Guess Which Company Paid $0 in Taxes (on $14.2 Billion in Profits)? Hint: Its CEO Works for Obama
- Posted on March 25, 2011 at 8:57pm by
Emily Esfahani Smith
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Half of all Americans don’t pay federal taxes on their income. And neither, apparently, does General Electric, the multi-national company that reaped $14.2 billion in profits last year. Though G.E. is the largest corporation in the U.S., it did not have to pay a dime in U.S. taxes, according to the New York Times. In fact, the company claimed $3.2 billion in tax benefits.
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.
According to the Times, “one of the most striking advantages of General Electric is its ability to lobby for, win and take advantage of tax breaks.”
These tax breaks are incredibly important to G.E.–so important that G.E.’s head tax man got down on his knees and begged Rep. Charles Rangel to let a particularly lucrative one extend past its expiration date in 2008:
The head of its tax team, Mr. Samuels, met with Representative Charles B. Rangel, then chairman of the Ways and Means Committee, which would decide the fate of the tax break. As he sat with the committee’s staff members outside Mr. Rangel’s office, Mr. Samuels dropped to his knee and pretended to beg for the provision to be extended — a flourish made in jest, he said through a spokeswoman.
In an interesting sub-section of the article, the Times claims that G.E.‘s tax strategy flies in the face of Ronald Reagan’s legacy:
In the mid-1980s, President Ronald Reagan overhauled the tax system after learning that G.E. — a company for which he had once worked as a commercial pitchman — was among dozens of corporations that had used accounting gamesmanship to avoid paying any taxes.
“I didn’t realize things had gotten that far out of line,” Mr. Reagan told the Treasury secretary, Donald T. Regan, according to Mr. Regan’s 1988 memoir. The president supported a change that closed loopholes and required G.E. to pay a far higher effective rate, up to 32.5 percent.
That pendulum began to swing back in the late 1990s. G.E. and other financial services firms won a change in tax law that would allow multinationals to avoid taxes on some kinds of banking and insurance income. The change meant that if G.E. financed the sale of a jet engine or generator in Ireland, for example, the company would no longer have to pay American tax on the interest income as long as the profits remained offshore.
President Obama recently tapped G.E. CEO Jeffrey Immelt as his liaison to the business world. Immelt also serves as the chair of the President’ Council on Jobs and Competitiveness. The story is that Immelt and Obama may discuss reforming the corporate tax code–not that Immelt has any incentive to!
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Comments (203)
Jolly Roger
Posted on March 25, 2011 at 10:23pmIts not capitalism when your running the board of economic advisors to the President. Far from it. Where are the screamers about Haliburton? G.E. out sources jobs to China, gets money from the stimulus package, and pays no taxes. Lets not forget was a big cheerleader for Obama when they owned MSNBC. Will liberals condemm this? I think not.
Report Post »Tnredneck
Posted on March 25, 2011 at 10:10pmLooks like it’s high time for a showdown!
Report Post »clinker
Posted on March 25, 2011 at 9:51pmGE, we bring good things to the White House……
Report Post »GeorgieJo
Posted on March 25, 2011 at 9:51pmWHERE do I get a “LOOP HOLE”?
Geeze JeffyE/GE/NBC will re elect Obummer
and GE is everywhere…..“financed” my new carpet 3 years ago
Report Post »I paid it off before interest accrued
This country is in DEEP trouble when the CIC gives health wavers and tax breaks to “friends”
ropati
Posted on March 25, 2011 at 9:50pmDoesn’t this qualify as the rich not paying their fair share?
Report Post »flagbearer
Posted on March 25, 2011 at 9:48pmIsn’t there a connection between GE and George Soros? This is a prime example of liberal hypocriscy. Liberals want to tax everyone else but themselves.
Report Post »call me roy
Posted on March 25, 2011 at 9:48pmGee, the owners of Pravda America (I mean, MSNBC) is GE too. Now you know why no one watches?
Report Post »mrsmileyface
Posted on March 25, 2011 at 9:37pmThis is me suprised. ………………… see im so suprised that im speechless. No really I am really effin suprised…….. Im serious!!!!!! see how serious I am. meh im bad at BSing
Report Post »Dumbsht
Posted on March 25, 2011 at 9:28pmHow come the Greenies want us to use Mercury in our lights ? I thought it was poison ?
Report Post »Rearden Steel
Posted on March 25, 2011 at 9:43pmBecause they think they contain pieces of the planet Mercury; not the toxic element.
Report Post »kenny1960
Posted on March 25, 2011 at 9:27pmWhere were the UAW thugs standing outside GE headquarters ? We all know the answer to that simple question. What a bunch of hypocrites the UAW are, Plus very naive as well
Report Post »drattastic
Posted on March 25, 2011 at 9:23pmI have been boycotting GE ever since they got in bed with this administration not to mention doing business with Iran while they were killing our troops. Don’t buy GE products.
