G. E. paid no taxes last year

Discussion in 'Politics, Religion, Social Issues' started by mrkramer, Mar 25, 2011.

  1. mrkramer macrumors 603

    mrkramer

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    #1
    http://www.nytimes.com/2011/03/25/business/economy/25tax.html?_r=2&hp

    I knew all of the tax loopholes where bad, but I had no idea they where that bad.
     
  2. rdowns macrumors Penryn

    rdowns

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    #2
    Our tax code is as ****ed up as our healthcare system. Fix those two and we'd be in great shape.
     
  3. TSE macrumors 68030

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    #3
    I think before we do any of that, we should fix our foreign policy. ;)

    I don't understand how GE is so big, I almost never see any GE products except for small stuff like light bulbs and lamps.
     
  4. yg17 macrumors G5

    yg17

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    #4
    Jet engines, medical equipment, NBC Universal. There's a lot of stuff they own or manufacture that you don't see every day.
     
  5. benzslrpee macrumors 6502

    benzslrpee

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    #5
    really? a quick look at 2010 financials i see GE had a Tax Expense of $1.05B. they paid taxes but if the IRS thinks they qualify for some tax benefits, then that's up the IRS.
     
  6. rdowns macrumors Penryn

    rdowns

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    #6

    Since they earn a great deal of money overseas, I'd bet they were taxes paid to foreign countries. The largest US corporations pay little to no federal taxes due to our ****ed up tax code.
     
  7. leekohler macrumors G5

    leekohler

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    #7
    Neat. So can I assume that GE also create crapload of jobs in the US? I mean, that's what's supposed to happen, right?

    Oh wait...

    http://james4america.wordpress.com/...imulus-grants-24-9-million-and-18000-layoffs/

     
  8. citizenzen macrumors 65816

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    #8
    It's so freaking backwards.

    We have government that serves business and tells the people to go figure it out for themselves.

    And somehow conservatives have sold this as being good for us.

    I really do question the intelligence of people who fall for that.
     
  9. leekohler macrumors G5

    leekohler

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    #9
    Where are our conservative members praising Obama for giving massive tax breaks to business?

    That's what also amazes me- there is no evidence at all to show that trickle down works. And now look at this BS. If we taxpayers give you a break, you damn well better not layoff tons of people.
     
  10. dukebound85 macrumors P6

    dukebound85

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    #10
    Because you don't know their business

    They are huge players in power equipment, including nuclear, turbines, civilian and military. They are also big players in the railroad industry and even entertainment and more
     
  11. Heilage macrumors 68030

    Heilage

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    #11
    GE is everywhere. It's huge. One of the leading manufacturers of a lot of medical equipemnt (ultrasound for example), just one of many areas where they are.


    How can you have tax loopholes like this? Wouldn't it be important for the economy that business pay taxes?
     
  12. fivepoint macrumors 65816

    fivepoint

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    #12
    Something people on both sides of the political aisle can probably agree on.

    Yes, I agree, lets get rid of the bullcrap tax loopholes, subsidies, and other handouts for companies simply because they work on green technology, because they lobby hard, etc. Big government is once again the problem, give them too much money, they want to spend it. GE comes and asks for it, lobbies for it, gives favors for it, and they end up getting it. It's too bad those in the Democrat party keep advocating for us sending MORE of our hard earned money to government so they can redistribute MORE of it to companies and individuals who they determine are 'worthy'.

    We need a Flat Tax or a Fair Tax, something that gets the politics out of it. Something that is incredibly simple and straight forward, something that reduces the size and complexity of government.
     
  13. leekohler macrumors G5

    leekohler

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    #13
    Now maybe you're starting to get a good look at just how screwed up the US is right now. This is one of the reasons our infrastructure is falling apart and education and healthcare suck. No one wants to pay for anything. Conservatives have convinced too many of our citizens that taxes are theft. It's absolutely insane.
     
  14. citizenzen macrumors 65816

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    #14
    Tax breaks for the wealthy and business get handed out like candy.

    While collective bargaining, pensions and healthcare are vilified as unsustainable.

    Is it time to revolt yet?
     
