrupt socialist atmosphere in this country. The solution, as you know, is not to demand higher corporate taxes anymore than it is to demand higher individual taxes. The government needs to be shrunk, not expanded.

___________________________________

Absolutely. That’s what I was saying upthread. Post 29.


56 posted on 03/25/2011 10:37:37 AM PDT by Responsibility2nd (Yes, as a matter of fact, what you do in your bedroom IS my business.)
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Comment #57 Removed by Moderator

To: RKBA Democrat

In order to be profitable then revenue has to be higher than the combined total of ALL costs, which means that any profitable company is passing ALL costs to the consumer. They care about taxes just like with any other cost, there’s no guarantee the consumer will buy at higher costs, which I said later in the post which you apparently didn’t bother to read far enough to see. Of course what happens when the market won’t bare the increases necessary in the price for the corporation to pass on all costs is the corporation loses money, then they eventually go out of business.


58 posted on 03/25/2011 10:38:31 AM PDT by discostu (this is definitely not my confused face)
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To: mass55th
“There's something definitely wrong with that picture.”

And you're falling for the typical DemonRAT class envy trap.

First, “GE” is not a person, it is a corporation owned by shareholders. Shareholders risk their capital investing in the company with the hope of earning dividends on their investments. Those dividends are paid to the shareholders from the profits of the companies operations.

Profits are not “income”, so “income tax” isn't even the correct term.

Companies don't exist to provide jobs, or even provide goods and services, they exist to make money for the owners, who in turn pay “income taxes”.

59 posted on 03/25/2011 10:39:19 AM PDT by bitterohiogunclinger (Proudly casting a heavy carbon footprint as I clean my guns ---)
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To: businessprofessor

Corporate taxes are very complex. I think that GE’s US federal income tax return is at least 10,000 pages.

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Try 24,000 pages.

http://abcnews.go.com/Business/Tax/ge-exxon-paid-us-income-taxes-09/story?id=10300167


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

I’m against the “Fair Tax” because it is progressive; it even says so on its official website.
I cannot condone any tax-system which is not, like Justice is supposed to be, blind wrt those under it.


61 posted on 03/25/2011 10:40:13 AM PDT by OneWingedShark (Q: Why am I here? A: To do Justly, to love mercy, and to walk humbly with my God.)
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To: dead

I came across this quote sometime ago, though I don’t remember who said it, and it seems most fitting:
“When legislators determine what can be bought and sold, the first thing bought and sold are legislators.”


62 posted on 03/25/2011 10:44:13 AM PDT by OneWingedShark (Q: Why am I here? A: To do Justly, to love mercy, and to walk humbly with my God.)
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To: DonaldC

It’s double taxation. You pay your income taxes, and then when you buy GE product a component of the price is to cover their corporate income tax. A corporation is a fictitious legal entity. Any tax on an entity has to be paid by someone else.

To say they pass all taxes along to the customer though, is an oversimplification. Sure, if they get an 8% increase in taxes they would love it if they could just charge 8% more and cover it. But that 8% jump changes the supply/demand curves. Some who were willing to pay the freight but were unhappy about it decide that this is too much and eschew the GE products and services. In other words, it forces GE to re-evaluate their cost/price structure and try to reoptimize it.


63 posted on 03/25/2011 10:47:40 AM PDT by ichabod1 (Hail Mary Full of Grace, The Lord Is With Thee...)
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To: ichabod1

“It’s double taxation. You pay your income taxes, and then when you buy GE product a component of the price is to cover their corporate income tax”

I can see the double taxation, just not the predictability of an income tax like other costs have, but I guess an estimate could be made and then some of it passed on.


64 posted on 03/25/2011 10:51:56 AM PDT by DonaldC (A nation cannot stand in the absence of religious principle.)
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To: xtinct

Crony Capitalism at work.


65 posted on 03/25/2011 10:52:03 AM PDT by Tzimisce (Never forget that the American Revolution began when the British tried to disarm the colonists.)
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To: dalereed

I suspect that many of you have already exercised your warranty options on GE new appliances, hot water heaters, etc. GE’s turning out junk now - should I mention Japan?


