G.E. Made $14 Billion In 2010 And Paid NO U.S. Tax
Not to mention that GE has been the largest user and beneficiary of the FDIC's debt guarantee program, the TLGP. Read the whole story at ProPublica.
ProPublica - GE's Secret Bailout
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And as background, we present this story from the NYT.
General Electric, the nation’s largest corporation, had a very good year in 2010.
The company reported worldwide profits of $14.2 billion, and said $5.1 billion of the total came from its operations in the United States.
Its American tax bill? None. In fact, G.E. claimed a tax benefit of $3.2 billion.
That may be hard to fathom for the millions of American business owners and households now preparing their own returns, but low taxes are nothing new for G.E. The company has been cutting the percentage of its American profits paid to the Internal Revenue Service for years, resulting in a far lower rate than at most multinational companies.
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.
While General Electric is one of the most skilled at reducing its tax burden, many other companies have become better at this as well. Although the top corporate tax rate in the United States is 35 percent, one of the highest in the world, companies have been increasingly using a maze of shelters, tax credits and subsidies to pay far less.
In a regulatory filing just a week before the Japanese disaster put a spotlight on the company’s nuclear reactor business, G.E. reported that its tax burden was 7.4 percent of its American profits, about a third of the average reported by other American multinationals. Even those figures are overstated, because they include taxes that will be paid only if the company brings its overseas profits back to the United States. With those profits still offshore, G.E. is effectively getting money back.
Jul 21, 2011 at 11:16 AM
Reader Comments (12)
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http://www.activistpost.com/2011/03/ex-white-house-economists-issue-debt.html
http://www.propublica.org/article/how-a-loophole-benefits-general-electric-628
http://www.activistpost.com/2011/03/feds-finally-recognize-anti-cancer.html
Its just more cheating, and bailouts from Bama, taking care of all the union workers. GE takes us for a ride...........Obama makes sure all the union workers in America, are getting thAre full pay & package..............?
The bailouts are only for the union workers. Why do you think the crew on the Today Show are quiet about all the money they make.........they cover the backs of the union workers, as they are them self's.............
One Hand, beats the meat, of the other guy.............wile the other guy shakes off the drips.........of the guy at the urnial next to ya...........................
What a Creepy World we live in today.........?
Thanks for George Bush, bailout inventor, war monger, pro-illegal immigrant Texan.
http://www.nida.nih.gov/researchreports/marijuana/marijuana4.html
In addition to the observed links between marijuana use and schizophrenia, other less consistent associations have been reported between marijuana use and depression, anxiety, suicidal thoughts among adolescents, and personality disturbances
Marijuana, as medical as heroin and cocaine. NO such thing as a naturally producing 37% THC plant.
Myth: No one dies from marijuana. A majority of overdoses are caused by poly drug use, including marijuana as a contributing factor. Don't believe me, call a coroner.
Myth: Alcohol causes more accidents than marijuana. DUI laws have not caught up to the explosion in marijuana impaired drivers.
Number 1 drug people now seek rehab for: Marijuana, surpassed alcohol this year.
That said, I hope they legalize marijuana for everyone. Our nation needs more drug addicts to drain our medical system.
survey found that 6.8 percent of drivers, mostly under 35, who were involved in accidents tested positive for THC; alcohol levels above the legal limit were found in 21 percent of such drivers.
Is 6.8% larger than 21% ?
An action step. A gathering of people to talk about fraud, abuse of power, and about those people who love to apply the rules of capitalism and law to OTHERS, but do a pretty good job of avoiding those same rules for themselves."
Not all of us Texasan are bad. Just the one from Cawafred................."I Know its Spelled wrong"..?
One of these days, "Joe Q. Public" is going to get very tired of this system of inequality and we are going to have great mutiny in the streets.....a few of the "big boys" great businesses are going to be burned to the ground.....and mass destruction will hit the "big businesses" across our nation. Joe Q. Public is getting very tired of the "way things are working against him/her.
UNFORTUNATELY, the next major tsunami was in 40 years, so 40 years of spent fuel is currently emitting enough radioactivity to kill a person in less than 15 minutes up close. Dairy cattle in Hawaii have exhibited 800-2400 times the maximum allowable radiation in their milk from grazing on grass. The radiation is still being emitted from Fukushima, ane reaching Hawai'i and the mainland U.S., unlike Chernobyl which was just one reactor for about 10 days. This whole radiation thing was planned, just like the Norwegian traitor killing all those peaceniks at the island campout.
I bet ya'll forgot that, huh? We have some serious house cleaning to do. Turn off your Council on Foreign Relations programmed TV set.