Posted on 04/16/2010 10:28:18 AM PDT by Buckeye McFrog
General Electric filed more than 7,000 income tax returns in hundreds of global jurisdictions last year, but when push came to shove, the company owed the U.S. government a whopping bill of $0. (snip)
(Excerpt) Read more at money.cnn.com ...
Talk about your Capitalist Pigs!
No Alternative Minimum Tax for corporations, I see.
This story will have no legs. During a Republican administration, this would be a month long meme for the MSM.
Companies do not pay taxes - customers do.
GE, we bring socialism to life.
Too bad some need to be reminded that corporations don’t pay taxes, customers do.
This can not be said often enough.
GE. Game Everything.
I don't know whether you are aware of this, but you have let commie anti-corporate propaganda under your skin.
GE is no different from you and me: you too have zero tax liability on years when you incurred losses.
Stand on principles rather than take sides.
“GE had plenty of earnings last year — just not in the United States. For tax purposes, the company’s U.S. operations lost $408 million, while its international businesses netted a $10.8 billion profit.”
Companies don’t pay taxes. This is why the VAT is being considered. It can villify “evil companies” that don’t pay taxes.
Overall, GE said it earned $1.87 billion, or 17 cents per share, after deducting preferred dividends in the January-March period, down from $2.75 billion, or 26 cents per share, a year ago. Revenue fell 5 percent to $36.6 billion from $38.4 billion a year ago.
Excluding $390 million in losses from one-time items, GE’s earnings from continuing operations were $2.4 billion, or 21 cents a share. Analysts polled by Thomson Reuters expected profit of 16 cents a share on higher revenue of $37.1 billion.
GE is considered an indicator of the well-being of the broader economy. It makes industrial products ranging from light bulbs to wind turbines, and is a big lender to businesses and consumers.
As the economy sank in late 2008, so did GE. The seizure of credit markets made it hard for GE to raise money and the stress on consumers and companies led to big losses on GE loans and lower orders for its industrial businesses. GE dropped its dividend payment by 68 percent to save cash, lost its top credit rating and saw its stock price tank.
GE said Friday that the SEC has requested information on how much the company disclosed to investors about its financial situation during the crisis.
Hey...half of you have no right to complain!
(to be fair...make that 47% of you...hehehe)
I used to admire GE.
That was a loooong time ago.
maybe if they made incandescent light bulbs .................
Nah.
But what about the $10.8 billion profit overseas? GE is "indefinitely" deferring income tax payments on those profits, Eisele said.
Companies do not pay taxes - customers do.
Not disputing that certainly. It’s just clear that some animals are more equal than others here.
Companies that grease Washington palms and goose the regulatory system to steer billions of public sector dollars their way and then skate on taxes. That just offends on so many levels.
It gets better. Part of the cap and tax plan forces homeowners to make their homes more energy efficient. They will have to replace inefficient appliances in order to qualify for a house “license”. Without the license, the home cannot be sold. And guess is the big manufacturer of home appliances? GE.
But in this case, GE did not have to pass on a tax to their customers like their competitors did. This results in greater profits (and marketplace advantage) for GE - also known as zer0's green buddies.
Either GE pays taxes or no corporation pays taxes - it's gotta be kept fair.
Would love to see someone, say, Media Research Center, put together a montage of NBC/MSNBC hosts railing againts Fortune500 companies ‘getting away with’ paying low taxes.
General Electric got bailed out by American taxpayers.
So you’d think that GE would return the favor by paying American taxes, right?
/s
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