Report Post »Dumbsht
Posted on March 25, 2011 at 9:29pmEver check out their stock holder list ?
Report Post »WHITE LOTUS2x
Posted on March 25, 2011 at 9:20pmI bet they have a long list of those that are exempt from taxes and it just might be as long as the exemption from that lousy healthcare. I think Opreh might be on it. Wish they would check out all the members of Congress and see how many liberals are exempt since the dems. dont like to pay theres anyway, or at least the ones they want to appoint for a position in gov. This GE thing should shake up things a lot at the White House. Should. White Lotus.
Report Post »The Judge
Posted on March 25, 2011 at 9:19pmWell done GE. You misguided unAmerican cheaters. Did you know that our nation absolutely needs your fair share of taxes to help defend your ability to do business in our still great nation. I honestly am pleased to be taxed for the good of the nation. I am more pleased to give over 10% to my local church but one has to realize that service and protection are not free.
Report Post »Dumbsht
Posted on March 25, 2011 at 9:19pmI don’t see much chance….the politicos would have to vote it in.
Report Post »mossbrain
Posted on March 25, 2011 at 9:13pmIt makes me sick too but it’s not only the democrats to blame. Even Newt Gingrich wants the capital gains tax to be zero. So, you’re out working your tail to the bone just trying to make ends meet and pay taxes yet these rich creeps make money by shuffling money into various investments and pay no taxes. Wonderful.
Report Post »Theleftisda
Posted on March 25, 2011 at 10:55pmAnd thats a very good idea
Report Post »it helps the economy
tifosa
Posted on March 26, 2011 at 7:16pmI’m actually surprised to see any negative outcry at all on here. I thought this is the Teapublicans goal.
Report Post »Dumbsht
Posted on March 25, 2011 at 9:10pmHey Demo lition brains….did you ask O’bummers about that one ?
Report Post »Rearden Steel
Posted on March 25, 2011 at 9:06pmI wish we all had that tax rate. Imagine how small and unintrusive our government would be if they didn’t have our funding.
Report Post »Dumbsht
Posted on March 25, 2011 at 9:15pmI’m with you…..could you imagine if we could keep it out of politicians hands ?
Report Post »Non-sequitur
Posted on March 25, 2011 at 10:13pmYeah, look at the wonderful country that is Somalia… no law enforcement, no rules, just freedom, freedom, freedom and you get to keep all the goods you can defend.
Report Post »Stopit
Posted on March 26, 2011 at 12:21pmThat’s not freedom or a republic. Its Islamic/tribal heritage at work.
Report Post »Packer-dad
Posted on March 25, 2011 at 9:05pmI seen this one coming,and there will be more to comeI
Report Post »mtnclimberjim
Posted on March 25, 2011 at 9:05pmMy American flag now flies upside down underneath the Christian flag. My country is in peril.
Report Post »Violence will be the only way. Sometimes you have to spank the child.
kickagrandma
Posted on March 25, 2011 at 9:05pmWell, doesn’t that just make the sunshine flow??? What another ungodly surprise.
DEAR GOD just keep on uncovering these lousy creatures. We applaud YOU, LORD, and we thank YOU so much for THE BLAZE and all who work to bring us the truth.
Thank YOU GOD that there are so many scum buckets in this one administration because by their very nature, they are driving us back to YOU in droves. Thank YOU GOD for receiving us, for forgiving us and for welcoming us back to YOU. We are here, LORD. Whatever YOU want us to do for YOU, we’re “on it”.
Report Post »Non-sequitur
Posted on March 25, 2011 at 10:17pmUncover? This is public knowledge and totally legal.
I restate what I said earlier: If you have a large company and pay taxes you need better accountants. The largest companies in the US do not pay taxes and it’s nothing new.
“Between 1998 to 2005, GAO found that about 72 percent of large foreign controlled companies and 55 percent of large U.S. controlled companies reported zero tax liability for at least one year. About 57 percent of foreign controlled large companies and 42 percent of U.S. large companies paid no taxes in two or more years, and a third of the foreign companies and one quarter of their U.S. counterparts paid no taxes for at least four of those years. Just 45 percent of large U.S. companies and 28 percent of foreign companies reported a tax liability for each of the eight years. The report defined large companies as those with at least $250 million in assets, or at least $50 million in receipts”
Report Post »Tnredneck
Posted on March 25, 2011 at 10:18pmSorry grandma, nothing will be done to these creeps. The only way to get rid of these crooks is by force I am afraid.
