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Date: 11/08/11 03:00 PM

36 Responses to Corporate Giant, General Electric, Pays No Taxes

  1. Profile photo of kitteh9lives
    kitteh9lives Female 70 & Over
    8033 posts
    November 8, 2011 at 2:54 pm
    Link: Corporate Giant, General Electric, Pays No Taxes - The government has slashed benefits for workers and the poor, while also slashing taxes for big corporations.
  2. Profile photo of jendrian
    jendrian Male 18-29
    2516 posts
    November 8, 2011 at 3:20 pm
    how is lobbyism not illegal? in Mexico we call that "corruption" and it`s illegal (when found)
  3. Profile photo of ctobin34
    ctobin34 Male 18-29
    66 posts
    November 8, 2011 at 3:36 pm
    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.
  4. Profile photo of jpete
    jpete Male 40-49
    16 posts
    November 8, 2011 at 3:36 pm
    This is a good thing. Taxes are never payed by corporations anyway. The consumer pays those taxes.
  5. Profile photo of Arcval
    Arcval Male 18-29
    304 posts
    November 8, 2011 at 3:45 pm
    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).
  6. Profile photo of mal_BB
    mal_BB Male 18-29
    1231 posts
    November 8, 2011 at 3:47 pm
    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
  7. Profile photo of Norris
    Norris Male 18-29
    1011 posts
    November 8, 2011 at 4:57 pm
    50% flat tax for all no breaks whatsoever is what we need
  8. Profile photo of Gerry1of1
    Gerry1of1 Male 50-59
    36213 posts
    November 8, 2011 at 4:58 pm

    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.
  9. Profile photo of Gerry1of1
    Gerry1of1 Male 50-59
    36213 posts
    November 8, 2011 at 5:02 pm

    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
  10. Profile photo of Ruffiana
    Ruffiana Male 30-39
    506 posts
    November 8, 2011 at 5:04 pm
    @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.
  11. Profile photo of JoeZombie
    JoeZombie Male 18-29
    19 posts
    November 8, 2011 at 5:15 pm
    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.
  12. Profile photo of Gerry1of1
    Gerry1of1 Male 50-59
    36213 posts
    November 8, 2011 at 5:40 pm

    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.
  13. Profile photo of dang007
    dang007 Male 30-39
    596 posts
    November 8, 2011 at 5:52 pm
    >>>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.
  14. Profile photo of CRAIGJ
    CRAIGJ Male 40-49
    138 posts
    November 8, 2011 at 5:55 pm
    For all you OWS crowd out there (Left wing liberals) GE CEO Jeffrey R. Immelt is one of Obama`s top ECONOMIC advisers.
  15. Profile photo of CrakrJak
    CrakrJak Male 40-49
    17515 posts
    November 8, 2011 at 6:05 pm
    ...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.
  16. Profile photo of jtrebowski
    jtrebowski Male 40-49
    3348 posts
    November 8, 2011 at 6:27 pm
    @CraigJ and Crakrjak: What`s your point? You got someone on the right-wing that`s gonna make them pay? smh.
  17. Profile photo of Oster
    Oster Male 40-49
    104 posts
    November 8, 2011 at 6:46 pm
    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.
  18. Profile photo of Gerry1of1
    Gerry1of1 Male 50-59
    36213 posts
    November 8, 2011 at 6:58 pm

    Oster - "GE`s US-based business posted over $300 million in losses."
    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?
  19. Profile photo of Viking864
    Viking864 Male 40-49
    1444 posts
    November 8, 2011 at 7:40 pm
    They still pay a ton in payroll taxes.
  20. Profile photo of Gortrok
    Gortrok Male 18-29
    773 posts
    November 8, 2011 at 8:37 pm
    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.
  21. Profile photo of Gerry1of1
    Gerry1of1 Male 50-59
    36213 posts
    November 8, 2011 at 9:03 pm

    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.
  22. Profile photo of OldOllie
    OldOllie Male 60-69
    15844 posts
    November 8, 2011 at 9:36 pm
    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.
  23. Profile photo of Wowummwow
    Wowummwow Male 18-29
    265 posts
    November 8, 2011 at 10:09 pm
    @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.
  24. Profile photo of CrakrJak
    CrakrJak Male 40-49
    17515 posts
    November 8, 2011 at 11:13 pm
    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.
  25. Profile photo of Idlerlee2
    Idlerlee2 Male 18-29
    135 posts
    November 9, 2011 at 5:30 am
    @Gortrok - 1 billion is 1000 million.

    Just thought I should clear that up! (you know,since gazillion is a Donald Duck word)
  26. Profile photo of randomxnp
    randomxnp Male 30-39
    1293 posts
    November 9, 2011 at 6:56 am
    "Corporate Giant, General Electric, Pays No Taxes"

    GE helped to pay for Obama`s election. Of course they don`t have to pay taxes!
  27. Profile photo of EgalM
    EgalM Male 30-39
    1707 posts
    November 9, 2011 at 8:02 am
    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.
  28. Profile photo of SunnyNphilly
    SunnyNphilly Male 18-29
    645 posts
    November 9, 2011 at 9:31 am
    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.
  29. Profile photo of Quackor
    Quackor Male 18-29
    2856 posts
    November 9, 2011 at 9:44 am
    according to your logic sunnphilis, the government doesnt want their citizens to live in this country
  30. Profile photo of Gerry1of1
    Gerry1of1 Male 50-59
    36213 posts
    November 9, 2011 at 10:36 am

    @ 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?
  31. Profile photo of Amurika
    Amurika Male 30-39
    282 posts
    November 9, 2011 at 11:12 am
    This is how a fascist government operates, its just understood.
  32. Profile photo of Commentator
    Commentator Male 40-49
    270 posts
    November 9, 2011 at 1:22 pm
    Last days of the American Empire
  33. Profile photo of Cajun247
    Cajun247 Male 18-29
    10722 posts
    November 9, 2011 at 2:27 pm
    IRS is a non-partisan organization with it`s own rules to collect taxes as set forth in tax laws set by Congress

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

    As Crakr puts it rightly the tax code is fu<king mess.
  34. Profile photo of Gerry1of1
    Gerry1of1 Male 50-59
    36213 posts
    November 9, 2011 at 9:02 pm

    I look back fondly on the days when we were Capitalist.
    It worked so well, we should do that again.
  35. Profile photo of madest
    madest Male 40-49
    7379 posts
    November 10, 2011 at 5:34 am
  36. Profile photo of cleanergirl
    cleanergirl Female 30-39
    109 posts
    November 11, 2011 at 4:28 pm
    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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