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Thursday
Jul212011

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

---

And as background, we present this story from the NYT.

New York Times

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.

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Reader Comments (12)

http://abcnews.go.com/Politics/general-electric-paid-federal-taxes-2010/story?id=13224558

General Electric Paid No Federal Taxes in 2010

White House Takes Heat for GE CEO Jeffrey Immelt's Advisory Role
Mar 27, 2011 at 10:03 PM | Registered CommenterDailyBail
Mar 27, 2011 at 10:24 PM | Registered CommenterDailyBail
How a Loophole Benefits General Electric in Bank Rescue

http://www.propublica.org/article/how-a-loophole-benefits-general-electric-628
Mar 27, 2011 at 10:24 PM | Registered CommenterDailyBail
The Feds Finally Recognize The Anti-Cancer Potential Of Cannabis — 36 Years Too Late!

http://www.activistpost.com/2011/03/feds-finally-recognize-anti-cancer.html
Mar 27, 2011 at 10:25 PM | Registered CommenterDailyBail
This is all over the net, and people are Mad, Oh Realy.......? Why would that make you mad. Its Buisness as normal.......Its just now the American People are just wakeing up and finding out whats realy going on...............!

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.........?
Mar 27, 2011 at 11:05 PM | Unregistered CommenterTexas Dar
Why is everything from Texas always screwd up? Texas Dar must be thinking of GM, not GE. The criminals at GE are not unionized. The decline of the unions caused the overbloated golden parachutes of morally bankrupt, talentless CEOs.

Thanks for George Bush, bailout inventor, war monger, pro-illegal immigrant Texan.
Mar 27, 2011 at 11:21 PM | Unregistered CommenterBenny and the Talibanks
Marijuana the wonder drug. It slices it dices it makes julian fries.

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.
Mar 27, 2011 at 11:32 PM | Unregistered CommenterBenny and the Talibanks
From nida link

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% ?
Mar 28, 2011 at 12:39 AM | Unregistered CommenterTR
www.fraudtalks.com is the next step.

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."
Mar 28, 2011 at 12:03 PM | Unregistered Commenterlarry elford
@ Benny and the Talibanks ...........Come-On, that wasent very nice...? OK, I "Ass-U-mend" GE was a union shop. Well "La-De-Da",but they are still controled by George Soros, so thats as bad.....

Not all of us Texasan are bad. Just the one from Cawafred................."I Know its Spelled wrong"..?
Mar 28, 2011 at 10:45 PM | Unregistered CommenterTexas Dar
Is it any wonder that "Joe Q Public" is very tired of paying taxes to the USA IRS???? We, the "little guys" of this nation, in comparison to entities like GE pay huge amounts of taxes on our very meager incomes.....because we cannot afford to have the IRS cast-offs, and other government "former" workers in the tax offices of our nation --- that quit their former jobs.....OR ARE JUST OUTRIGHT HIRED AWAY FROM THEIR "insider" JOBS BY ENTITIES LIKE GE......AND GE PAYS NO TAXES.....BUT ALL THE "Joe Q. Public's" HAVE TO KEEP ON PAYING THROUGH THE NOSE.

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.
Apr 9, 2011 at 12:59 PM | Unregistered CommenterJack F. Sneed
So while sitting there stoned, keep in mind the welfare loot going to GE, and the total lack of taxes paid to reward GE for what they did to Japan and what they did and are doing to the U.S. GE designed and signed off on levelling the hill at Fukushima so the reactor array could be brought down to sea level so the next tsunami would destroy the back-up cooling system and thus make all on line reactors go super critical and meltdown within an hour or two. Since the resulting explosion was guaranteed to destroy the cooling ponds directly above the reactors(Thanx again GE), all spent fuel was guaranteed to likewise go super critical and explode or meltdown

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.
Jul 29, 2011 at 3:04 AM | Unregistered CommenterHoward T. Lewis III

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