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ABC News - General Electric Paid No Federal Taxes in 2010

 
Michael Lee Hill (MLH)
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07/26/2011 03:13 PM
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ABC News - General Electric Paid No Federal Taxes in 2010
THE WHITE HOUSE, March 25, 2011

The top tax bracket for U.S. corporations stands at 35 percent, one of the highest rates in the world. So how is it possible that a giant of American business, General Electric, paid nothing in federal taxes last year, even as it made billions in profit?

For those unaccustomed to the loopholes and shelters of the corporate tax code, GE's success at avoiding taxes is nothing short of extraordinary. The company, led by Immelt, earned $14.2 billion in profits in 2010, but it paid not a penny in taxes because the bulk of those profits, some $9 billion, were offshore. In fact, GE got a $3.2 billion tax benefit.

[link to abcnews.go.com]
Anonymous Coward
User ID: 1266452
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07/26/2011 03:18 PM
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Re: ABC News - General Electric Paid No Federal Taxes in 2010
Yep - one on the list.


Don't worry, us taxpayers will pay their portion.


Fucking crooked system makes me crave TEOTWAWKI
Michael Lee Hill (MLH) (OP)

User ID: 1482466
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07/26/2011 03:24 PM
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Re: ABC News - General Electric Paid No Federal Taxes in 2010
Yep - one on the list.


Don't worry, us taxpayers will pay their portion.


Fucking crooked system makes me crave TEOTWAWKI
 Quoting: Anonymous Coward 1266452


I hear you, Things are not right at all.
Anonymous Coward
User ID: 69144
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07/26/2011 03:28 PM
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Re: ABC News - General Electric Paid No Federal Taxes in 2010
Yep disgusting. Can't wait for our space friends to help guide us out of this mess.
Anonymous Coward
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07/26/2011 03:28 PM
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Re: ABC News - General Electric Paid No Federal Taxes in 2010
Yep - one on the list.


Don't worry, us taxpayers will pay their portion.


Fucking crooked system makes me crave TEOTWAWKI
 Quoting: Anonymous Coward 1266452


I hear you, Things are not right at all.
 Quoting: Michael Lee Hill (MLH)


Aren't you a small celebrity amongst these forums.

Who cares about taxes if you are the real MLH?
Anonymous Coward
User ID: 297520
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07/26/2011 03:31 PM
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Re: ABC News - General Electric Paid No Federal Taxes in 2010
And the fact that they own NBC and support Obama has nothing to do with it ...right?. This is a good example of how the system is abused HOWEVER and THIS IS IMPORTANT - let's not confuse a company that size with "Joe the Plumber" type companies who are most likely sub-S type corporations and make 250,000 a year and are taxed to the ower of that company on a personal basis.

Obama warned us (told Joe to his face) that he wants to re-distribut the wealth. I guess if you keep it offshore with forigners it counts as redistributing it.

GE IS ONE OF THE BAD BASTARDS THAT MAKES SMALL BUSINESS LOOK BAD.
Michael Lee Hill (MLH) (OP)

User ID: 1482466
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07/26/2011 03:45 PM
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Re: ABC News - General Electric Paid No Federal Taxes in 2010
Yep - one on the list.


Don't worry, us taxpayers will pay their portion.


Fucking crooked system makes me crave TEOTWAWKI
 Quoting: Anonymous Coward 1266452


I hear you, Things are not right at all.
 Quoting: Michael Lee Hill (MLH)


Aren't you a small celebrity amongst these forums.

Who cares about taxes if you are the real MLH?
 Quoting: Anonymous Coward 1266452


I care
Anonymous Coward
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07/27/2011 08:13 AM
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Re: ABC News - General Electric Paid No Federal Taxes in 2010
bump
Michael Lee Hill (MLH) (OP)

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07/27/2011 09:03 PM
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Re: ABC News - General Electric Paid No Federal Taxes in 2010
peace
Anonymous Coward
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07/27/2011 09:07 PM
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Re: ABC News - General Electric Paid No Federal Taxes in 2010
Does the fact that GE's CEO is also the chairman of the President's Council on Jobs and Competitiveness have anything to do with it?!?
Anonymous Coward
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07/28/2011 12:59 PM
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Re: ABC News - General Electric Paid No Federal Taxes in 2010
Does the fact that GE's CEO is also the chairman of the President's Council on Jobs and Competitiveness have anything to do with it?!?
 Quoting: Oubliette


Not at all. Most Fortune 500 companies pay no corporate income tax and most actually receive huge refunds, this despite the fact that corporate income tax @ rate is figured into cost of goods or services charged to the end consumers.
fairflight

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07/28/2011 01:03 PM
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Re: ABC News - General Electric Paid No Federal Taxes in 2010
THE WHITE HOUSE, March 25, 2011

The top tax bracket for U.S. corporations stands at 35 percent, one of the highest rates in the world. So how is it possible that a giant of American business, General Electric, paid nothing in federal taxes last year, even as it made billions in profit?

For those unaccustomed to the loopholes and shelters of the corporate tax code, GE's success at avoiding taxes is nothing short of extraordinary. The company, led by Immelt, earned $14.2 billion in profits in 2010, but it paid not a penny in taxes because the bulk of those profits, some $9 billion, were offshore. In fact, GE got a $3.2 billion tax benefit.

[link to abcnews.go.com]
 Quoting: Michael Lee Hill (MLH)



This is a pulled trigger pointed at the head of this nations economy.

The Fed Gov. is paying people to move jobs out of country and then paying them off so to speak!
"Man was also in the beginning with God. Intelligence, or the light of truth, was not created or made, neither indeed can be. ALL truth is independent in that sphere in which God has placed it, to act for itself."

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