Obama's Friends getting the benefits of backing him once again. Our taxpayer dollars keep on disappearing.
posted on 11/17/2011 12:28:14 PM PST
How many billions in taxpayers subsidies and handouts did they get?
posted on 11/17/2011 12:29:08 PM PST
(The Right to Life came before the Right to Happiness)
Simple answer for this:
posted on 11/17/2011 12:32:14 PM PST
(NO LIBS! This means liberals AND libertarians (same thing) NO LIBS!)
It's not just tax dollars that are disappearing. 57,000 pages means that quite a few man-hours went into collecting the data, analyzing the tax effect, and putting the right bits in the right place. Even with electronic filing, the human effort would be large.
That means added overhead to GE's operations, which means that GE customers paid "their share" for this corporate version of War and Peace.
posted on 11/17/2011 12:38:58 PM PST
(Talk is cheap, actions are priceless)
If you read the article:
Nine billion dollars of GE's profits came overseas, outside the jurisdiction of U.S. tax law.
GE isn't repatriating those profits, because the US corporate tax rates are the highest in the western world. Instead, they are leaving that money offshore, and investing it their operations outside the US. There's definitely something wrong here, and it's not with GE.
GE wasn't taxed on $5 billion in U.S. profits because it utilized numerous deductions and tax credits, including tax breaks for investments in low-income housing, green energy, research and development, as well as depreciation of property.
In other words, they took advantage of all the different provisions that are available to all corporations. Some of those were created by previous Congresses and administration, and some were created recently under this administration.
Do you claim deductions on your tax return for mortgage interest, charitable contributions, and state/local taxes. If so, how is what you are doing any different than what GE did?
posted on 11/17/2011 12:39:10 PM PST
(The only remedy for a bad guy with a gun is a good WOMAN (Sgt. Kimberly Munley) with a gun)
57,000-page federal tax return ... [no] taxes on $14 billion in profits ... would have been 19 feet high if printed out and stacked
Prepared by hundreds of GE employees at a cost of $100's of millions ... every single line audited by IRS over the next ten or so years, which will cost $100's of millions more.
posted on 11/17/2011 12:42:07 PM PST
(If Obama had half a brain, his butt would be lopsided)
Payroll, sales taxes, property taxes, and other taxes that they surely must have paid, Shirley, are no taxes? Having to hire lawyers, accountants and others to prepare the tax returns and, especially, handle regulations, is no tax on a company?
Day 48 Of The FReepathon
Do you Know Why?
There are loyal posters that donate every FReepathon. Some donate several times during every 'thon. But others never donate. Why?
1 My enemies haven't been zotted.
2 The owner doesn't support my candidate.
3 FR won't "upgrade" to "Like" buttons and blinky crap.
4 Someone else will donate.
5 My friend was zotted.
6 I lost my job and have no income.
Only one of those is a legitimate reason.
Support It Or Lose It
posted on 11/17/2011 1:39:24 PM PST
by DJ MacWoW
(America! The wolves are here! What will you do?)
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.
posted on 11/17/2011 5:32:31 PM PST
by mountn man
(Happiness is not a destination, its a way of life.)
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