GE: 7,000 tax returns, $0 U.S. tax bill~(A Reminder of how things REALLY Are..)

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GE: 7,000 tax returns, $0 U.S. tax bill
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.

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.

"This is the first time in at least decades that GE has reported negative U.S. pretax income and it reflects the worst economy since the Great Depression," Anne Eisele, GE's director of financial communications, said via e-mail


same ole privatize the profits and socialize the loses..this IS class warfare! We need to *CHANGE*...CHANGE the system! Got CHANGE? NOTHING has CHANGED in four years.

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1. the Democratic and Republican party system that has been created for us by the top 1% that control

US!

[indimuse]

2. welcome to america tax the death out of the poor and take the jobs overseas

AND Let the criminals go...with Billions in BONUSES! WAAAAAAAAAAAKE UP! ;)