Posted on 03/25/2011 11:27:42 AM PDT by bilhosty
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.
(Excerpt) Read more at nation.foxnews.com ...
How about pointing us to the page(s) out of this 140pp document that contains the information to which you refer?
As mentioned, taxes cause prices to go up for the consumer. If prices go too high sales will go down. There has to be a balance. That is a reason why government must be careful not to overtax corporations. Hope this helps!
Page 70, statement of cash flows.
thanks
So, if those numbers were converted to an Individual’s income, leaving out a couple of zeros here and there, Joe Sixpack and the Missus made $751K and had write-offs/exemptions totaling $627K, their net income was $124K and their tax liability was $2,480? Deferred?
I can make $124K, get a tax bill under 2%, and defer paying it? Is this a great country of what?
So why do corporations constantly do everything they can to minimize there taxes? Are they doing it for us? It is not as simple as that. Some times taxes like property taxes and other things that are a cost of doing business can be passed on.. But, sometimes not. If you are in interstate commerce and are in a high tax state you are at a disadvantage and you will probably eat most of the tax difference and probably all of it. If you are in a market that is highly competitive you may not be able to raise your rates. And then we come to income taxes and other after the event taxes. They are on profits and are taxed afterwords so it is unlikely they will result in higher costs unless they cause there to be less investment9which may or may not happen). It is not that simple. I used to think like you but now that I see how the corporations stop worrying about spending by governments when they pay less taxes and how they seem to be more and more controlled by libs I am changing my tune about give them a free pass. These very upper class persons run the government and if they spend as they are then they should pay for it. I am not in favor of any more reductions in country clubber taxes until they put some money into conservative media and secure the borders. If the tax rates are to high to return an investment then Wall Street should not of given 80% of their campaign contributions to Obama. some things jut plain have to change.
Not that I don’t get the hypocrisy, but my guess is that there is something behind this. For example, did they get a bunch of tax breaks for wind farms or other green technology “research.”
I’m frustrated because I can’t find a decent news source that is telling the actual story. In fact, even the discussions that I hear from Fox is about “repatrioting profits.” I read that as “we should tax profits made by US corps overseas.” I couldn’t agree more......
Anyway, I’d love to see what the story really is....
That is true to be fair we probably need to get more information. On the other hand NBC has never been fair to us so screw ‘em.
“The consumer ultimately pays the tax.
Caterpillar says it is moving out of the state of Illinois due to coporate income taxes. I guess they are just sick of collecting oour taxes fromus, aren’t tney?
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