Report Post »SlimnRanger
Posted on March 25, 2011 at 11:01pm@ KickAGrandma,i say Aman to that
Report Post »Jolly Roger
Posted on March 25, 2011 at 11:05pmWhat companies are not paying taxes? Do you have proof sir?
Report Post »Non-sequitur
Posted on March 25, 2011 at 11:17pm“What companies are not paying taxes? Do you have proof sir?”
Certainly: http://www.gao.gov/products/GGD-99-39
(Link to Government Accountability Office)
This is a short summary, you can also find a very detailed, 24 page PDF report on the page.
Also, for a more specific look at companies:
http://articles.moneycentral.msn.com/Investing/Extra/CompaniesWithTheFattestTaxBreaks.aspx
It highlights the amount of taxes certain companies paid over the 5 year period from Jan. 2002 to Dec. 2006 (most recent data available)
Report Post »El Jefe
Posted on March 25, 2011 at 9:04pmWow, go figure…
Report Post »tinydd
Posted on March 26, 2011 at 5:30amThe American tax code needs to be abolished. A flat tax, end of story. Obama is a moron and WILL raise taxes on the middle class in 2012, so his new friends stay rich.
Report Post »Joan Of Argghh
Posted on March 26, 2011 at 11:30amIf only everyone would actually, you know, go figure, we could see that not one single business EVER pays taxes. Ever. It doesn’t happen. If more people could actually think their way out of a paper bag, they would see the stupidity of a business tax. It’s a hidden tax on the consumer. It’s an item in the “liabilities” column of the balance sheet of any business. To make the bottom line healthy, they must charge an amount that offsets the liabilities. This is something one used to learn in 5th grade, but public educators realized the danger of logic and have stopped teaching children real-world truths.
GE doesn’t pay taxes? Good for them. It’s a savings for their customers.
Report Post »Lucy Larue
Posted on March 27, 2011 at 4:48pmEL JEFE,
Report Post »Wow! Go figure. That’s your response?
Immelt looks like an overcooked steak on the grill. He looks more like a Don than a CEO.Does that not give you chills/
I am confused by your nondegataga comment.
You seem to represent so many Americans who are clueless. Am I wrong. Elaborate please.
Have you taken a stand? Do yoyu recognize the tyrouble this nation is in?
cheezwhiz
Posted on March 25, 2011 at 9:03pmThats nothing compared to Google
Report Post »http://www.bloomberg.com/news/2010-10-21/google-2-4-rate-shows-how-60-billion-u-s-revenue-lost-to-tax-loopholes.html
staggerlee32
Posted on March 26, 2011 at 12:38amcheezwhiz
Posted on March 25, 2011 at 9:14pm
Since right now , only BofA and JP Morgan Chase have been chosen for total anhilation by Sor@$$+Obama+Trumka, GE will be spared by SEIU .
From linky :
http://bigjournalism.com/acary/2010/05/25/fisking-the-washingtons-posts-non-confirmation-confirmation-of-the-seiu-bank-of-america-demonstration-and-the-d-c-cops/
Hundreds of protesters targeted two homes in Chevy Chase, Md. — one belonging to a Bank of America attorney, the other to a J.P. Morgan Chase lobbyist — for raucous rallies decrying Wall Street’s efforts to influence bank-reform legislation
*****************
That was last year. Nothing has changed
You guys should know by now….. this is all a diversion…. the banks especially BoA and JP “help start the FED” Morgan are all in on crashing the dollar. It’s the global elitists (IMF) that want the dollar crashed…. this is all a smoke screen. They probably knew the guy was taping Lerner last weekend. Their ultimate goal is 1 currency and 1 world government that they run with 500 million serfs to do everything for them. We are ruining their precious planet. Sometimes I forget and get side tracked with all the crap that goes on everyday all day long, but they are sooooo close to their dream that they are doing everything at break-neck speed.
Report Post »TXPilot
Posted on March 25, 2011 at 9:02pmIt’s ok, all the government has to do is redefine Obamas definition of “rich people” and once all of us earning over $1 per year are paying 99% taxes, I’m sure the government will never miss the money they could have gotten from GE or other left-wing companies.
Report Post »WhiteTeaParty
Posted on March 25, 2011 at 9:38pmAll the major companies are doing this. This was just Bill oreilly’s show with lou dobbs.
And these are the people and the companies that will create jobs in the U.S. if we cut their taxes????
Report Post »Jolly Roger
Posted on March 25, 2011 at 10:43pmAll major companies do this? All major companies had a bailout from the US taxpayer, are buddies with POTUS, gets trips on Air Force One, And runs if not sits on the board of economic advisor to POTUS? Are you ill sir? Or is this fiction your writing?