66 posted on 03/25/2011 10:52:53 AM PDT by yorkie01
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To: xtinct

Liberal Leftist Corporation that makes all businesses look bad.
Big shot used to fire 10% of the GE employees as a matter of course.

Off with their heads!


67 posted on 03/25/2011 10:55:48 AM PDT by PATRIOT1876 (The only crimes that are 100% preventable are crimes committed by illegal aliens)
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To: Zeddicus

$0 taxes isn’t a problem for me. What IS a problem is all the kickbacks and subsidies they get. Plus they have become major rent seekers for favorable legislation that creates or shapes markets for them.


68 posted on 03/25/2011 10:57:05 AM PDT by PogySailor (The ruling class will not go down easily. And neither will their paid hacks.)
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To: bitterohiogunclinger

dangit!!!!, I want to hate the story that they arent “paying their fair share” then you come with all that quickly summed logic. They do use infrastructure and facilities however, is that “paid for” by the local economy boost they provide?


69 posted on 03/25/2011 11:08:42 AM PDT by VaRepublican (I would propagate taglines but I don't know how. But bloggers do.)
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To: ex-snook

High corporate tax rates are killing job expansion and that has nothing to do with this article. This is just a case of GE being favored by the administration.


70 posted on 03/25/2011 11:13:56 AM PDT by conservativebuckeye
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To: xtinct

How much money was wasted in tax credits engineered by government social engineering?


71 posted on 03/25/2011 11:30:17 AM PDT by longtermmemmory (VOTE! http://www.senate.gov and http://www.house.gov)
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To: xtinct

Immelt ring a bell?

GE is extraordinarily close to this administration


72 posted on 03/25/2011 11:34:58 AM PDT by GeronL (The Right to Life came before the Right to Happiness)
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To: Zeddicus

The problem is when only the specially politically favored companies like GE and GM are being given benefits not available to other companies.

This is a form of crony corruption.


73 posted on 03/25/2011 11:36:54 AM PDT by GeronL (The Right to Life came before the Right to Happiness)
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To: xtinct

And this surprises — who?!


74 posted on 03/25/2011 11:43:11 AM PDT by patriot preacher
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To: mass55th

“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.”

Remember the hubbub about Exxon? They pay bunches of taxes didn’t they?

More double speak from the dark one!


75 posted on 03/25/2011 11:44:02 AM PDT by chooseascreennamepat (I have a liberal arts degree, do you want fries with that?)
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To: DonaldC

They have whole floors full of accountants with utilities that model costs, demand, and profits as different factors, like taxes, change. They have to try to pick the price point that give them the best profit. So, hell yeah they’ll try to pass them on if they can, but if they see that raising price to cover the new cost makes demand go way down, they won’t do it - they’ll have to eat it.


76 posted on 03/25/2011 11:51:48 AM PDT by ichabod1 (Hail Mary Full of Grace, The Lord Is With Thee...)
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To: xtinct
It's not just G.E.

Many multi-national corps pay no income tax.

A list of companies usually surfaces every year round tax time.

We always here how corporate America justifies taking jobs overseas because of the over burdening tax rates....yea, right.

77 posted on 03/25/2011 12:17:34 PM PDT by servantboy777
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To: servantboy777

Government Motors is EXEMPT FROM TAXES under the bailout plan

BUY FORD~!


78 posted on 03/25/2011 12:21:14 PM PDT by Mr. K (Job #1 DEFUND THE LEFT then Palin/Bachman 2012 -Unbeatable Ticket~!)
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To: servantboy777

(Reuters) - Most U.S. and foreign corporations doing business in the United States avoid paying any federal income taxes, despite trillions of dollars worth of sales, a government study released on Tuesday said.

The Government Accountability Office said 72 percent of all foreign corporations and about 57 percent of U.S. companies doing business in the United States paid no federal income taxes for at least one year between 1998 and 2005.


