General Electric, one of the largest corporations in America, filed a whopping 57,000-page federal tax return earlier this year but didn't pay taxes on $14 billion in profits. The return, which was filed electronically, would have been 19 feet high if printed out and stacked.
http://www.weeklystandard.com/blogs...-paid-no-taxes-14-billion-profits_609137.html
GE's Tax Return Equivalent of 57,000 Pages; No Tax Paid on $14 B Profit
Discussion in 'News & Current Events' started by InTheLight, Nov 17, 2011.
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InTheLight Well-Known MemberSite Supporter
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Blame our convoluted tax code, not the corporation. They did the same thing any of us would have done- took advantage of all the deductions that they were entitled to.
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They did pay:
Social Security matching
Medicaid matching
Property Tax
Sales tax
Phone tax
Fuel tax
ect, ect, ect,ect,ect
It was INCOME TAX they did not pay
Now granted, they should pay income tax - but evidently they had enough deductions to claim zero net income. And it appearers it was all legal.
If you did your personal income tax and had enough deduction to bring your net income to zero, would you pay income tax?
Salty
PS, a lot of those deductions were for other taxes!!! -
GE - Obma's little pet.
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If low, or no taxes means corporations will hire more people, GE should be hiring at every plant they operate!
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Most corporations are not like the US Government. Corporations don't just hire people to pass out money. They hire people when they need them.
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InTheLight Well-Known MemberSite Supporter
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InTheLight Well-Known MemberSite Supporter
Ooops. I just saw MexDeaf's post that said almost the same thing.... -
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InTheLight Well-Known MemberSite Supporter
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I am not against GE paying no taxes: I am against others paying taxes. Now if we can get all companies in America to pay no taxes, that will be progress.
Let's address the link between hiring and income. The team of accountants GE employs to get zero taxes is astronomical. They spend millions in labor costs to ensure they save billions in taxes. As well, the money is funding future projects.
Take, for instance, the $1.5 Billion dollar put towards the expansion of the world’s first integrated renewables combined-cycle plant. This project means jobs and if successful, could have great economical and environmental benefits. In another area of their business, they have just hired 400 people in a software investment expansion, the project will cost well over $1 Billion according to news sources. They have also announced a new research facility in Denver Colorado.
So, people ask if they are using that money to hire more people and the answer is, "yes." They spent millions to save billions and these are some examples of the reinvestment they have announced just in the last couple of weeks.
Again, I want them to pay nothing, and I want every business to pay nothing.