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 ...
It’s good to be the king’s BFF...
ping for later...
Time to get out the pitchforks and camp out at Immelt’s residence. No taxes No Justice!!!
Immelt drove GE into the ground, and now he’s in a position to help the Clown Chief drive this country into the ground.
Doesn’t shock me. America voted these idiots in. Let them reap the benefits. Ugh, despicable.
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?
Where are those phony folks who claim high corporate tax rates are really killing job expansion?
Siad they got a tax break huh. That wouldn’t be for those Mercury EPA endorsed Light Bulbs would it?
Get ready to be called a commie for suggestion GE pay taxes.
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.
WELL well look who’s sitting behind the most incompetent and unqualified and the fat GE Slug.
It's good to be the King!
Fair Tax, anyone? Businesses would stop tax sheltering overseas and both their tax revenue and our jobs would stay home in the U.S.
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.
How are income taxes passed onto consumers?
Worst CEO this side of anyone running General Motors.
“Loss leader” business in the USA. Someone has to try to breed and raise those unicorns.
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