Report: General Electric Paid No Federal Taxes Last Year

[+EdwardGlen]

fyi; If I was President and dealing with the fiscal crisis we are in all tax breaks to US corporations would end. If they did not claim and pay taxes on ALL INCOMES EARNED I would make sure they did!!

 

This is a disgrace and has to be stopped

Thieves for their robbery have authority When judges steal themselves.

- William Shakespeare

 

 

http://www.npr.org/blogs/thetwo-way/2011/03/25/134848207/report-general-electric-paid-no-federal-taxes-last-year?ft=1&f=1001

General Electric earned $14.2 billion last year — $5.1 billion of it from U.S. operations — and paid no federal taxes, The New York Times reports today.

 

According to the Times, G.E.'s "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."

 

The industrial giant has been so successful at cutting its tax bill, the Times adds, that G.E.'s tax department "is often referred to as the world's best tax law firm."

 

For their part, G.E. officials "say that these measures are necessary for G.E. to compete against global rivals," the Times writes. And company spokesman Anne Eisele says that "G.E. is committed to acting with integrity in relation to our tax obligations. ... At the same time, we have a responsibility to our shareholders to legally minimize our costs."

[MightyMightyMezz]

"Innovative accounting"

[Mememe]

Time to move to Ireland as that is where all the tax dollars get diverted to because of the lower rate. There should be a rule: If ya don't pay taxes here, ya don't do business here.

[Guest 1TokeOverLine]

For a lesson on Innovative Accounting check with Fannie Mae & Freddie Mac.

 

1T

[Croppled1]

Time to move to Ireland as that is where all the tax dollars get diverted to because of the lower rate. There should be a rule: If ya don't pay taxes here, ya don't do business here.

 

Since most of the profit came from overseas servicing markets there that would not be reachable nowadays in a competitive manner due to energy and transportation costs . It is better to repatriate those dollars with no or very little tax if they are used for American job creation here at home Right now additional taxation with the growth in Overseas markets higher then the USA there is no motivation to do so . I am not up on International Banking laws for the storage of monies but usually investing around the world to create trade is a good strategy for America long term . Obviously corruption and bad policy created this low point or severe recession in the business cycle . It is a normal occurrence that has been part of the cooperate model as it evolves .

 

They print money yet deflation in homes balance it out . I feel for people underwater who reached out leveraging their American dream before reality set in and the ponzi scheme MBS scandel collapsed the economy . It cost my Mother her pension until it was backed by the Government ( GE division bancruptcy ) but most importantly she lost her health care and dental which was 100% then turned to medicare and at 88 in a nursing home she wasn't prepared to handle it . Now her Doctors gave her a stoke with medications again . Were all sacrificing . I thank everyday we have a roof over our heads and no worries for a year or more . GE is balancing off losses with profits just like any of us do .