Report Post »Non-sequitur
Posted on March 25, 2011 at 10:47pm” All major companies had a bailout from the US taxpayer, are buddies with POTUS, gets trips on Air Force One, And runs if not sits on the board of economic advisor to POTUS?”
How is this relevant to the discussion? Most large companies (55%) avoid paying taxes. That is not new. It’s not a great revelation either. And sadly, it’s totally legal.
Report Post »Jolly Roger
Posted on March 25, 2011 at 10:57pmThe fact that he sits that close to the most powerful player in washington is relavent. The fact that you put up that 55% of companies that dont pay taxes with out proof is illrelavent. What I wrote you already know because its the truth. He does and works for the president and the company that use to be part of GE-MSNBC was a large if not the biggest chearleader for Obama. Quid pro quo. I too can make up a statistic to if you wish, just as you did.
Report Post »Non-sequitur
Posted on March 25, 2011 at 11:10pm“The fact that he sits that close to the most powerful player in washington is relavent.”
Totally irrelevant: They are not the only company receiving these tax breaks so talking of preferential treatment is nonsense.
“The fact that you put up that 55% of companies that dont pay taxes with out proof is illrelavent.”
More than half of the largest US companies not paying taxes and not being best buddies with BHO is not relevant somehow?
“What I wrote you already know because its the truth. He does and works for the president and the company that use to be part of GE-MSNBC was a large if not the biggest chearleader for Obama. Quid pro quo.”
Sure, GE doesn’t pay taxes. I know that. I’ve known that for years. Let me repeat myself: That is not unusual. They do not receive preferential treatment. They’re just using the tax code to their advantage, and legally too. They can pay good accountants.
Quote Government Accountability Office:
“From 1989 through 1995, a majority of corporations–both foreign- and U.S.-controlled–paid no U.S. income tax. Internal Revenue Service (IRS) data GAO reviewed indicate that newer corporations were less likely than older corporations to pay taxes. Another significant difference between large foreign- and U.S.-controlled corporations was in their distribution across industrial sectors. In 1995, large foreign-controlled corporations were more heavily concentrated in the manufacturing and wholesale trade sectors and less so in the financial services industry. Aggregate ratios of costs to receipts for all large corporations differed significantly across industrial sectors.”
(Source: http://www.gao.gov/products/GGD-99-39)
There is a 24 page PDF report too if you’d like to take a closer look.
“I too can make up a statistic to if you wish, just as you did.”
I don’t need to. I just need to make sure facts are on my side.
Report Post »Jolly Roger
Posted on March 25, 2011 at 11:55pmYou can claim irrelevence all you want; the work you sited only companies most who payes the least because of loss of production or overpaid taxes. ( You cant pay more taxes if you dont have the money ) Most of them are utilites and businesses not what you would consider big business ( Boeing and Direct TV are the only two ) This is irrelivent!
Report Post »Jolly Roger
Posted on March 26, 2011 at 12:01amAll those pdfs and not one company was listed. Not one! but you know what companies are or are not paying taxes.
Report Post »Jolly Roger
Posted on March 26, 2011 at 12:04amPlus you cannot claim 55% of american companies dont pay taxes from statistics 12 years ago.
Report Post »That would be irrelevent!
Non-sequitur
Posted on March 26, 2011 at 12:08amAnd you ignore the other article from the GAO?
Also, they’re called tax loopholes for a REASON. They’re abusing laws obviously intended for different reasons to the sole effect of paying lower taxes. Willfully creating large losses in the USA and raking in incredible profits overseas is one of the many loopholes companies like to use. What you can see in the table are the loopholes the companies have used, not some emergency or shortfall the companies had because of bad planning or misfortune; we’re talking about Fortune 500 companies here. All this information is in the article I posted which you did not read, apparently.
Report Post »Non-sequitur
Posted on March 26, 2011 at 12:20am“Plus you cannot claim 55% of american companies dont pay taxes from statistics 12 years ago.”
Is it? How so? I could understand if you wouldn’t accept statistics from 50 or 60 years ago, but tax laws from 12 years ago haven’t changed significantly. If you’d like to argue that things have changed in some fundamental manner (i.e companies suddenly started to pay 100% of their taxes), I’d like you to present proof for that. Otherwise all you’re doing is moving the goalposts.
I made the assertion that a significant number of companies use creative ways to dodge paying taxes. I presented conclusive proof, from a government source no less, and even the names of specific companies. Articles on this topic are on the net everywhere, all you have to do is use Google if so inclined.
As I enjoy irony, I will post you a link I got, from Google, about a certain company that avoided paying billions of dollars in taxes: Google.
http://abcnews.go.com/WN/google-loophole-dodge-corporate-taxes-bloomberg-report/story?id=11939752
Another popular tax loophole:
http://www.bloomberg.com/news/2010-12-29/dodging-repatriation-tax-lets-u-s-companies-bring-home-cash.html
Please accept that among companies, especially from the Fortune 500, tax dodging is RAMPANT. We’re losing billions of dollars in tax revenue because of tax loopholes but somehow no politician grabbed an accountant yet and asked where these loopholes are.