79 posted on 03/25/2011 12:23:59 PM PDT by servantboy777
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To: ichabod1

**It’s double taxation.**

C’mon ... STOP THIS ... Corporations DO NOT PAY TAXES... they COLLECT them as a part of the “cost of doing Business” ... WE PAY their taxes. In figuring price.. all taxes are considered and added in ... Corporate Taxes is a bogus argument, used by Libs and Socialists to spread their Class warfare/ENVY!! You want to get angry about something... get angry at FUHRER OBAMA for handing out OUR HARD EARNED MONEY!!!


80 posted on 03/25/2011 12:31:58 PM PDT by gwilhelm56 (To anger a Christian, Lie to them. To anger a muslim, tell them the TRUTH!)
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To: Mr. K

Ford received bailout funds as well.


81 posted on 03/25/2011 12:37:12 PM PDT by servantboy777
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To: VaRepublican
Well, let's see. I know of about 4 GE facilities just in and around the Cincinnati Ohio area that employ about 10000 people. Couple that with vendors, outside service companies, etc and yes, I think they probably are supporting quite a bit in taxes, both direct and hidden.

I'm no big fan of GE, but my problem with them is their support of crooked liberal politicians, and the fact that they managed to get themselves “reclassified” as a “bank” in order to get bailout money. But that's a whole other discussion.

My main points are twofold.
Taxing business does more harm than good.
Our problems aren't the result of anyone paying “too little” in taxes, they are the result of “too much government” which cripples business, provides too much opportunity for “special interests” to buy favors, and takes away everyones freedoms.
How did we get from a Government that functioned on 6 percent of GDP, while fighting WWII, to one that eats up 25 to 30 percent of GDP?

82 posted on 03/25/2011 12:47:29 PM PDT by bitterohiogunclinger (Proudly casting a heavy carbon footprint as I clean my guns ---)
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To: conservativebuckeye
"High corporate tax rates are killing job expansion and that has nothing to do with this article. This is just a case of GE being favored by the administration."

C'mon tax rates have been higher and the economy was booming. Corporate job expansion is in other countries and it has more to do with cheap labor and avoiding US laws on environment and nothing to do with tax rates. Wouldn't you like to see the tax rates actually paid by corporations? I sure would and then we could see if GE was favored more than other corporations.

83 posted on 03/25/2011 12:56:17 PM PDT by ex-snook ("Above all things, truth beareth away the victory")
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To: OrangeHoof

A simple tax on consumption is apparently too contentious for some.

Politically, we may be too far gone for a fair tax. Only a virtuous people would consider a tax that cannot be manipulated to reward some and punish others.


84 posted on 03/25/2011 2:38:17 PM PDT by Jacquerie
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To: bitterohiogunclinger

“How did we get from a Government that functioned on 6 percent of GDP, while fighting WWII, to one that eats up 25 to 30 percent of GDP?”

Sorry, I agree with the sentiment, but you’re mistaken. The U.S. spent more as a % of GDP during WWII than any time before or after.

http://www.usgovernmentspending.com/downchart_gs.php?year=1903_2010&view=1&expand=&units=p&fy=fy12&chart=F0-total&bar=0&stack=1&size=l&title=US%20Government%20Spending%20As%20Percent%20Of%20GDP&state=US&color=c&local=s

(Not the best chart, but gets the point across).


85 posted on 03/25/2011 4:05:03 PM PDT by ivyleaguebrat
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To: xtinct

Why should they? They are a fascist arm of this kleptocracy.


86 posted on 03/25/2011 4:29:07 PM PDT by eleni121 ("All Along the Watchtower" Book of Isaiah, Chapter 21, verses 5-9)
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To: Mr. K

The problem with Ford corp is that they are in bed with the UAW, the best friend corporate fascism ever had.

Buy non union US made vehicles only.


87 posted on 03/25/2011 4:32:24 PM PDT by eleni121 ("All Along the Watchtower" Book of Isaiah, Chapter 21, verses 5-9)
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To: Mr. K

Do not buy any of these cars.

http://www.pricewheels.com/blog/2009/09/27/uaw-releases-list-of-2010-union-made-cars-and-trucks/


88 posted on 03/25/2011 4:35:50 PM PDT by eleni121 ("All Along the Watchtower" Book of Isaiah, Chapter 21, verses 5-9)
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To: mass55th

I agree. But the conservative orthodoxy is that big corporations do no wrong and are all overtaxed.