  15. leekohler macrumors G5

    leekohler

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    #15
    It's already started in some places. I talked to friend of mine who is a teacher in Ohio. He said many of the teachers in his school voted Republican in the past election, and have vowed never to do so again. The Republicans have no idea how bad this will be for them. They've woken a sleeping giant that has been sleeping so long, it's energized beyond imagining and won't be sleeping again for a very long time.
     
  16. CaptMurdock macrumors 6502a

    CaptMurdock

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    #16
    Okay, I'm with you so far...
    Now you lost me. What the hell does "green technology" have to do with the price of eggs?
     
  17. hulugu macrumors 68000

    hulugu

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    #17
    I got stuck on that too, but it's just the way the sentence is constructed. Companies that invest in green technologies like GE are getting tax breaks, but this is just one example of the special tax breaks that companies get from the Federal government.

    I don't agree with the simplistic idea that if the Fed had less money these lobbies would disappear, but fivepoint isn't attacking green technology specifically.

    It seems to me that the problem is the wide influence of corporate money in politics, the inability of Congressional representatives to properly assert the needs of the Republic over their donors, and the greed of companies who take tax money and still won't keep Americans employed. I'd also argue that Americans do this to themselves by buying injection-molded chairs by the dozen from Walmart, refusing to pay a little more so their neighbors might be employable.
     
  18. dime21 macrumors 6502

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    #18
  19. ender land macrumors 6502a

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    #19
    You realize this was only about 15% of their total employees right?

    And the 24.9M was about 0.02% of their total yearly revenue? To one specific entity within a huge corporation? That amount is not anywhere near enough additional cash to make a difference in a company as large as GE.

    More context: to make up the percentage difference in employees, if GE was to map the percent difference in employees (18,000/152,000 = 11.8%) they would have needed roughly 3 billion from the government (assuming profit in the usa to be the rough percentage of the total employees), or about 110x what they got.

    If GE was having rough financial times this drop in the bucket from the US gov was not going to help them.
     
  20. Eraserhead macrumors G4

    Eraserhead

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    #20
    I thought getting companies to pay UK taxes were bad...
     
  21. CaptMurdock macrumors 6502a

    CaptMurdock

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    #21
    There are a lot more companies that don't invest in "green technology" that get tax breaks and subsidies than otherwise. I would rather that companies that do invest in "green technologies" get breaks as incentives, not because they have great lobbyists.
     
  22. balamw Moderator

    balamw

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    #22
    Methinks you missed something.

    B
     
  23. skunk macrumors G4

    skunk

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    #23
    Great, so they got the $3bn and sacked everybody anyway. Good job!

    Nice benefits package, too.

    For the bosses.
     
  24. samiwas macrumors 65816

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    #24
    Really? Nothing about Republicans doing everything they can to advocate for business and drop whatever support they can from individuals? No? Nothing? It's only Democrats' fault? You're funny.

    Only? Only? GE dropped ONLY 15% of their American workforce after receiving billions of dollars in breaks and reporting huge profits. And that's OK because it's ONLY three out of every twenty workers?? The logic some of you people follow baffles me.

    We get told over and over how profits and tax breaks for wealthy and companies leads to increased wealth at the upper echelons, and how this increased wealth leads to jobs and prosperity for the lower classes. But stories like this and a couple I have posted before show that it is simply NOT TRUE. In fact, it's almost reverse. Give them more money, and they'll cut people to make even MORE. How so many people don't see this is beyond me. Makes me think some have a little "comprehension" problem (it's a favorite word in PRSI, so I thought I'd use it).

    All arguments for trickle-down are now officially null and void, forever. Thanks for playing.


    PS - I'm a shareholder for GE (gift from when I was young...I never chose it), and this still makes me angry.
     
  25. Huntn Suspended

    Huntn

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    #25
    In a general discussion with conservatives about this issue, I've not heard one cry of indignation. A huge multi-national corporation makes $15 BILLION pays no taxes and gets a $3 BILLION tax credit to boot? You've got to be ******** me. In this discussion one guy actually told me that U.S. taxes were "onerous", my god, unfrick'n believable. This is one of the major reasons working/middle class citizens in this country are going down fast and hard. There are people, apparantly a lot of people who actually support these policies.
     

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