Or maybe those politicians are being paid very well not to care (for which I, of course, have no proof).
Report Post »Jolly Roger
Posted on March 26, 2011 at 12:36amThe GAO is just as good as the CBO. Both use stats whom ever is in charge at the time. Plus you use stats from 12 years ago and did not list ONE company. The list you did provide had breaks becuase the had “lost of production” or “overpayed taxes” so yes i did read them. Irrelevent.
Report Post »EP46
Posted on March 26, 2011 at 8:03amI HATE GE..they have done business with Iran forever. BUT ‘why blame them” ?? It is the U.S. tax code that allows this . Get rid of the IRS and make EVERYONE pay taxes…simple.
Report Post »Sense and Sensibility
Posted on March 26, 2011 at 3:27pmjolly roger – Here’s a more recent a longer report of companies that use tax havens: http://levin.senate.gov/newsroom/supporting/2009/PSI.GAOtaxhavensreport.011609.pdf
Report Post »It’s from 12/08 so you it’s not from the Obama administration.
MontyRay
Posted on March 25, 2011 at 9:02pmsurprised? GE has also invested heavily in “green” and stands to make a ton of profit off of the taxpayer through the present and coming EPA regulations….while working for Obama. Oh yeah, and they at least formerly owned MSNBC. I know, call in the black choppers…heaven for bid we connect the dots and smell out a conspiracy.
Report Post »Who needs to tax folks making under $250K? Don’t do that! Just regulate them to death to make your buddy rich. Then tax their employers and neighbors to hell so that they lose their job and join the others on the gov’t hand out line.
Showtime
Posted on March 25, 2011 at 9:10pmOh, yes. Also, the CEO will be at the meeting of the money people in April.
Report Post »i want the truth
Posted on March 25, 2011 at 9:56pmThe libs want everyone on gov’t. funds. That is how they get control of you!! Scary but true.
Report Post »Anti_Spock
Posted on March 25, 2011 at 9:00pmDo you think SEIU will protests at GE? (Naw)
Report Post »Revere1
Posted on March 25, 2011 at 9:04pmLiberals have a very odd view of how tax policy should work: http://www.battlefield315.com/2011/02/liberal-taxes-explained.html
Of course they go on and on railing against “the rich” and “the big corporations” while giving a pass to G.E. No mystery there.
Report Post »Packer-dad
Posted on March 25, 2011 at 9:06pmI seen this one coming
Report Post »Showtime
Posted on March 25, 2011 at 9:09pmGee, we knew the answer to that question back when we were on the story about Detroit Bank of America!
Report Post »STUBBYK
Posted on March 25, 2011 at 9:10pmBirds of a feather, one hand washes the other, two of a kind, the checks in the mail. Know any others I missed?
Report Post »Robert-CA
Posted on March 25, 2011 at 9:11pmNow that’s so sweet I bet you that Timmy the tax cheat will make sure that G E will pay tax .
Report Post »M-O-O-N Spells Moon
Posted on March 25, 2011 at 9:11pmThat’s because GE is so “green.”
Have you noticed how hard it is recently to buy a light bulb that’s made in the US?
Report Post »Packer-dad
Posted on March 25, 2011 at 9:12pmWhere did barry get 10B to give brazil,congress have to approve that loan?
Report Post »12 gauge
Posted on March 25, 2011 at 9:13pmGangsta Government.
Report Post »cheezwhiz
Posted on March 25, 2011 at 9:14pmSince right now , only BofA and JP Morgan Chase have been chosen for total anhilation by Sor@$$+Obama+Trumka, GE will be spared by SEIU .
Report Post »From linky :
http://bigjournalism.com/acary/2010/05/25/fisking-the-washingtons-posts-non-confirmation-confirmation-of-the-seiu-bank-of-america-demonstration-and-the-d-c-cops/
Hundreds of protesters targeted two homes in Chevy Chase, Md. — one belonging to a Bank of America attorney, the other to a J.P. Morgan Chase lobbyist — for raucous rallies decrying Wall Street’s efforts to influence bank-reform legislation
*****************
That was last year. Nothing has changed
Dustyluv
Posted on March 25, 2011 at 9:15pmGE they bring good things to life…Like a@@wipes named Jeffery. and other evil things.
Report Post »Breaking their light bulbs and mailing them in to GE???? Honest i didnt know they were broken…
I refuse to buy anything with GE on it.
cheezwhiz
Posted on March 25, 2011 at 9:18pmRobert-CA
Report Post »Now that’s so sweet I bet you that Timmy the tax cheat will make sure that G E will pay tax .
