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I'm betting their record on US job creation tracks pretty much with their tax payments to the US

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Stinky The Clown Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Apr-16-11 09:35 PM
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I'm betting their record on US job creation tracks pretty much with their tax payments to the US
GE: 7,000 tax returns, $0 U.S. tax bill

By Annalyn Censky, staff reporterApril 16, 2010: 11:52 AM ET


NEW YORK (CNNMoney.com) -- General Electric filed more than 7,000 income tax returns in hundreds of global jurisdictions last year, but when push came to shove, the company owed the U.S. government a whopping bill of $0.

How'd it pull off that trick? By losing lots of money.

GE had plenty of earnings last year -- just not in the United States. For tax purposes, the company's U.S. operations lost $408 million, while its international businesses netted a $10.8 billion profit.

That left GE (GE, Fortune 500) with no U.S. profit left for Uncle Sam to tax. Corporations typically face a 35% federal income tax on their earnings. Thanks to its deductions and adjustments, GE reported an actual U.S. federal income tax rate of negative 10.5%. It got to add a "tax benefit" of $1.1 billion back into its reported earnings.

>snip<

More here: http://money.cnn.com/2010/04/16/news/companies/ge_7000_tax_returns/



Why do we allow these blood suckers to get away with this while at the same time bleeding the fuck out of our peasant citizenry?

Why was the head of this pack of jackals appointed to a big time administration advisory gig?

When do we the people wake the fuck up? Clue to we the people: We Been Had.
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gratuitous Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Apr-16-11 09:42 PM
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1. Not just a zero tax bill, a $3.2 billion tax credit
It's a funny thing about taxes: If a company has to choose between paying fat taxes on fat profits or hiring more people, they'll hire more people. When they have to choose between pocketing fat profits because they're tax rate is so low or hiring more people, they'll pocket those fat profits. And have the nerve to complain about how unfair it all is.
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