Corporate Giant, General Electric, Pays No Taxes

Submitted by: kitteh9lives 5 years ago

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The government has slashed benefits for workers and the poor, while also slashing taxes for big corporations.
There are 36 comments:
Female 109
I pay about a quarter of my income in taxes. Clearly, I am not taking full advantage of the loopholed tax system.
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Male 7,378
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Male 37,902

I look back fondly on the days when we were Capitalist.
It worked so well, we should do that again.
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Male 10,845
[quote]IRS is a non-partisan organization with it`s own rules to collect taxes as set forth in tax laws set by Congress[/quote]

The IRS is a non-partisan [quote]heavily bloated beauracracy[/quote] with it`s own [quote]questionable and vague[/quote] rules set forth in tax laws set by Congress [quote]that are constantly being rewritten and more confusing as time goes on[/quote].

As Crakr puts it rightly the tax code is fu<king mess.
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Male 270
Last days of the American Empire
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Male 282
This is how a fascist government operates, its just understood.
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Male 37,902

@ SunnyNphilly - those companies you think shouldn`t pay taxed DID pay taxes in the 90`s and it was a time of Record Booming Economy.

How does that fit into your logic?
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Male 2,855
according to your logic sunnphilis, the government doesnt want their citizens to live in this country
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Male 645
Here`s the deal- The company doesn`t pay taxes because the government wants them to operate in this country. The people who work for this company pay taxes. So if we tax the company, they move overseas to a country that doesn`t have a corporate tax and unemployment goes up and tax revenue down.
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Male 1,737
I could use my home office for 5mins a month and still right off the expenses. Overhead doesn`t disappear just because your not in your office. You still have to pay bills regardless. So what`s the difference between having a real office and writing it all off, and having a home office and only writing part off?

Sucks that they get away with it, I`m sure the U.S. could use the extra cash.
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Male 1,293
"Corporate Giant, General Electric, Pays No Taxes"

GE helped to pay for Obama`s election. Of course they don`t have to pay taxes!
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Male 135
@Gortrok - 1 billion is 1000 million.

Just thought I should clear that up! (you know,since gazillion is a Donald Duck word)
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Male 17,512
jtrebowski: A flat tax on corporations would do the trick, closing all the BS tax break loopholes. No more 24,000 page tax returns and while we are at it prevent them from hiding income in overseas banks.
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Male 265
@Oster

So if I lost $60k in stocks and bonds while bringing in $60k in salary then according to your logic I shouldn`t pay any taxes at all!!!

Personal taxes are calculated based upon ALL sources of income independent of losses during the year. If someone`s house suddenly lost $300k in value they don`t get a $300k tax credit that year. That person still has to pay taxes on any and all occupational income as if it were any other year. If corporations want to be people, maybe they should start by paying taxes like them.
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Male 15,832
The reason GE isn`t paying any taxes is that they pissed away a whole @$$load of money on "green energy" bull$#!+, so now the rest of us have to pick up the slack.
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Male 37,902

If they lost that much, they`d be out of business. You really buy that? Here`s some more.

2009 ExxonMobile 1.9 billion in profits - no federal income tax.
Despite oil companies making record profits they still receive subsidies from the federal government.
And of course General Electric...

What`s more likely, these companies exist and make no profit, or they paid off politicians for tax codes to favor them?

Wake up and smell the homeless.
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Male 772
Gerry: "Yes, 300 million in losses and 5.3 billion in profit.

You do know a billion is like a gazillion times bigger than a million, right?"

You can`t have a loss and a profit at the same time, Gerry :P When revenue-costs is positive it`s a profit. When it`s negative, it`s a loss. If GE had losses, they have a pretty big problem.
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Male 1,444
They still pay a ton in payroll taxes.
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Male 37,902

Oster - [quote]"GE`s US-based business posted over $300 million in losses." [/quote]
Yes, 300 million in losses and 5.3 billion in profit.

You do know a billion is like a gazillion times bigger than a million, right?
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Male 104
For all you anti-liberal idiots who think this is some Obama/liberal/democrat destruction of the US that you need to save the country from:

1. IRS is a non-partisan organization with it`s own rules to collect taxes as set forth in tax laws set by Congress.

2. 2010 was the first time in decades GE had not paid tax.

