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"US corps have the highest tax rates"
--- WC's check-box parrot
but US corps don't pay high taxes, and their percentage of total US tax revenue is way below other industrial countries.
...to foot GE's tax bill.
Not only GE will not pay corporate taxes this year, they're getting $3.2 billions in tax benefits back...
Corporate tax too high? Only for the suckers...
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G.E.’s Strategies Let It Avoid Taxes Altogether
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.
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.
In a regulatory filing just a week before the Japanese disaster put a spotlight on the company’s nuclear reactor business, G.E. reported that its tax burden was 7.4 percent of its American profits, about a third of the average reported by other American multinationals. Even those figures are overstated, because they include taxes that will be paid only if the company brings its overseas profits back to the United States. With those profits still offshore, G.E. is effectively getting money back.
Such 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.
Read More --->
"US corps have the highest tax rates"
--- WC's check-box parrot
but US corps don't pay high taxes, and their percentage of total US tax revenue is way below other industrial countries.
But we need to stop those Teacher/Educator fat cats sitting in their mansions...
Pricks
Not to mention that GE Capital got bailout funds.
Google does it too.
Double Irish.
Dutch sandwich.
GE pays income taxes. They're just paying them to foreign governments who have lower corporate income tax rates.
If you want companies like GE to start paying their income taxes in America, you need to lower America's corporate income tax rate.
Haha Rangel... of course.
"you need to lower America's corporate income tax rate"
GE's non-taxes in the article are on their UCA income, not on their foreign income.
GE and others have $10Bs in untaxed profits parked offshore they want to repatriate.
Besides paying little or on UCA income come tax, the corps also are trying to cut a deal like the Repugs gave them a few years ago. $300B profits repatriated at 5% tax rate, with the provision that they create US jobs. BigPharma was a huge beneficiary of dubya's give-away, and then laid off 10s of 1000s of US employees.
Still peanuts compared to the 140 Billion they got in bailout funds.
You may be mischaracterizing the amount you are listing.
This is such bull , coyote...
Are you trying to tell me that they don't have any taxable assets or income in the US? How can you claim 5.1 billion dollars in US profit, but a tax liability of -3.2 billion? If it's not a tax loophole, then it's a tax break bordering on scam.
I have no problem with them making and keeping their money out of the country, but if you make your money in the US, you should pay up like everybody else.
This whole thing reeks of greasing washington up and hiring every person that know their way into tax loopholes. With that in mind, the percentage of corporate tax is irrelevant. While stuff like this exists, paying up even 1% is simply too much anyways.
It's the unions who are ruining this country!
GE-Jeffrey Immelt-NBC-MSNBC-etc.
Despite Paying No Income Taxes, GE CEO Lauded His Company’s Patriotism In 2009 West Point Speech
http://thinkprogress.org/2011/03/25/...o-greed-taxes/
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More of "Don't watch what I do, be fooled by what I say"
From the article....
President Obama has said he is considering an overhaul of the corporate tax system, with an eye to lowering the top rate, ending some tax subsidies and loopholes and generating the same amount of revenue. He has designated G.E.’s chief executive, Jeffrey R. Immelt, as his liaison to the business community and as the chairman of the President’s Council on Jobs and Compe iveness, and it is expected to discuss corporate taxes.
Sounds like a plan to me... If you can't beat'em, Hire'em.
And people shat over halliburton dot dot dot
Except for those who have cronies the government to get subsidies. Go talk to your hero, president Obama, and your liberal heroes in congress about these deals.
But you say they aren't subsidies.
Hypocrite.
In case you weren't aware, GE makes weapons that are used by the military...the military that protects your right to criticize everything under the American flag. It's patriotic, for sure. So, take a moment between your hate-filled accusations to kiss the boots that keep you safe (don't worry, Mr. Immelt keeps them real clean and shiny thanks to Lib s).Despite Paying No Income Taxes, GE CEO Lauded His Company’s Patriotism In 2009 West Point Speech
http://thinkprogress.org/2011/03/25/...o-greed-taxes/
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More of "Don't watch what I do, be fooled by what I say"
I'm not taking sides here but is this concerning that grant/subsidies splitting-hairs debate me, randomguy, WC and whoever else were having the other day?
On another note, Im pretty surprised Lawrence O'Donnell called out GE on this tonight. I disagree with pretty much all he believes but he gained a little respect from me for doing that. fwiw
what horse .
GE is part of the MIC owning DC and payin DC to go to bull wars, unending, undecisive wars, that waste US military and make the US not one bit safer.
The military does all about anybody's rights.
They enlist, suckered or not, they pay the price for getting ed over in bogus wars and then abandoned by the politicians and military brass.
Last edited by boutons_deux; 03-26-2011 at 09:59 AM.
=Keith Olbermann out......coincidence.
I thought the Koch Brothers were bad.
MSNBC you better report this or you are toast on my cable box.
MSNBC better report this or their just as much a corporate sell out as NewsCorp.
Who knows. Frankly, with him, who cares but O'Donnell going off on GE tonight was pretty interesting. I'm interested to see what happens to him. Who knows if anything will=Keith Olbermann out......coincidence.
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