———
Timmy can’t do anything , GE has Rangel on its side
haha
ClassicalLiberal
Posted on March 25, 2011 at 9:19pmThis is corporatism. This is the result of a mixed economy and government intervention. Government works with corporations, unions, and all the other special interest groups to bring “unity.”
Benito Mussolini said,
Report Post »“Fascism recognizes the real needs which gave rise to socialism and trade-unionism, giving them due weight in the guild or corporative system in which diverent interests are coordinated and harmonised in the unity of the State.” -Doctrine of Fascism
sleazyhippo
Posted on March 25, 2011 at 9:21pmGod bless America! This is a well deserved outcome for a hardworking capitalist Giant. Right On.
Report Post »Robert-CA
Posted on March 25, 2011 at 9:25pmCHEEZWHIZ
Posted on March 25, 2011 at 9:18pm
Timmy can’t do anything , GE has Rangel on its side
Report Post »haha
__________
Well let’s see first if Timmy will pay his own tax this year , you know turbotax does not declare all your revenues :)
82dAirborne
Posted on March 25, 2011 at 9:32pmIf you could: Would you pay zero taes IF you could do it without breaking the law? On $50,000? On $1 million? On $100 million?
Report Post »momw2kids2
Posted on March 25, 2011 at 9:34pmAbsolutely Criminal! Where are the charges? Where is the outrage? Where is the media coverage? This administration and its cronies need to be tried and put in prison for life (or more)!
Report Post »Gold Coin & Economic News
Posted on March 25, 2011 at 9:55pmNot a good thing when corporations and government ownership/personnel mix. The tax not paid by GE to the US government will just be paid by someone else.
Report Post »psycodad36
Posted on March 25, 2011 at 9:56pmI will
Report Post »psycodad36
Posted on March 25, 2011 at 9:57pmand I don’t normally do that sort of thing
Report Post »Tnredneck
Posted on March 25, 2011 at 10:03pmWon’t see any liberal protest… Reagan forced ge to pay it’s fair share and darn if democrat bill clinton let them off the hook again in the late 90s….. Hey friggin trolls, jzs, broker101 and the like where the heck are you on this.????
Report Post »Non-sequitur
Posted on March 25, 2011 at 10:10pmLarge corporations not paying a dime in taxes is not exactly the exception but the rule. If you have a large company and pay taxes you need better accountants.
Report Post »nptden
Posted on March 25, 2011 at 10:19pmI guess the message is join the ‘communist’ party…
Report Post »hifi74
Posted on March 25, 2011 at 10:22pmAnd for Glenns’ next trick, the resounding thud of silence from Liberals and Progressives everywhere!!!! That does it I am going to hold my breath until I hear the outcry form the left about G.E. not paying it’s fair share……..[wish me luck folks]
Report Post »82dAirborne
Posted on March 25, 2011 at 10:26pmhifi74
Posted on March 25, 2011 at 10:22pm
And for Glenns’ next trick, the resounding thud of silence from Liberals and Progressives everywhere!!!! That does it I am going to hold my breath until I hear the outcry form the left about G.E. not paying it’s fair share……..[wish me luck folks]
That is a VERY VERY BAD idea!!!!
Report Post »hifi74
Posted on March 25, 2011 at 10:29pmWhiteTeaParty
Posted on March 25, 2011 at 9:34pm
I completely agree with all of you that GE should pay their fair share of taxes if not more.
This is what happens when you give all the tax breaks to the rich and corporate companies.
You can cut all the taxes you want for the rich, they won’t take that extra money to create jobs.
All they do is take that extra cash and hide it in off shore accts.
Glenn Beck stated yesterday on his show that he has 10 people on his payroll to do his 1 hour show on Fox. Do you think if we cut his taxes that he will hire more people to do his show?
Bunch of liars and crooks.
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I’m going to go out on a limb here, but I‘m going to take a wild guess that you don’t listen to Glenn’s radio show. He currently has 52 (give or take 1 or 2 from his last quoting) employed by Mercury Radio Arts (his and his partners radio and production company) and he has recently brought on board new employee’s and is in the process of hiring more. SO yes he has and will.
Report Post »waggie
Posted on March 25, 2011 at 10:46pmWhat am I missing here? You can be sure I won’t buy another GE product if I can help it.
