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Title: "GE Pays No Taxex - claimed a tax benefit of $3.2 billion" Post by: WhiskeyGirl on March 25, 2011, 01:27:59 PM I heard this on the radio, it's on FOX
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. Read more: http://nation.foxnews.com/general-electric/2011/03/25/ge-pays-no-taxes#ixzz1HdJH3hC4 (http://nation.foxnews.com/general-electric/2011/03/25/ge-pays-no-taxes#ixzz1HdJH3hC4) Quote G.E.’s Strategies Let It Avoid Taxes Altogether By DAVID KOCIENIEWSKI Published: March 24, 2011 General Electric, the nation’s largest corporation, had a very good year in 2010. Drew Angerer/The New York Times Quote 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. Wouldn't it be great if Wisconsin families didn't have to pay taxes? Quote 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. Quote The assortment of tax breaks G.E. has won in Washington has provided a significant short-term gain for the company’s executives and shareholders. While the financial crisis led G.E. to post a loss in the United States in 2009, regulatory filings show that in the last five years, G.E. has accumulated $26 billion in American profits, and received a net tax benefit from the I.R.S. of $4.1 billion. Corporate welfare? read more here - http://www.nytimes.com/2011/03/25/business/economy/25tax.html?_r=1 (http://www.nytimes.com/2011/03/25/business/economy/25tax.html?_r=1) Title: Re: "GE Pays No Taxex - claimed a tax benefit of $3.2 billion" Post by: WhiskeyGirl on March 25, 2011, 01:33:11 PM From the same article -
Quote As it has evolved, the company has used, and in some cases pioneered, aggressive strategies to lower its tax bill. In the mid-1980s, President Ronald Reagan overhauled the tax system after learning that G.E. — a company for which he had once worked as a commercial pitchman — was among dozens of corporations that had used accounting gamesmanship to avoid paying any taxes. “I didn’t realize things had gotten that far out of line,” Mr. Reagan told the Treasury secretary, Donald T. Regan, according to Mr. Regan’s 1988 memoir. The president supported a change that closed loopholes and required G.E. to pay a far higher effective rate, up to 32.5 percent. What does Obama do? Who's selling Obamacare it's patient record software? How much in stimulus/TARP and other money does GE get? Title: Re: "GE Pays No Taxex - claimed a tax benefit of $3.2 billion" Post by: WhiskeyGirl on March 25, 2011, 01:41:27 PM This reminds me of a story a few months earlier, I think it was GE that built a plush company campus in suburban Milwaukee and wanted it taxed as manufacturing for lower taxation.
The plush campus in theory, was used for 'training'... |