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Corporate Giant, General Electric, Pays No Taxes

Hits: 11954 | Rating: (3.5) | Category: News & Politics | Added by: kitteh9lives
Page: 1 2 Next >   Jump to: Bottom    Last Post
cleanergirl
Female, 30-39, Southern US
 106 Posts
Friday, November 11, 2011 4:28:29 PM
I pay about a quarter of my income in taxes. Clearly, I am not taking full advantage of the loopholed tax system.

madest
Male, 40-49, Eastern US
 6464 Posts
Thursday, November 10, 2011 5:34:05 AM

Gerry1of1
Male, 50-59, Western US
 33911 Posts
Wednesday, November 09, 2011 9:02:49 PM

I look back fondly on the days when we were Capitalist.
It worked so well, we should do that again.

Cajun247
Male, 18-29, Southern US
 10349 Posts
Wednesday, November 09, 2011 2:27:15 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.

Commentator
Male, 40-49, Western US
 270 Posts
Wednesday, November 09, 2011 1:22:46 PM
Last days of the American Empire

Amurika
Male, 30-39, Eastern US
 282 Posts
Wednesday, November 09, 2011 11:12:46 AM
This is how a fascist government operates, its just understood.

Gerry1of1
Male, 50-59, Western US
 33911 Posts
Wednesday, November 09, 2011 10:36:47 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?

Quackor
Male, 18-29, S. America
 2864 Posts
Wednesday, November 09, 2011 9:44:26 AM
according to your logic sunnphilis, the government doesnt want their citizens to live in this country

SunnyNphilly
Male, 18-29, Midwest US
 645 Posts
Wednesday, November 09, 2011 9:31:14 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.

EgalM
Male, 30-39, Canada
 1710 Posts
Wednesday, November 09, 2011 8:02:48 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.

randomxnp
Male, 30-39, Europe
 1271 Posts
Wednesday, November 09, 2011 6:56:55 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!

Idlerlee2
Male, 18-29, Europe
 135 Posts
Wednesday, November 09, 2011 5:30:22 AM
@Gortrok - 1 billion is 1000 million.

Just thought I should clear that up! (you know,since gazillion is a Donald Duck word)

CrakrJak
Male, 40-49, Midwest US
 17310 Posts
Tuesday, November 08, 2011 11:13:33 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.

Wowummwow
Male, 18-29, Western US
 266 Posts
Tuesday, November 08, 2011 10:09:14 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.

OldOllie
Male, 60-69, Midwest US
 15083 Posts
Tuesday, November 08, 2011 9:36:01 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.

Gerry1of1
Male, 50-59, Western US
 33911 Posts
Tuesday, November 08, 2011 9:03:40 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.

Gortrok
Male, 18-29, Europe
 779 Posts
Tuesday, November 08, 2011 8:37:24 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.

Viking864
Male, 40-49, Southern US
 1408 Posts
Tuesday, November 08, 2011 7:40:20 PM
They still pay a ton in payroll taxes.

Gerry1of1
Male, 50-59, Western US
 33911 Posts
Tuesday, November 08, 2011 6:58:14 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?

Oster
Male, 40-49, Eastern US
 104 Posts
Tuesday, November 08, 2011 6:46:19 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.

jtrebowski
Male, 40-49, Southern US
 3261 Posts
Tuesday, November 08, 2011 6:27:19 PM
@CraigJ and Crakrjak: What's your point? You got someone on the right-wing that's gonna make them pay? smh.

CrakrJak
Male, 40-49, Midwest US
 17310 Posts
Tuesday, November 08, 2011 6:05:43 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.

CRAIGJ
Male, 40-49, Western US
 128 Posts
Tuesday, November 08, 2011 5:55:43 PM
For all you OWS crowd out there (Left wing liberals) GE CEO Jeffrey R. Immelt is one of Obama's top ECONOMIC advisers.

dang007
Male, 30-39, Southern US
 594 Posts
Tuesday, November 08, 2011 5:52:52 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.

Gerry1of1
Male, 50-59, Western US
 33911 Posts
Tuesday, November 08, 2011 5:40:15 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.

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