GE Filed 57,000-Page Tax Return, Paid No Taxes on $14 Billion in Profits

TalkingDog

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Fri Nov-18-11 09:31 AM
Original message

GE Filed 57,000-Page Tax Return, Paid No Taxes on $14 Billion in Profits

From the Weekly Standard

http://www.weeklystandard.com/blogs/ge-filed-57000-page-tax-return-paid-no-taxes-14-billion-profits_609137.html

Old news, but this time it's a conservative paper suggesting closing the loopholes and a bit of tax reform.

A sign of the coming Apocalypse?

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Scuba

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Fri Nov-18-11 09:32 AM
Response to Original message

1. Yet "corporate taxes" remain the singular reason...

... that capital gains taxes are lower than payroll taxes.

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dkf

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Fri Nov-18-11 09:38 AM
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2. Looks at this...

�The financial data in the report was taken from the companies' regulatory filings, which can differ from what is actually filed on a corporate tax return. Even in a year when a company claims an overall tax benefit, it may pay some cash taxes while accumulating credits that can be redeemed in future years. For instance, General Electric reported a federal tax benefit of more than $3 billion in 2010, but company officials said they still expected to pay a small amount of cash taxes.�

--ugh how confusing.

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banned from Kos

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Fri Nov-18-11 09:41 AM
Response to Original message

3. be accurate - they suggest LOWERING the rate and closing loopholes

reform = lower rates mainly

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TalkingDog

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Fri Nov-18-11 09:44 AM
Response to Reply #3

5. I said it was a conservative paper..... What did you expect, miracles?

They claim, THEY claim, closing loopholes would generate so much tax revenue that taxes could then be lowered.

Why would I insult people's intelligence by being "accurate" when I would rather assume they are intelligent enough to read and comprehend what is actually written?

You want to spoon feed people, feel free.

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banned from Kos

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Fri Nov-18-11 09:57 AM
Response to Reply #5

6. you're right. I did not intend to be snappy.

This is issue is a pet peeve of mine b/c I hear about it so often and no one ever asks "Which loopholes?".

Its a stumper. They cannot answer it.

I'll tell you one - kill the NOL carryover and reduce the rate to 25% (from 35%).

they would HOWL on that one - the NOL is the way GE and Bank of America get to escape taxes.

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TalkingDog

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Sat Nov-19-11 11:35 AM
Response to Reply #6

8. No worries... no harm no foul

n/t

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mopinko

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Fri Nov-18-11 09:42 AM
Response to Original message

4. this is exactly how they do it. the irs code contains

a provision that if it would cost the irs more to prosecute a case than it would get in taxes, it may take a pass. bury them in bullshit, and they have the option of declining to dig themselves out.

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Evasporque

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Fri Nov-18-11 10:38 AM
Response to Original message

7. Corporate Controllers are rewarded to find ways to pay zero tax....nt

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