How G.E. made $5.1 billion in the U.S. tax-free - PowerStrokeNation : Ford Powerstroke Diesel Forum
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post #1 of 106 (permalink) Old 03-25-2011, 12:53 PM Thread Starter
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How G.E. made $5.1 billion in the U.S. tax-free

NYT: How G.E. made $5.1B in the U.S. tax-free - Business - U.S. business - The New York Times - msnbc.com

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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.

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post #2 of 106 (permalink) Old 03-25-2011, 02:37 PM
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Re: How G.E. made $5.1 billion in the U.S. tax-free

Not trying too be a fool of any sorts, but I've never actually heard of G.E. can somebody please tell me who they are?(its waaayyy too early for me too do any reading so sorry in advance)

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post #3 of 106 (permalink) Old 03-25-2011, 02:41 PM Thread Starter
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Re: How G.E. made $5.1 billion in the U.S. tax-free

You have never heard of General Electric?

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post #4 of 106 (permalink) Old 03-25-2011, 02:44 PM
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Re: How G.E. made $5.1 billion in the U.S. tax-free

General Electric. Go look at your microwave, refrigerator, light bulbs, oven/stove.. They make lots of things. Jet engines for fighter jets and commercial jets...

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post #5 of 106 (permalink) Old 03-25-2011, 02:46 PM
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Re: How G.E. made $5.1 billion in the U.S. tax-free

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Originally Posted by Jake2345 View Post
Not trying too be a fool of any sorts, but I've never actually heard of G.E. can somebody please tell me who they are?(its waaayyy too early for me too do any reading so sorry in advance)
damn.....

all you had to do is click the link and it's the first two words in the article

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post #6 of 106 (permalink) Old 03-25-2011, 02:49 PM
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Re: How G.E. made $5.1 billion in the U.S. tax-free

They govt. owned right? Me and my dad were looking at tv's and the lady showed him a g.e. one and he went off. lol

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post #7 of 106 (permalink) Old 03-25-2011, 02:58 PM
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Re: How G.E. made $5.1 billion in the U.S. tax-free

GM was saved by the government. Not GE.

They are too entirely different entities.

So much for the US Corporate tax rate being unjustly high.

PS. I just had a friend that was paid 4 million to buy them out of a work contract and they paid not one dime of income tax on it. Not one penny due to "corporations" that he opened up 1 week before his big payday. Yah the rich are really taking a beating.

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post #8 of 106 (permalink) Old 03-25-2011, 03:10 PM
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Re: How G.E. made $5.1 billion in the U.S. tax-free

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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.

In a regulatory filing just a week before the Japanese disaster put a spotlight on the company’s nuclear reactor business, G.E. reported that its tax burden was 7.4 percent of its American profits, about a third of the average reported by other American multinationals. Even those figures are overstated, because they include taxes that will be paid only if the company brings its overseas profits back to the United States. With those profits still offshore, G.E. is effectively getting money back.
Wait...what?

Flat tax anyone?


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post #9 of 106 (permalink) Old 03-25-2011, 03:37 PM
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Re: How G.E. made $5.1 billion in the U.S. tax-free

The largest problem in US taxation policy is large political donors have came in and created favorable to them tax loop holes.

Everyone has their hand out. The homeowner w/ 4 children thinks he should get to write off having too many kids and financing too much house. Oil Companies ofen get huge (investment) tax breaks. Companies are actually encouraged (thru tax laws) to take money and jobs offshore to legally avoid paying taxes. On and on it goes.

Noone wants to give up their little slice all while ignoring that if everyone had to pay their actual fair share, the rate could be dramatically lower for everyone.

The only solution is a complete abolition of ANY tax write off what-so-ever.

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post #10 of 106 (permalink) Old 03-25-2011, 06:37 PM
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Re: How G.E. made $5.1 billion in the U.S. tax-free

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Originally Posted by Suns_PSD View Post
Noone wants to give up their little slice all while ignoring that if everyone had to pay their actual fair share, the rate could be dramatically lower for everyone.

The only solution is a complete abolition of ANY tax write off what-so-ever.
This is my understanding too. I'm with ya.

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