Report Post »seeker9
Posted on March 25, 2011 at 11:05pmWhiteTeaParty
Report Post »Do you think if the rich and big corporations taxes were raised, that then they would create jobs? BHO likes GE so much he put Imelt, the CEO, on his economic panel. GE has been a net exporter of jobs, keep large sums in off shore accounts, and have even gotten subsidies from the govt. The progressive idea seems to be to get as much money as possible from tax receipts and redistribute it to their cronies. It is not about jobs or the middle class, except to get the vote.
hifi74
Posted on March 25, 2011 at 11:16pm82dAirborne
Posted on March 25, 2011 at 10:26pm
That is a VERY VERY BAD idea!!!!
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Well I never said it was a GOOD idea! It’s ok though I tried it, got about 5 seconds in, saw a commercial for ice-cream, got hungry, and decided to get up and get some ice-cream instead so crisis averted.
Report Post »thepatriotdave
Posted on March 25, 2011 at 11:32pmEvery one of us should copy this story, then go to every progressive website and blog and post this. Starting with The Huffington Post and the Daily-Kos it should ruin their entire weekend!
Who do you want to run for POTUS in 2012?
Report Post »http://tinyurl.com/4rv8xsm
banjarmon
Posted on March 25, 2011 at 11:38pmGE is on my list of things NOT TO BUY…any thing made by GE will be a NO BUY thing.
Report Post »AzDebi
Posted on March 25, 2011 at 11:52pmAND…I besides not having to pay corporate income taxes, he got to accompany Obama and his family to Brazil…shoot…next time, I‘m comin’ back RICH…or maybe I’ll just marry for MONEY…Oh, I forgot to mention that the President of Westinghouse also accompanied them on their TAX-PAYER PAID VACATION! Takes MONEY to make MONEY!
Report Post »jzs
Posted on March 26, 2011 at 12:41amA lot of large companies don’t pay taxes:
http://www.politifact.com/ohio/statements/2011/mar/15/marcia-fudge/rep-marcia-fudge-says-some-largest-corporations-pa/
Okay, that’s bad, I agree. Let’s close those loopholes. By my irony/hypocracy meter has pegged out. Don’t conservatives want to cut corporate taxes to “create jobs” (even though that’s false, jobs are created not when owners have more money, but when there are more people who can pay for their products). So a lot of companies, not just GE, aren’t paying taxes. Isn’t that what you want, no taxes for corporations or the other rich? So they can create jobs? This is bad? Explain.
Report Post »restorehope
Posted on March 26, 2011 at 12:45amI think we should all wear purple t-shirts and pay a visit to GE headquarters. The only problem is that we would find it hard to act like an unruly mob and use obscenities. You have to be a real progressive to do that.
Report Post »Ephesians six thirteen stand
Posted on March 26, 2011 at 2:02amAdd your comments
Report Post »UPSETVET
Posted on March 26, 2011 at 7:21amThe Obama REGEME is less transparent and more corrupt than any I can remember in my lifetime that spans the presidential offices of 13 Presidents. The Obama & Holder (O&H EXPRESS) team are railroading the American people and the nation into total colapse. Unfortunately, the three branch system of American government, executive, legislative and judicial that our founding fathers establihed is not doing what it’s suposed to do, that is, keep each branch functioning according to the US Constitution.
Obama is in his 26th month of a 48th month term in office and he hasn’t received any repremands from congress or the senate for his unconstitutional actions or even a simple slap on the wrist. If a Republican conservative and WHITE President had tried to do the things that Obama has done he or she would have been severely sensored or impeached by the senate. Obama’s gangster style administration needs to be reigned in and checked before he completely destroys our democracy and country.
Of course this is and has been the strategy from the “gitmo” or beginning of Obama’s presidency, ” Obama’s “ Fundamental transformation of America ”, simply means the destruction of the old conservative capitalistic system to replace it with a liberla progressive ( communist ) system. It’s hard for me to believe that this is what the majority of honest and hard working American citizens want. I refuse to accept the idea that Obama is doing what is best for our nation. Nothing could be further from the truth. God Bless America !
Report Post »Marcobob69
Posted on March 26, 2011 at 8:25amNot in this lifetime. They are all in bed together sucking the tit of America dry, then protesting when told to stop!!!
Report Post »hifi74
Posted on March 26, 2011 at 8:38amjzs
Posted on March 26, 2011 at 12:41am
A lot of large companies don’t pay taxes:
http://www.politifact.com/ohio/statements/2011/mar/15/marcia-fudge/rep-marcia-fudge-says-some-largest-corporations-pa/
Okay, that’s bad, I agree. Let’s close those loopholes. By my irony/hypocracy meter has pegged out. Don’t conservatives want to cut corporate taxes to “create jobs” (even though that’s false, jobs are created not when owners have more money, but when there are more people who can pay for their products). So a lot of companies, not just GE, aren’t paying taxes. Isn’t that what you want, no taxes for corporations or the other rich? So they can create jobs? This is bad? Explain.