89 posted on 03/25/2011 5:14:46 PM PDT by redgolum ("God is dead" -- Nietzsche. "Nietzsche is dead" -- God.)
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To: Mr. K

Just bought a used Ford F150. Very happy with it.


90 posted on 03/25/2011 5:21:39 PM PDT by redgolum ("God is dead" -- Nietzsche. "Nietzsche is dead" -- God.)
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To: dead
Any tax on a corporation is paid by the consumer.

All taxes on corporations ultimately fall on individuals. Those individuals may or may not be consumers of the corporation's output. After all, in addition to customers, a corporation has shareholders and employees ...

The exact breakdown of the impact on the company's customers, its shareholders, and its employees is a complicated function of the demand for its products and services. If demand is inelastic — i.e., you gotta have the product, and there are no substitutes — then the company simply raises prices, and the customers fork it over. If, on the other hand, demand is very elastic, then the company has to eat the added cost, causing shareholders and employees to get less. Most situations are in between, obviously.

91 posted on 03/25/2011 5:42:28 PM PDT by cynwoody
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To: xtinct; All
General Electric Company
3135 Easton Turnpike.
Fairfield,     CT 06828  
Phone: 203-373-2211

Annual Financials (in USD). Fiscal year ends in December.

Income Statement 2010 2009 2008
Revenue 150,211.0 156,783.0 182,515.0
Cost of Goods Sold 71,713.0 75,921.0 83,772.0
Gross Profit 78,498.0 80,862.0 98,743.0
Gross Profit Margin >52.3% 51.6% 54.1%
SG&A Expense 3,012.0 40,821.0 45,234.0
Depreciation & Amortization 10,013.0 10,636.0 11,492.0
Operating Income 14,208.0 10,344.0 19,141.0
Operating Margin 9.5% 6.6% 10.5%
Nonoperating Income -- -- --
Nonoperating Expenses -- -- --
Income Before Taxes 14,208.0 10,344.0 19,141.0
Income Taxes 1,050.0 (1,090.0) 1,052.0
Net Income After Taxes 13,158.0 11,434.0 18,089.0
Discontinued Operations (979.0) (193.0) (679.0)
Total Net Income 12,179.0 11,241.0 17,410.0
Net Profit Margin 8.1% 7.2% 9.5%

The taxes ($1.05B, 8% of Earnings/Income Before Taxes) are most likely paid by GE in the foreign countries where GE has operations and are much lower than the U.S. corporate "income" tax rate Many multinational corporations move their >profitable operations overseas for many reasons, including higher burdens and costs of the U.S. regulations and taxes. Also, GE Capital had large operating and non-operating losses in the last few years that would offset current profits - that's normal and should have been expected. GE generates a little over 45% of their revenues in the U.S., slightly over 20% in Europe, and about 15% in PacRim zone.

U.S. should abolish corporate taxes altogether - it's a form of double taxation and pass-through taxes on consumer; they only increase the cost of business, increase costs of goods and services to the consumers (essentially, make corporations an invisible tax collectors), increase unemployment, reduce competitiveness of U.S. companies, reduce incentives for the foreign and the U.S. companies to do business in the U.S., etc. etc. U.S. now has the second-highest income tax rate in the world, and one of the highest corporate "income" tax rates.

Onerous taxes, regulations and the laws like infamous Sarbanes-Oxley, and now Dodd-Frank are making business in the U.S. increasingly more difficult and expensive, and are driving capital and companies elsewhere, whether they are "American" or "foreign" companies, "American" or "foreign" investors. If you could design the laws and regulation to specifically chase businesses and capital out of the U.S., it would be hard to design something "better" than Sarbox and Dodd-Frank. They should be repealed, as well as abolishment of corporate "income" taxes, and thousand pages of federal regulations.

