MamaMia
3/25/2011, 07:32 PM
and pays ZERO in taxes and gets a 3.2 Billion dollar tax credit! Are you freakin kidding me? Thats nuts! 5 billion of that money was made off you and me right here in the U.S. I think I'll go throw my blender in the trash now. :mad:
Obama wants to tax the rich up the wazoo but his buddy Jeff Immelt gets off scott free.
http://i3.photobucket.com/albums/y86/OUmom/19189_Obama_Immelt.jpg
President Obama shares a warm moment with Jeffrey R. Immelt, CEO of the government's favorite corporation. Mr. Immelt has been selected to head President Obama's jobs panel, which helps decide corporate tax policy. (Source: Drew Angerer/The New York Times)
GE: $14B USD Profits, Pays No Taxes For Last Year, Gets $3.2B Tax Benefit
Jason Mick (Blog) - March 25, 2011 3:22 PM
Citizens and businesses can only hope to one day be as savvy tax-wise as General Electric Comp. The tech giant earned a sweet $14.2B USD in profit in 2010. And now the U.S. government has given it a hefty gift -- a year completely free of taxes and a $3.2B USD tax benefit.
The U.S. tax rate for corporations is supposedly 35 percent. But over the years crafty politicians have collaborated with business allies to work more holes into the tax code than a block of Swiss cheese. But even in today's era of free flowing corporate tax loopholes few companies have perfected the art to the degree GE has -- making massive profits, paying no taxes, and getting a tax benefit.
Part of how it snuck its way into such a sweetheart deal is the company it keeps. President Barack Obama anointed GE's chief executive as the head of his new Council on Jobs and Competitiveness. Among the council's key roles? Discussing corporate taxes.
According to The New York Times, which first broke news of GE's incredible feat, GE spent years of "innovative accounting" and fierce lobbying to slowly slim its tax bill. But when it really started experiencing windfall gains was when it hired a former Treasury official to lead its tax department and filled its team with former IRS employees and Congressional tax specialists.
Ultimately GE's massive profits mean a load of money for the company's executives and top shareholders.
For the rest of the U.S., the situation is less rosy. Today corporations only account for 6.6 percent of the federal government's tax revenue. Small businesses and taxpaying citizens have to make up the remainder of the tax deficit. And in GE's case citizens and smalls businesses find themselves in the strange situation of financing a special bonus for the government's favorite wildly successful corporation.
GE owns a number of assets, mostly in the high tech and communications field. It owns a number of utilities, supplies power grid electronics, sells vehicle components, and even owns cable TV properties, such as NBC Universal.
http://www.dailytech.com/GE+14B+USD+Profits+Pays+No+Taxes+For+Last+Year+Get s+32B+Tax+Benefit/article21230.htm
Obama wants to tax the rich up the wazoo but his buddy Jeff Immelt gets off scott free.
http://i3.photobucket.com/albums/y86/OUmom/19189_Obama_Immelt.jpg
President Obama shares a warm moment with Jeffrey R. Immelt, CEO of the government's favorite corporation. Mr. Immelt has been selected to head President Obama's jobs panel, which helps decide corporate tax policy. (Source: Drew Angerer/The New York Times)
GE: $14B USD Profits, Pays No Taxes For Last Year, Gets $3.2B Tax Benefit
Jason Mick (Blog) - March 25, 2011 3:22 PM
Citizens and businesses can only hope to one day be as savvy tax-wise as General Electric Comp. The tech giant earned a sweet $14.2B USD in profit in 2010. And now the U.S. government has given it a hefty gift -- a year completely free of taxes and a $3.2B USD tax benefit.
The U.S. tax rate for corporations is supposedly 35 percent. But over the years crafty politicians have collaborated with business allies to work more holes into the tax code than a block of Swiss cheese. But even in today's era of free flowing corporate tax loopholes few companies have perfected the art to the degree GE has -- making massive profits, paying no taxes, and getting a tax benefit.
Part of how it snuck its way into such a sweetheart deal is the company it keeps. President Barack Obama anointed GE's chief executive as the head of his new Council on Jobs and Competitiveness. Among the council's key roles? Discussing corporate taxes.
According to The New York Times, which first broke news of GE's incredible feat, GE spent years of "innovative accounting" and fierce lobbying to slowly slim its tax bill. But when it really started experiencing windfall gains was when it hired a former Treasury official to lead its tax department and filled its team with former IRS employees and Congressional tax specialists.
Ultimately GE's massive profits mean a load of money for the company's executives and top shareholders.
For the rest of the U.S., the situation is less rosy. Today corporations only account for 6.6 percent of the federal government's tax revenue. Small businesses and taxpaying citizens have to make up the remainder of the tax deficit. And in GE's case citizens and smalls businesses find themselves in the strange situation of financing a special bonus for the government's favorite wildly successful corporation.
GE owns a number of assets, mostly in the high tech and communications field. It owns a number of utilities, supplies power grid electronics, sells vehicle components, and even owns cable TV properties, such as NBC Universal.
http://www.dailytech.com/GE+14B+USD+Profits+Pays+No+Taxes+For+Last+Year+Get s+32B+Tax+Benefit/article21230.htm