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GE tax dodge
Posted on 3/25/11 at 7:53 am
Posted on 3/25/11 at 7:53 am
As I gear up to write a big arse check to Uncle Sam for my first quarter estimated taxes, it sure is good to know that companies that make billions only pay 3% tax compared to the butt violating ammount I pay.
www.zerohedge.com/article/ges-pathological-atavism-paying-taxes
3
Posted on 3/25/11 at 7:59 am to tammanytiger91
Holy shite. How did I miss this:
quote:
The head of its tax team, Mr. Samuels, met with Representative Charles B. Rangel, then chairman of the Ways and Means Committee, which would decide the fate of the tax break. As he sat with the committee’s staff members outside Mr. Rangel’s office, Mr. Samuels dropped to his knee and pretended to beg for the provision to be extended — a flourish made in jest, he said through a spokeswoman.
That day, Mr. Rangel reversed his opposition to the tax break, according to other Democrats on the committee.
The following month, Mr. Rangel and Mr. Immelt stood together at St. Nicholas Park in Harlem as G.E. announced that its foundation had awarded $30 million to New York City schools, including $11 million to benefit various schools in Mr. Rangel’s district. Joel I. Klein, then the schools chancellor, and Mayor Michael R. Bloomberg, who presided, said it was the largest gift ever to the city’s schools.
Posted on 3/25/11 at 8:34 am to C
Corporations should pay no taxes, then maybe they wouldn't need to send all their production overseas. Why not just cut to the chase and nationalize all corporations while you are stealing from shareholders? Quit playing "just the tip" and go ahead and sodomize them like a man!
Edit: Although it occured to me that GE is a major competitior of mine so tax the crap out of 'em!!!
Edit: Although it occured to me that GE is a major competitior of mine so tax the crap out of 'em!!!
This post was edited on 3/25/11 at 8:37 am
Posted on 3/25/11 at 8:56 am to Robin Masters
quote:
Edit: Although it occured to me that GE is a major competitior of mine so tax the crap out of 'em!!!
I agree with your entire post, but this is the problem. Companies should be competing within the same rules, not getting special treatement for "bribes."
Posted on 3/25/11 at 8:59 am to tammanytiger91
I love when people's best arguements are: "But that company makes BILLIONS!"
From reading the article it seems like GE has a group of tax lawyers that know what the hell they are doing. If you could legally avoid taxes like that, you would do it too.
ETA: "legally"
From reading the article it seems like GE has a group of tax lawyers that know what the hell they are doing. If you could legally avoid taxes like that, you would do it too.
ETA: "legally"
This post was edited on 3/25/11 at 9:01 am
Posted on 3/25/11 at 9:15 am to Chris Farley
quote:
From reading the article it seems like GE has a group of tax lawyers that know what the hell they are doing. If you could legally avoid taxes like that, you would do it too.
Fire all icumbents, bring about a fair flat income tax and install a consuption based tax. Also, require proof of tax participation to vote and require that all political campaigns contributions be pooled and split amongst all qualified candidates. No private or corporate contributions should go directly to any campaign. Follow these steps and I will be very happy. And so will my great-grandchildren.
Posted on 3/25/11 at 10:06 am to Robin Masters
quote:
Fire all icumbents
Who in their right mind would vote out a guy who legally coerced an $11MM gift to his constituents?
People complain all the time about shady politicians selling their votes, but nobody seems to complain when it benefits their own district. There in lies the problem. The system rewards those who can appropriate (you could say steal) the most money for their district. They rules of the game need to be changed, not the players.
Posted on 3/25/11 at 10:43 am to Chris Farley
quote:
From reading the article it seems like GE has a group of tax lawyers that know what the hell they are doing. If you could legally avoid taxes like that, you would do it too.
No, what it seems like is that GE has the money and clout to effectively bribe congress into letting GE's tax lawyers rewrite the tax laws to GE's benefit. Very different.
Posted on 3/25/11 at 10:50 am to Cold Cous Cous
And when we DO tax GE at 35% and they layoff 75,000 US employees we'll all be bitching too...
Posted on 3/25/11 at 10:59 am to Golfer
The only two options are zero and 35%?
Anyway, what you're basically arguing is that the rest of us should pay more in taxes so that GE doesn't have to. Increase my bill to the benefit of GE shareholders and employees.
Anyway, what you're basically arguing is that the rest of us should pay more in taxes so that GE doesn't have to. Increase my bill to the benefit of GE shareholders and employees.
Posted on 3/25/11 at 11:57 am to Cold Cous Cous
I was simply using 35% as a mythical number.
And yes, I'm fine with that. Because I'm going to be taxed even more to support the millions on welfare programs who are jobless.
And yes, I'm fine with that. Because I'm going to be taxed even more to support the millions on welfare programs who are jobless.
Posted on 3/25/11 at 12:20 pm to Robin Masters
quote:
Edit: Although it occured to me that GE is a major competitior of mine so tax the crap out of 'em!!!
This post was edited on 3/26/11 at 10:00 pm
Posted on 3/25/11 at 1:42 pm to Golfer
quote:
And when we DO tax GE at 35% and they layoff 75,000 US employees we'll all be bitching too...
Well, they should be paying SOME taxes, not f'n zero.
Posted on 3/25/11 at 2:49 pm to Golfer
quote:
And when we DO tax GE at 35% and they layoff 75,000 US employees we'll all be bitching too...
And if you think a company like GE hasn't already offshored every position that they can, you're high. If they paid the standard corporate tax rate they would suffer, but not to the extent that you are suggesting. Why shouldn't they pay what their competitors pay in the US?
Posted on 3/25/11 at 3:08 pm to ironsides
quote:
Why shouldn't they pay what their competitors pay in the US?
to be fair, I'm not sure what tax credit/deduction we are talking about that their competitor can't take advantage of as well.
Posted on 3/25/11 at 4:02 pm to C
Dont forget they owned the NBC, MSNBC, and CNBC until recently. You cant put a dollar figure and that benefit for democrats. Of course the "ice age coming" that turned into "global warming" thats now officially "climate change" is geared away from fossil fuels and towards "clean" fuels that GE would be the dominant player in.
Posted on 3/25/11 at 4:12 pm to ironsides
Bottom line, if they are taxed higher, we're paying for it either way.
They are going to pass it all along in the form of either:
- higher costs for their purchasers
- layoffs/downsizing
They are going to pass it all along in the form of either:
- higher costs for their purchasers
- layoffs/downsizing
Posted on 3/25/11 at 5:15 pm to Golfer
You've laid out some good policy arguments for why corporate taxes (and, I guess, taxes in general) should be lower. You've laid out no arguments for why it's ok that GE, specifically, deserves particularized beneficial tax treatment that the rest of us don't get.
Posted on 3/25/11 at 5:43 pm to Cold Cous Cous
Oh, I know...that was my whole point. I wasn't really concerned on who the company was.
Posted on 3/25/11 at 11:17 pm to Cold Cous Cous
quote:
deserves
Is that kind of like "fair"?
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