Large and medium-size companies are leaving or looking to leave high-tax states like California, Illinois, Michigan, New Jersey, New York and others (sometimes they will get tax waivers from the state or municipality for several years and then the kabuki dance starts all over again). Latest high visibility example is Caterpillar announcing plans to relocate headquarters from Illinois. Exact same thing is happening on the national level - companies leave or never even consider to start business in high taxes, high regulations countries.

That's the reason why U.S. corporations are hesitant to spend / invest $2T they have on their balance sheets, and why more than a $1T is held overseas, instead of being invested and turned over in the U.S. because of high cost of tax on repatriated funds.

As usual, politicians (on both sides) are playing the politics of envy and blame the "evil fat-cat" corporations for "not paying their fair share" and being "unpatriotic" and use this to "close the tax loopholes" in the next piece of business-stifling tax legislation.

92 posted on 03/25/2011 7:05:33 PM PDT by CutePuppy (If you don't ask the right questions you may not get the right answers)
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To: de.rm

That was the design 40 years ago.


93 posted on 03/26/2011 12:35:42 PM PDT by Ophiucus
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To: xtinct

Only one of many great American “taxpayers,” who use political correctness (environmentalism, animal worship, etc.) to wrongfully and dishonestly shut down competition in their local commissioners’ meetings. Your business leaders and academic leaders are as socialist as your politicos. Recently, they even tried unsuccessfully to shut down little truck farms with their “food safety” bill (which bill many Republicans, including Bachmann, voted in favor of in its earlier form, before the Tester Amendment to exempt small farmers was added and passed).


94 posted on 03/26/2011 1:27:16 PM PDT by familyop ("Wanna cigarette? You're never too young to start." --Deacon, "Waterworld")
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To: familyop
The “little” farms are the only good, honest innovators & creators, the Big is totally corrupt from top to bottomous.

because...

"A man can only see what his paycheck will allow."

95 posted on 03/26/2011 1:46:42 PM PDT by de.rm ('Most people never believe anything you tell them unless it isn't true."-Groucho Marx)
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To: Ophiucus
"40 years ago.....

The point being, there's no such thing as 40 years ago, if GE had any speck of integrity, which they don't, being now only the lowest of bottom dollar whores, thieves & scoundrels in need of the nearest yardarm.

. .where was I?

Oh, yeah, upgrade my boy, always be thinking how to improve the design, esp. when so much money & life is at stake, n'est pas?

Smart folks can reckon how this is cheaper in the long run, short term 'quarter' whores just don't get it.

96 posted on 03/26/2011 1:56:29 PM PDT by de.rm ('Most people never believe anything you tell them unless it isn't true."-Groucho Marx)
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To: de.rm

Thank you. Here’s one good American design in electronics: the first MPPT charge controller for wind turbines. Those of us who are cursed enough with high average winds and willing enough to build small turbines (10-20 ft. rotors) ourselves have been waiting for them for several years.

http://www.midnitesolar.com/


97 posted on 03/26/2011 3:13:05 PM PDT by familyop ("Don't worry, they'll row for a month before they figure out I'm fakin' it." --Deacon, "Waterworld")
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To: ex-snook

Corporations don’t pay taxes. We the consumers do. That’s Econ 101.


98 posted on 03/26/2011 8:22:40 PM PDT by conservativebuckeye
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To: de.rm
Oh, yeah, upgrade my boy, always be thinking how to improve the design,

Let's see, they sold the Mark I about 40 years ago, were up to the Mark III a decade ago and now there are about a dozen new designs waiting for approval.

So if a company sells a product and many years later, someone else misuses it and kills someone, the original manufacturer is responsible?

99 posted on 03/26/2011 9:07:19 PM PDT by Ophiucus
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To: Ophiucus
...uh, duh, yeah, in this case, esp. when health care & other viciously ignored costs are tallied.

These melonthumpers applied the same cost benefit analyst F'n Ford used for the Pinto.

It was a sin & a crime then, this is even worse.

100 posted on 03/28/2011 9:20:23 AM PDT by de.rm ("Once is happenstance, twice is coincidence, 3 times is enemy action.")
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