Corporations and taxes

[akarunway 1]

I'll start. Talk about paying your fair share. >http://money.cnn.com/2010/04/16/news/companies/ge_7000_tax_returns/index.htm>

NEW YORK (CNNMoney.com) -- General Electric filed more than 7,000 income tax returns in hundreds of global jurisdictions last year, but when push came to shove, the company owed the U.S. government a whopping bill of $0.

How'd it pull off that trick? By losing lots of money.



The 2009 income tax bills for America's biggest companies ranged from $0 to $15 billion. Here's why.
GE had plenty of earnings last year -- just not in the United States. For tax purposes, the company's U.S. operations lost $408 million, while its international businesses netted a $10.8 billion profit." AND a few #'s> http://www.thestreet.com/story/10728163/1/ge-energy-strength-how-to-play-it.html?kval=dontmiss> NEW YORK (TheStreet) --" General Electric(GE)'s energy infrastructure unit was stronger than many analysts expected in the first quarter, suggesting several stocks that play in the same space may be worth a look.
Energy infrastructure turned in revenues of $8.66 billion, better than four of six analyst estimates I reviewed, and also better than the average of their estimates, which was $8.59 billion." WHAT IS WRONG W/ THIS PICTURE?

I hold it true, whate'er befall;
I feel it, when I sorrow most;
'Tis better to have loved and lost
Than never to have loved at all.

[quade 4]

Not only did GE pay NO taxes, they received a $1.1 BILLION tax benefit! That's right, even though they claim a net income of $10.3 BILLION, we paid them another $1.1 BILLION.

That's just fuckin' obscene.

http://articles.moneycentral.msn.com/Taxes/Advice/why-your-tax-bill-is-higher-than-ges.aspx

Hey Tea Party. Wanna protest something? Fuckin' protest that.

quade -
The World's Most Boring Skydiver

[lawrocket 3]

Yep! Indeed.

Protest the tax code that is set up for the winners and losers that the legislatures want.

My wife is hotter than your wife.

[rushmc 23]

Quote

Not only did GE pay NO taxes, they received a $1.1 BILLION tax benefit! That's right, even though they claim a net income of $10.3 BILLION, we paid them another $1.1 BILLION.

That's just fuckin' obscene.

http://articles.moneycentral.msn.com/Taxes/Advice/why-your-tax-bill-is-higher-than-ges.aspx

Hey Tea Party. Wanna protest something? Fuckin' protest that.

Hey

Gotta remember this is an Obama friendly company

Wanna risk an investigation?

"America will never be destroyed from the outside,
if we falter and lose our freedoms,
it will be because we destroyed ourselves."
Abraham Lincoln

[quade 4]

Omaba friendly? As if their contributions were any different than to McCain?

quade -
The World's Most Boring Skydiver

[rushmc 23]

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Omaba friendly? As if their contributions were any different than to McCain?

Look at green my friend
Look at green

Find out which companies support and have the most to gain from cap and trade type laws

Both in product sales and on the stock exchange

Company contributions are usually fair so as to CYA

"America will never be destroyed from the outside,
if we falter and lose our freedoms,
it will be because we destroyed ourselves."
Abraham Lincoln

[nanook 1]

It's a mulit-national corporation owned by people from many nations. It's an "American" company, not an American company. It did not make any money in the U. S. so it did not get taxed in the U. S. It made a lot of money in the rest of the world; it got taxed by many countries. It got taxed thousands of times over.

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"The trouble with quotes on the internet is that you can never know if they are genuine" - Abraham Lincoln

[billvon 3,120]

> It did not make any money in the U. S. so it did not get taxed in the U. S.

Enron used similar tricks to avoid reporting actual gains/losses. They worked for a little while, at least.

[nanook 1]

Yup. they loved their island countries. But GE is reporting to some high-end European nations. And, they don't have Aurthor Anderson to help them shuffle.

_____________________________

"The trouble with quotes on the internet is that you can never know if they are genuine" - Abraham Lincoln

[quade 4]

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It's a mulit-national corporation owned by people from many nations. It's an "American" company, not an American company. It did not make any money in the U. S. so it did not get taxed in the U. S. It made a lot of money in the rest of the world; it got taxed by many countries. It got taxed thousands of times over.

And isn't it hilarious that in all these other countries, with Unions, National Health Care, Socialism and higher taxes, they make money, but in the US, they can't seem to make a dime.

Uh huh . . .

quade -
The World's Most Boring Skydiver

[DrewEckhardt 0]

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Quote

It's a mulit-national corporation owned by people from many nations. It's an "American" company, not an American company. It did not make any money in the U. S. so it did not get taxed in the U. S. It made a lot of money in the rest of the world; it got taxed by many countries. It got taxed thousands of times over.

And isn't it hilarious that in all these other countries, with Unions, National Health Care, Socialism and higher taxes, they make money, but in the US, they can't seem to make a dime.

Nope. The US federal and average state corporate rates together are higher than all other OECD countries except Japan. They're 50% higher than the average OECD country. That's a good incentive to make your profits elsewhere.

[quade 4]

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Quote

Quote

It's a mulit-national corporation owned by people from many nations. It's an "American" company, not an American company. It did not make any money in the U. S. so it did not get taxed in the U. S. It made a lot of money in the rest of the world; it got taxed by many countries. It got taxed thousands of times over.

And isn't it hilarious that in all these other countries, with Unions, National Health Care, Socialism and higher taxes, they make money, but in the US, they can't seem to make a dime.

Nope. The US federal and average state corporate rates together are higher than all other OECD countries except Japan. They're 50% higher than the average OECD country. That's a good incentive to make your profits elsewhere.

Uh huh . . . yes, THAT's the reason.

Prove it. Not the listed tax rate, but the rates companies actually pay.

For instance, in the US, GE paid nothing and got $1.1 Billion tax benefit. How exactly is any other country on the planet going to have a lower tax rate than that?

quade -
The World's Most Boring Skydiver

[nanook 1]

Quote

Quote

It's a mulit-national corporation owned by people from many nations. It's an "American" company, not an American company. It did not make any money in the U. S. so it did not get taxed in the U. S. It made a lot of money in the rest of the world; it got taxed by many countries. It got taxed thousands of times over.

And isn't it hilarious that in all these other countries, with Unions, National Health Care, Socialism and higher taxes, they make money, but in the US, they can't seem to make a dime.

Uh huh . . .

Different countries have different GE products being manufactured. In the U. S. for instance, they build their locomotives and jet engines. There's not much profit margins than say, stamping out splash trays for electic stoves, light bulbs, and other stuff in other countries.

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"The trouble with quotes on the internet is that you can never know if they are genuine" - Abraham Lincoln