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General Electric Didn't Pay Fed. Taxes in 2010

Iris

rainbow 11!
General Electric Paid No Federal Taxes in 2010 - ABC News

For those unaccustomed to the loopholes and shelters of the corporate tax code, GE's success at avoiding taxes is nothing short of extraordinary. The company, led by Immelt, earned $14.2 billion in profits in 2010, but it paid not a penny in taxes because the bulk of those profits, some $9 billion, were offshore. In fact, GE got a $3.2 billion tax benefit.
I wanted to see what you guys think about this.

I find this completely infuriating.
 

Merc

Problematic Shitlord
V.I.P.
Neither did Bank of America.

I think it goes to show you that this is the sort of thing people get enraged about when they say that big business enjoys too many perks. Not to mention, according to this site, GE could have paid around 5 billion since it's in the 35% bracket. That's a profit to the government that instead they're cutting from things that don't need to be cut.
 

SmilinSilhouette

Registered Member
Also interesting are the connections between both GE and BoA with the Obama administration.
 

Merc

Problematic Shitlord
V.I.P.
Also interesting are the connections between both GE and BoA with the Obama administration.
Each administration has its favorites. Bush's reign was high time for big oil although the effects of his favoritism are actually killing the country. So we can point fingers but the topic really is about big business getting the perks they do with taxes. This is also another reason I laugh when people get upset about these proposed Robin Hood taxes that would force the wealthy to pay more because they already pay next to nothing.

Although, perhaps the issue is with overseas profit? Should something be done there?
 

shelgarr

Registered Member
I didn't read it but my guess is it's because they probably got tons of tax relief for their efforts in energy conservation incentives to customers.
 

Merc

Problematic Shitlord
V.I.P.
I didn't read it but my guess is it's because they probably got tons of tax relief for their efforts in energy conservation incentives to customers.
Really shel?

It's basically in the first paragraph or two. Why would you not read it and then just guess at it when the answer was already presented to you? More than half of their profits are overseas and on top of that, they've more than likely got at least a small army worth of tax consultants that got them all the benefits and loopholes possible.
 

shelgarr

Registered Member
Really shel?

It's basically in the first paragraph or two. Why would you not read it and then just guess at it when the answer was already presented to you? More than half of their profits are overseas and on top of that, they've more than likely got at least a small army worth of tax consultants that got them all the benefits and loopholes possible.
I like to guess, Merc. So shoot me. Answer presented? Why do you only believe articles that agree with your slanted view? Benefits and loopholes?! THAT is exactly why taxing companies up the ying yang doesn't increase revenues. They won't be compliant. (who can blame them). Most of our missing tax revenues is due to low income and "under the table" workers not claiming their income. It seems it's across the board that people find a way out.

But back to my guess. Doesn't the federal government subsidize energy companies to give incentives to customers to "go green" or find conservation appliances?
 

CaptainObvious

Embrace the Suck
V.I.P.
I like to guess, Merc. So shoot me. Answer presented? Why do you only believe articles that agree with your slanted view? Benefits and loopholes?! THAT is exactly why taxing companies up the ying yang doesn't increase revenues. They won't be compliant. (who can blame them). Most of our missing tax revenues is due to low income and "under the table" workers not claiming their income. It seems it's across the board that people find a way out.

But back to my guess. Doesn't the federal government subsidize energy companies to give incentives to customers to "go green" or find conservation appliances?
This is a good point. There are tax incentives for things like hiring college students, "going green", etc...things that benefit society as a whole, but in the end it gets slanted to mean "these rich companies didn't have to pay taxes". Granted some of it MAY be true, but it's unfair to label all tax incentives as loopholes.
 

Jeanie

still nobody's bitch
V.I.P.
I like to guess, Merc. So shoot me. Answer presented? Why do you only believe articles that agree with your slanted view? Benefits and loopholes?! THAT is exactly why taxing companies up the ying yang doesn't increase revenues. They won't be compliant. (who can blame them). Most of our missing tax revenues is due to low income and "under the table" workers not claiming their income. It seems it's across the board that people find a way out.

But back to my guess. Doesn't the federal government subsidize energy companies to give incentives to customers to "go green" or find conservation appliances?

Wait. Really? Low income and "under the table" workers paying more in taxes can make up for the loss in tax revenue resulting from tax shelters; companies which make billions in profit and pay no taxes at all? You've got to be kidding me.

Tax incentives for going green and hiring college students and whatever else surely can't explain all of this.
 

SmilinSilhouette

Registered Member
It can all be easily explained: This is what happens when government is allowed to divide citizens (including corporations) into groups and treat them differently. Then government gets to pick winners from among their constituencies and losers from their opponents. It is by this (among many) method that the ruling class sets themselves apart from the country class, and then set upon them in order to consolidate their power.
 
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