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Tax Cuts Are Working For The Corporations; G.E. Paid No Taxes In 2010 But Profits $14.2B

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Tax Cuts Are Working For The Corporations; G.E. Paid No Taxes In 2010 But Profits $14.2B

Post by Gigi on Fri Mar 25, 2011 3:45 pm

Did G.E. create any jobs for us? Hmmm, no I don't think so.

"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."

http://www.nytimes.com/2011/03/25/business/economy/25tax.html?_r=2&partner=rss&emc=rss

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Re: Tax Cuts Are Working For The Corporations; G.E. Paid No Taxes In 2010 But Profits $14.2B

Post by JaneWI on Fri Mar 25, 2011 3:52 pm

$3.2 billion would pay the salary of a lot of teachers. It could have also been used on things like food stamps, unemployment, public libraries and cancer screening.

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Re: Tax Cuts Are Working For The Corporations; G.E. Paid No Taxes In 2010 But Profits $14.2B

Post by Quiethawk on Fri Mar 25, 2011 9:14 pm

Normal Business tax return 5-6 pages..... GE's tax return 24,000 pages. They have 975 people in their tax dept working with other tax professionals.... So the trick I guess is to bury the IRS in paper. I love Lawrence O'Donnell's Re-Write comments....

Visit msnbc.com for breaking news, world news, and news about the economy

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Re: Tax Cuts Are Working For The Corporations; G.E. Paid No Taxes In 2010 But Profits $14.2B

Post by Sunrise on Fri Mar 25, 2011 9:31 pm

And so are some of the commenters.
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Re: Tax Cuts Are Working For The Corporations; G.E. Paid No Taxes In 2010 But Profits $14.2B

Post by Jen on Sat Mar 26, 2011 10:51 am

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Re: Tax Cuts Are Working For The Corporations; G.E. Paid No Taxes In 2010 But Profits $14.2B

Post by mrgolf on Sat Mar 26, 2011 2:30 pm

Gigi wrote:Did G.E. create any jobs for us? Hmmm, no I don't think so.

"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."

http://www.nytimes.com/2011/03/25/business/economy/25tax.html?_r=2&partner=rss&emc=rss


Drew Angerer/The New York Times
A PRESIDENT’S BUSINESS LIAISON
In January, President Obama named Jeffrey R. Immelt, General Electric’s chief executive, to head the President’s Council on Jobs and Competitiveness. “He understands what it takes for America to compete in the global economy,” Mr. Obama said.

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.
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Re: Tax Cuts Are Working For The Corporations; G.E. Paid No Taxes In 2010 But Profits $14.2B

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