GE Profits

Gipper

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The "Crazy Train" continues to roll.

No doubt all those profits allow GE to continue buying lots of politicians so it will continue to get huge tax breaks. Reagan ended a lot of this BS, but money has a way of corrupting a huge unconstrained government.

And BO puts GE's CEO in charge of the hen house. Crazy, crazy, crazy....


General Electric, the nation’s largest corporation, had a very good year in 2010.

Drew Angerer/The New York Times
A PRESIDENT’S BUSINESS LIAISON
In January, President Obama named Jeffrey R. Immelt, General Electric’s chief executive, to head the President’s Council on Jobs and Competitiveness. “He understands what it takes for America to compete in the global economy,” Mr. Obama said.
But Nobody Pays That

A Lobbying Powerhouse

Articles in this series will examine efforts by businesses to lower their taxes and the debate over how to improve the tax system.

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.

The assortment of tax breaks G.E. has won in Washington has provided a significant short-term gain for the company’s executives and shareholders. While the financial crisis led G.E. to post a loss in the United States in 2009, regulatory filings show that in the last five years, G.E. has accumulated $26 billion in American profits, and received a net tax benefit from the I.R.S. of $4.1 billion.

But critics say the use of so many shelters amounts to corporate welfare, allowing G.E. not just to avoid taxes on profitable overseas lending but also to amass tax credits and write-offs that can be used to reduce taxes on billions of dollars of profit from domestic manufacturing. They say that the assertive tax avoidance of multinationals like G.E. not only shortchanges the Treasury,
http://www.nytimes.com/2011/03/25/business/economy/25tax.html?pagewanted=1&_r=1&hp&adxnnlx=1301144523-extdINuEtF5TvNUCPFwkwg
 
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I am confused I think Gipper is crying about a huge rich company getting out of paying taxes with huge loopholes...and saying that Regan would have not let that happen?

Did hell just get realy cold? I think Gipper is suggesting raising taxes and that Regan would be for it?
 
I am confused I think Gipper is crying about a huge rich company getting out of paying taxes with huge loopholes...and saying that Regan would have not let that happen?

Did hell just get realy cold? I think Gipper is suggesting raising taxes and that Regan would be for it?

He could be right. Reagan did sign into law the biggest tax increase in California's history when he was governor of this liberal state.
 
Its called Corperate Welfare.

No, its called good accounting....

And the reason they put so much of their money overseas is because the corporate tax rate they would pay if those assets were here is absurd.

This quote sums it up well:
G.E. officials say the disparity between American revenue and American profit is the result of ordinary business factors, such as investment in overseas markets and heavy lending losses in the United States recently. The company also says the nation’s workers benefit when G.E. profits overseas.

“We believe that winning in markets outside the United States increases U.S. exports and jobs,” Mr. Samuels said through a spokeswoman. “If U.S. companies aren’t competitive outside of their home market, it will mean fewer, not more, jobs in the United States, as the business will go to a non-U.S. competitor.”
 
No, its called good accounting....

And the reason they put so much of their money overseas is because the corporate tax rate they would pay if those assets were here is absurd.

This quote sums it up well:
G.E. officials say the disparity between American revenue and American profit is the result of ordinary business factors, such as investment in overseas markets and heavy lending losses in the United States recently. The company also says the nation’s workers benefit when G.E. profits overseas.

“We believe that winning in markets outside the United States increases U.S. exports and jobs,” Mr. Samuels said through a spokeswoman. “If U.S. companies aren’t competitive outside of their home market, it will mean fewer, not more, jobs in the United States, as the business will go to a non-U.S. competitor.”

also really nice loopholes put in place by lobbyist companies like GE pay for...

If you make that much income, pay no taxes...thats not a good accountant...thats a Rigged system or a tax cheat..

Also our tax rate you talk about...is a joke...its not a real tax rate....its a pretend number you start with and then companies like GE and such get special breaks on it till they pay little or nothing...Thats why Obama , I think in the state of the Union even, suggested lowering the rate, if loopholes where taken out.
 
You have to love corporatism... When you are up top you have protectionist laws protecting you from in competition you may have. Anyone who can see all the loopholes there are for mega corporations and all the red tape for starting businesses whilst still claiming the government isnt owned by the government is being blatantly dishonest.
 
You have to love corporatism... When you are up top you have protectionist laws protecting you from in competition you may have. Anyone who can see all the loopholes there are for mega corporations and all the red tape for starting businesses whilst still claiming the government isnt owned by the government is being blatantly dishonest.

I am guessing you meant government is not owned by big business?

but come on government is liberal and Socialist...bug business can't be that right? :)
 
I am guessing you meant government is not owned by big business?

but come on government is liberal and Socialist...bug business can't be that right? :)

No Im saying the government has already been bought by the corporations...

The government is the problem in this scenario these corporation exist because of not in spite of the government. That is why I kind of look side ways at people who b1tch about the corporations and then advocate for more government intervention.

Hell look at when a few of these companies were going out of business a couple years ago, we spoon fed them money to stop the recession. Sure
that works for a while but the bubble is going to burst. Recessions are a needed part of the business cycle where businesses that misuse resources get liquidated. But when we prop them up the misuse and waste is still there, the economy needs to cleanse itself of bad assets and failed businesses.
 
Socialism is government ownership of the means of production. What we have is msilaicos, or backwards socialism, in which the means of production (corporations) own the government.

And, it will remain so until we are somehow able to reduce the influence of money over government decisions.
 
also really nice loopholes put in place by lobbyist companies like GE pay for...

If you make that much income, pay no taxes...thats not a good accountant...thats a Rigged system or a tax cheat..

GE does nothing illegal to get out of paying taxes.

Also our tax rate you talk about...is a joke...its not a real tax rate....its a pretend number you start with and then companies like GE and such get special breaks on it till they pay little or nothing...Thats why Obama , I think in the state of the Union even, suggested lowering the rate, if loopholes where taken out.

"Companies like GE". How many GE's exist? Not many. The vast majority of American companies get stuck with a high tax rate, which is bad for business, and especially bad if they are trying to expand overseas.
 
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Bad idea to deem money to equal free speech wasn't it ?

yes, and a bad idea to deem that corporations have freedom of speech also. A much better idea would be to outlaw lobbyists handing money to politicians, and have public funding of campaigns.

But, we all know that will never happen.
 
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