GE, big fat tax dodger

[marmar]

from AlterNet:



GE, World's Largest Corporation, Paid Zero Dollars in U.S. Taxes Last Year


You know how we've been covering the efforts of U.S. Uncut, the growing campaign to stop corporate tax dodgers from exploiting overseas tax havens? Well here's an excellent example of why such efforts are desperately needed, from the front page of the 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.

How can that be, you ask?

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....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.

If that doesn't make your blood boil, I don't know what would. .............(more)

The complete piece is at: http://www.alternet.org/newsandviews/article/540426/ge%2C_world%27s_largest_corporation%2C_paid_zero_dollars_in_u.s._taxes_last_year/

[inademv]

1. I blame the system,

and the lobbyists that warp it, not the companies that exploit its rules.

[marmar]

2. I blame them all.

nt

[inademv]

5. Given the system

It would be irresponsible for GE to not take every financial advantage available to them.

[girl gone mad]

10. I blame the company, too.

They use capital that could be put toward invention, innovation and creation to instead pursue sleazy tax avoidance strategies via government capture.

It's a lazy, short term business model which screams they are in end game mode.

[madmax]

3. Check this out

https://www.youtube.com/watch?feature=player_embedded&v=VQrAf3oLkpU

[msongs]

4. good thing no US president wants a GE man for advisor eh? Oh wait... nt

[truedelphi]

8. + 1. n/t

[OneTenthofOnePercent]

6. GE, Walmart, etc... all the big companies legally dodge most of their taxes every year.

All courtesy of loopholes and tax breaks brought to us by lobbyists lining politicians' pockets.
And if you're rich enough as an idividual... you hire the best tax firms to help you hide your money too.


I would like a flat tax for all indivuals over 2X poverty level as well as all companies... no tax breaks, no loopholes, no tax shelters. Almost every indivual American would pay fewer out of pocket taxes than they currently do.

[Blue Owl]

7. Those who aren't paying taxes

are the ones hoarding and stealing our tax dollars.

It's gotta stop.

[Initech]

9. That $3.2 billion could go to pay several states' worth of employees.

:grr: :mad: :grr: :mad: :grr: :mad: :grr: :mad: