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sweet tax break

IH8Rice

IH8Rice

I'm Mr. Negative! I Fail!
Aug 2, 2008
24,524
494
Im over here now
this makes perfect sense
In today's NYT, in a surprising critique of the company that is the right arm of Obama's administration, there is finally an extensive focus piece on how GE, which made $14.2 billion in 2010 ($5.1 billion of which came from the US), paid, wait for it, zero taxes in 2010. NYT summarizes this odd quandary as follows: "Its extraordinary success is based on an aggressive strategy that mixes fierce lobbying for tax breaks and innovative accounting that enables it to concentrate its profits offshore. G.E.’s giant tax department, led by a bow-tied former Treasury official named John Samuels, is often referred to as the world’s best tax law firm. Indeed, the company’s slogan “Imagination at Work” fits this department well. The team includes former officials not just from the Treasury, but also from the I.R.S. and virtually all the tax-writing committees in Congress." In fact, it is far, far worse. As Zero Hedge disclosed, when we looked at GE's tax allergy six months ahead of the NYT, or as early as October 2010, we observed that "between 2002 and 2009, during which timeframe the firm made a generous $164.4 billion in pretax net income (not to mention $639 billion in domestic revenue, just over half of total revenues of $1.2 trillion) it paid only $5 billion in domestic current taxes, or a 3.17% tax rate!" In other words, GE has now made over $700 billion in domestic revenues, and has paid $5 billion in the period 2002-2010. Truly tax evasion Imagination at Work.
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http://www.zerohedge.com/article/ges-pathological-atavism-paying-taxes
 
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TheMontashu

Pourly Tatteued Jeu
Mar 15, 2004
5,549
0
I'm homeless
They need those tax breaks so they research and develop new ways to kill little Arab kids, DUHHHHHH!!!!!! And there CEO really does need the varon and the enzo, what do you need that money for? schools, roads???? greedy bastard
 
dante

dante

Unabomber
Feb 13, 2004
8,807
9
looking for classic NE singletrack
Our corporate taxes are TOO HIGH!!! It's stifling job creation. It's killing newborns, puppies and kittens. It's causing us all to crack under the weight of excessive taxation and government in our lives. We're Taxed Enough Already and we're not going to take it anymore.

/The Joker

:)
 
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TheMontashu

Pourly Tatteued Jeu
Mar 15, 2004
5,549
0
I'm homeless
dante said:
Our corporate taxes are TOO HIGH!!! It's stifling job creation. It's killing newborns, puppies and kittens. It's causing us all to crack under the weight of excessive taxation and government in our lives. We're Taxed Enough Already and we're not going to take it anymore.

/The Joker

:)
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Hey, come on now, be nice. He needs those tax breaks, poor guy can't afford his premium coffee
 
ohio

ohio

The Fresno Kid
Nov 26, 2001
6,649
26
SF, CA
dante said:
Our corporate taxes are TOO HIGH!!!
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I know this was tongue in cheek, but I actually agree. I think we need some serious corporate tax reform that both closes loopholes and lowers the nominal rate. GE is paying an effective rate of 3% against a nominal rate of ~35%. I would much rather extract an effective rate of 15% against a nominal rate of 15%.

Obama agrees with me, although his plan hinges on maintaining corporate tax revenues. I'd like to see corporate tax revenues increase, but with more of a burden on large multinationals, and less on SMBs that can't afford to take advantage of all the loopholes.
 
Beef Supreme

Beef Supreme

Turbo Monkey
Oct 29, 2010
1,434
73
Hiding from the stupid
I'm laughing at that thought that GE is different from any other Fortune 500 company in this regard. See Exxon or Haliburton for examples of similar tax dodging. Having a guy that worked at the treasury 20 years ago doesn't even stand out as being particularly connected. They all do it.

Blaming this on the Obama administration is a farce. Anyone who thinks our tax loopholes popped up in the last two years isn't paying very close attention.
The Republicans are bought and paid for and the Democrats aren't much better. Welcome to the corporate kleptocracy.
 
ire

ire

Turbo Monkey
Aug 6, 2007
6,196
4
ohio said:
I know this was tongue in cheek, but I actually agree. I think we need some serious corporate tax reform that both closes loopholes and lowers the nominal rate. GE is paying an effective rate of 3% against a nominal rate of ~35%. I would much rather extract an effective rate of 15% against a nominal rate of 15%.

Obama agrees with me, although his plan hinges on maintaining corporate tax revenues. I'd like to see corporate tax revenues increase, but with more of a burden on large multinationals, and less on SMBs that can't afford to take advantage of all the loopholes.
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:stupid:

I would rather see the rates across the board brought down and loop holes closed. The richest 400 ppl in America pay a lower effective tax rate than most of us despite the nominal being above 30%. The current system is built to be gamed.
 
Silver

Silver

find me a tampon
Jul 20, 2002
10,840
1
Orange County, CA
That's not really what corps are advocating for though: What they want is a all the loopholes, and a lower rate.

In short, everything.
 
Westy

Westy

the teste
Nov 22, 2002
56,400
22,481
Sleazattle
When companies get money directly from the government we call it socialism, when they just rape and bleed the country dry it is good old fashioned capitalism. I guess it all just comes down to the balance sheets.
 
BurlyShirley

BurlyShirley

Rex Grossman Will Rise Again
Jul 4, 2002
19,180
17
TN
Silver said:
No no-Burly. Radiation, enhanced by the proximity of gay Marines, has done a transformation on him equivalent to Spiderman getting a makeover from Isaac Mizrahi.
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You guys realize that I have been out of the Marines for going on 7 years, right?
 
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