3. If you don`t make money, you don`t pay taxes. GE`s US-based business posted over $300 million in losses. The idiot in the video doesn`t bother to mention the billions GE made worldwide is taxed in the countries in which they do business.

4. Bank of America also paid no taxes in the US in 2010 because it operated at a loss.

5. If there was a tax for productive thinking, and you thought this had anything to do with liberals, OWS, Obama, or the Democrats, you`d be spared paying any productive thinking taxes because you`re operating at a loss.
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Male 3,364
@CraigJ and Crakrjak: What`s your point? You got someone on the right-wing that`s gonna make them pay? smh.
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Male 17,512
...and GE is a big campaign contributor to democrats and Barack Obama in 2008, and that doesn`t include the MSNBC personnel themselves that donate heavily to democrats as well.

Why hasn`t the IRS investigated this ? Because of their political pull with the democrat party, that`s why.
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Male 146
For all you OWS crowd out there (Left wing liberals) GE CEO Jeffrey R. Immelt is one of Obama`s top ECONOMIC advisers.
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Male 635
>>>We need to wipe the slate on corporate tax loopholes and exemptions and start from scratch again. Corporations should only get tax benefits for things that directly benefit either American workers or American society in general.<<<

I agree except for the last statement. That`s the crack that they are using now.
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Male 37,902

They get away with it by purchasing congressmen through lobbyists.

Campaign finance reform says a Lobbyist cannot take a Congressman to lunch. That`s considered a `bribe`.

But a Lobbyist can take a Congressman to a "fundraiser" where lunch is served and give him $25,000. That`s legal.

Congressman represent the one who foots the bill and real people cannot compete with corporations.
We`re doomed.
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Male 19
This has been known info for months, my father works for GE in one of its last factories in America, and workers there know that within 5 years that plant is going to close, with the work moving to the new Texas plant where wages are significantly less because there is no unions there, and the rest of the work being shipped to Egypt and China where workers are paid 50 cents to 1 dollar a day and have no benefits.
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Male 506
@jpete, That`s exactly the sort of thing a free-market is supposed to correct. Don`t believe that, see BofA`s recent fiasco of trying to pass along the congressional limiton transaction fees to it`s customers as a $5/mo debit card fee.

We need to wipe the slate on corporate tax loopholes and exemptions and start from scratch again. Corporations should only get tax benefits for things that directly benefit either American workers or American society in general.
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Male 37,902

This is why they pay their lobbyists so much. To get these tax codes done.

For more info, check out Leslie Stahls interview of Jack Abramoff. Or buy Jack Abramoff`s book, he`s one of the lobbyists who bought Congressmen left and right. They got `bribes` defined as `fund raisers`, and just handed them cash.

Stahl Interviews Abramoff
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Male 37,902

This is news? Hell, we at IAB have talked about this for months. Why is is NOW on the front page of a newspaper?

Oh, GE also didn`t pay any state taxes in California. Probably not in your state either.
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Male 1,011
50% flat tax for all no breaks whatsoever is what we need
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Male 1,231
The original artical from the new york times gives more info from the video. How is this a good thing? GE has cut 20% of it`s US work force, and moved it`s business overseas. Corporations have to pay corporation tax on the "Taxable profits". Because GE lobbyists make up the tax laws, they know how to avoid them, so, technically, non of it`s profits are taxable. Nice one US government, another win for the billionaires :D
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Male 303
This is being done by every large company in my country and it`s horrific. They make money off the infrastructure payed for by taxes, and labour educated and kept healthy with tax money and they have the audacity to not pay what they owe! Alot of western nations need a massive overhaul of there tax systems, and to get rid of legalised bribery (lobbying).
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Male 16
This is a good thing. Taxes are never payed by corporations anyway. The consumer pays those taxes.
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Male 66
sounds like a flat tax argument to me. And if anyone has any business experience you know that any tax to a corporation is directly shifted to the consumer.
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Male 2,516
how is lobbyism not illegal? in Mexico we call that "corruption" and it`s illegal (when found)
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Female 8,044
Link: Corporate Giant, General Electric, Pays No Taxes [Rate Link] - The government has slashed benefits for workers and the poor, while also slashing taxes for big corporations.
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