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2 things here
1) Lower taxes for businesses ARE a good thing, people with money create jobs not people with no money. With that said businesses, especially ones that are so obviously in the pocket of the government, should not get away with paying no taxes at all. You misunderstand others distaste about this.
2)The others on here are wondering where the outcry from people who adamantly decried about businesses getting any tax cuts at all. That resounding thud of silence from those people pegs my hypocrisy meter. Basically echoing the seeming mantra of the Obama administration “do as I say, not as I do”
Report Post »TexasCommonSense
Posted on March 26, 2011 at 11:37amCrony capitalism at its finest.
Report Post »Pelling1020
Posted on March 26, 2011 at 11:52amWonder if obami motors paid any income tax? Probably got a pass too.
Report Post »Dandylyon
Posted on March 26, 2011 at 12:06pmIt can be quit rewarding spending a little time in Obama’s LIMO back seat.
They make quit a couple……………………………….and still no call for impeachmnet,don’t complain if your not going to do anything about.
Report Post »VerySeniorCitizen
Posted on March 26, 2011 at 12:45pmI think we all know about corporate loopholes
GE – Zero taxes
Exxon Mobile – Zero taxes
Bank of America -Zero Taxes
Halliburton – (using offshore subsidiaries) paid only 18% of taxes due the US
These loopholes should be closed – for ALL of these corporations!
Report Post »jzs
Posted on March 26, 2011 at 1:05pmRedneck, I said I thought it was wrong before I even read your post. So I’m with you on that.
But two things: according to Politifact: Between 1998 to 2005, GAO found that about 72 percent of large foreign controlled companies and 55 percent of large U.S. controlled companies reported zero tax liability for at least one year. It’s pure partisan nonsence to single out GE, and say they’re getting tax breaks because of him. They probably weren’t paying taxes under Bush either.
Report Post »Clive
Posted on March 26, 2011 at 1:47pmcapitalism at its best. part of the reason we are broke is because the people and organizations with the most money, can also afford to figure out ways to not pay a friggin dime in taxes. GE isn’t the only one that gets away with this.
Report Post »tobywil2
Posted on March 26, 2011 at 5:39pmTHE TYRANT’S CRONIES AND TAXES
All this outrage about GE paying no taxes, how naïve! Everyone knows that the Tyrant’s cronies pay little or no taxes. Discarded cronies are prosecuted for tax evasion.
Consider the implementations! http://commonsense21c.com/
Report Post »tifosa
Posted on March 26, 2011 at 6:59pmOF COURSE you were CURIOUS about NEWSCORP, Fox’s parent company, and chased down the facts, right? No? Well, guess what, zero taxes two of the four last years.
Report Post »tifosa
Posted on March 26, 2011 at 7:10pmHIFI74, No need to hold your breath. Rachel Maddow had this last year: http://www.dailykos.com/story/2010/10/21/912490/-No-Corporate-tax-for-Citibank,-GE-and-Bank-of-America The “outcry from the left” about “corporatocracy”/pluKOCHracy” has been going on for years. “I’m going to go out on a limb here, but I‘m going to take a wild guess that you don’t listen” to/watch Rachel’s show, nor pay much attention to what’s going on on the political left. You believe what you’re told ABOUT THE LEFT by Glenn and foxists. Also, if Glenn had no listeners (CONSUMERS) he wouldn’t have a need for staff-tax cuts or not.
Report Post »JC Hedj
Posted on March 27, 2011 at 3:44pmanduhh Glenn Beck does not want the “ allegedly NORMAIL AMERICAN” to overthrow this corrupt criminal infested government of LAWYERS ???? Duuuuuhhhhh….IF “ THIS ” be Democracy then I’d rather have Anarchy !
Report Post »Physicist_In_Training
Posted on March 27, 2011 at 4:55pmWeird; this is so much like a book I read once where the sneaky owner of a big company uses strong-arm techniques and government favors to give himself tax breaks that his competitors don’t get…just replace the name “Jeffrey” with the name “Jim” (or maybe “Orren”) and the name “Charles” with the name “Wesley,” and it practically would become a page right out of the book. The author uses the phrase “The Aristocracy of Pull” to describe this phenomenon, of businesses’ success shifting from ability to produce to number of friends in Washington.
Report Post »patriot308
Posted on March 27, 2011 at 8:40pm200 comments and only five; have ever taken and passed an economics class. CORPORATIONS DON’T PAY TAXES!!!!!!!! Their customers do! No corporation that is still in business has ever paid one single penny in taxes! Any tax paid to the G-men is added on to your wheaties and light bulbs! WHEN they can’t pass it on to consumers; they outsource to another country that wants employment for their people. Most of you, are not any more informed than the obamites. GIVE ME A BREAK
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