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

weekly standard ^ | 11/17/11 | JOHN MCORMACK

[OPS4]

General Electric, one of the largest corporations in America, filed a whopping 57,000-page federal tax return earlier this year but didn't pay taxes on $14 billion in profits. The return, which was filed electronically, would have been 19 feet high if printed out and stacked.

[mountn man]

Maybe I'm missing something here. But IF GE actually had $14 Billion in profit, wouldn't that be passed on to the owners of GE, the shareholders. If dividends are paid, then the owners/shareholders would then pay capital gains tax.

Unless of course the owners shelter that gain somehow, like Warren OCBuffet has all these years.

Sounds pretty much like business as usual for any company, no matter what side the political spectrum they might lean.

[musicman]

Just A Reminder
Please Don't Forget
To Donate To FR
This Quarter

Sponsoring FReepers are contributing
$10 Each time a New Monthly Donor signs up!
Get more bang for your FR buck!
Click Here To Sign Up Now!

[A CA Guy]

At times companies can deduct losses, costs, depreciation and also get breaks for investing in green this or that.
Plus if they reinvest back in themselves that is deductible.

Also, maybe they can deduct past losses over time and that also could have allowed no taxes this year.

[ex91B10]

[mountn man]

In other words, they did what every other major corporation does, and what every normal person does. They took advantage of the tax laws to benefit themselves as much as possible.

Imagine somebody being accused of impropriaty for claiming their deserved dependent deductions on the 1040 forms.

If its legal and other companies live by the same rules, the only crime here is that the media has decided to make it a crime.

Just think, if I would have bought 100 shares of GE in the last year, I could have shared in that profit too.

Maybe I'll buy 100 shares this year.
NAAAAHHHHH!!!!! Its easier just to whine and complain about those who do.