Posted on 03/25/2011 11:27:42 AM PDT by bilhosty
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.
(Excerpt) Read more at nation.foxnews.com ...
See how conservative the scum of the country club can be when they dont have to pay taxes? They care about there loopholes and tax cuts and beyond that they dont care if they print left propaganda. Some times I think that Consrvatives are bascially the only ones who pay taxes. I posted to Fox befause I did not want to link to the NYT.
So, where are all these Wall Street and corporate bashing liberals? Where’s Michael Moore?
I know where Jeffrey Immelt is. He’s usually on Air Force One when the Worshipped One is jet setting around the world. It’s good to OWN the king.
Jeffery Immelt. Obama’s new BFF.
That says enough.
How corrupt and crony is this administration?
I just went to run an errand, and son had on station with the life White House presser. Instead of turning to Rush as I normally would do, I stayed with the presser which was for once even more entertaining than Rush!
Carney was spinning and twirling and twisting trying to answer repeated questions about how Brackets could have Immelt, the GE chairman, the very “poster boy” for corporate tax evasion, as chairman on his counsel on jobs and incentives (whatever it’s called). It was great! Catch a rerun or on youtube if you can.
I haven’t looked at it and the article doesn’t say too much, but I’d assume GE and many other companies have plenty of loss carryforwards from the last few years to eliminate any taxes for some time.
2010 GE 10K - GE paid 2.671 BILLION in net US income taxes
so, the story is a LIE (per usual)
http://www.ge.com/ar2010/pdf/GE_AR10.pdf
Crony Capitalism at work.
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...
To say that GE is liberal based on their ownership of G.E. is quite a stretch. They are the 2nd largest conglomerate in the world, and are selling NBC to Comcast.
They are indeed selling NBC to comncast. That means they held it for all of these years. It is so easy to be liberal when you are not the one paying the taxes(it doesnt matter whether you are rich or poor).
GE has accumulated $26 billion in American profits while receiving a net benefit of $4.1 billion from the IRS
Wow.
Bill O’Reilly used to go after Immelt but he’s been pretty quiet lately. I guess because GE is one of his sponsors.
So very much corruption apparent, and so very few dots to connect. (Ayers, Rezko, Stern, Immelt, and others are "dots", there are of course others.)
bilhosty
The point is that all corporations are not being treated the same. The government has NO BUSINESS playing favorites.
Plus there should be no such thing as corporate welfare.
seaplaner:
Its like a chapter right of an Ayn Rand novel
Corporations pay tax on profits but they recover the cost by charging higher prices for their goods and services. They must make a profit. The tax cost is passed on to the consumer. Consumers pay the corporate tax and on top of that they are likely to pay a sales tax as well. Corporate taxes are an indirect way of getting more taxes from the people.
I wonder why Obama gave them a bailout?
I wonder why Obama gave them a bailout?
And what tax law did they break exactly?
Corporations pay tax on profits but they recover the cost by charging higher prices for their goods and services. They must make a profit. The tax cost is passed on to the consumer. Consumers pay the corporate tax and on top of that they are likely to pay a sales tax as well. Corporate taxes are an indirect way of getting more taxes from the people.”
So therefore there is no reason for them to worry about higher taxes and should not do everything they can to get out of them, is there?
“And what tax law did they break exactly?”
being phoneies and stabbing us in the back. That may not be against the law but that iss what they are doing to us. A rich liberal is just a country clubber who doesnt pay taxes.
How about pointing us to the page(s) out of this 140pp document that contains the information to which you refer?
As mentioned, taxes cause prices to go up for the consumer. If prices go too high sales will go down. There has to be a balance. That is a reason why government must be careful not to overtax corporations. Hope this helps!
Page 70, statement of cash flows.
thanks
So, if those numbers were converted to an Individual’s income, leaving out a couple of zeros here and there, Joe Sixpack and the Missus made $751K and had write-offs/exemptions totaling $627K, their net income was $124K and their tax liability was $2,480? Deferred?
I can make $124K, get a tax bill under 2%, and defer paying it? Is this a great country of what?
So why do corporations constantly do everything they can to minimize there taxes? Are they doing it for us? It is not as simple as that. Some times taxes like property taxes and other things that are a cost of doing business can be passed on.. But, sometimes not. If you are in interstate commerce and are in a high tax state you are at a disadvantage and you will probably eat most of the tax difference and probably all of it. If you are in a market that is highly competitive you may not be able to raise your rates. And then we come to income taxes and other after the event taxes. They are on profits and are taxed afterwords so it is unlikely they will result in higher costs unless they cause there to be less investment9which may or may not happen). It is not that simple. I used to think like you but now that I see how the corporations stop worrying about spending by governments when they pay less taxes and how they seem to be more and more controlled by libs I am changing my tune about give them a free pass. These very upper class persons run the government and if they spend as they are then they should pay for it. I am not in favor of any more reductions in country clubber taxes until they put some money into conservative media and secure the borders. If the tax rates are to high to return an investment then Wall Street should not of given 80% of their campaign contributions to Obama. some things jut plain have to change.
Not that I don’t get the hypocrisy, but my guess is that there is something behind this. For example, did they get a bunch of tax breaks for wind farms or other green technology “research.”
I’m frustrated because I can’t find a decent news source that is telling the actual story. In fact, even the discussions that I hear from Fox is about “repatrioting profits.” I read that as “we should tax profits made by US corps overseas.” I couldn’t agree more......
Anyway, I’d love to see what the story really is....
That is true to be fair we probably need to get more information. On the other hand NBC has never been fair to us so screw ‘em.
“The consumer ultimately pays the tax.
Caterpillar says it is moving out of the state of Illinois due to coporate income taxes. I guess they are just sick of collecting oour taxes fromus, aren’t tney?
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