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Thread: GE: 7,000 tax returns, $0 U.S. tax bill

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    Re: GE: 7,000 tax returns, $0 U.S. tax bill

    Quote Originally Posted by obvious Child View Post
    Eh, It's nowhere as bad was it was. Exxon used to have this scheme where it would extract the oil overseas, sell it to a Cayman subsidiary for ridiculous prices, take the tax there (which is low) and then have the subsidiary sell it to its refiners in the US at high cost. Refining had barely any profits on it while extraction I think hit triple digits. They cracked down on that a while back.
    How many stories of corporate abuse will it take to out-sell the corporatists mantra about rich people pissing down wealth to the rest of us. I just heard it again this morning on Washington Journal. They had 2 people talking about how great a VAT tax would be which naturally ran into corporate tax rate and the rate on the top 10% rich class. As you'd expect, even when they acknowledge a caller who brings up the effective rate theses large corps pay, they still manage to tell us that it's the wealthy who create jobs and we shouldn't tax them too much because they'll stop investing in the economy and we'll have slower growth and high unemployment. It's ****ing insane.

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    Re: GE: 7,000 tax returns, $0 U.S. tax bill

    Quote Originally Posted by Yossarian View Post
    Because you are not a transnational corporation.
    If U.S. citizens residing overseas have to pay taxes on overseas income, why don't TNC's (formerly known as MNCs)?
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  3. #43
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    Re: GE: 7,000 tax returns, $0 U.S. tax bill

    Quote Originally Posted by Kelzie View Post
    I don't see anything wrong with it. They didn't make any money here to tax.
    I don't make any income in the US to tax either? Why, then, if I exceed a certain income on my overseas employment and investments do I have to report and pay US taxes?
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    Re: GE: 7,000 tax returns, $0 U.S. tax bill

    Quote Originally Posted by obvious Child View Post
    And if you have zero American sourced income, your foreign tax credit is 100% and you pay nothing, just like GE.
    That is not how it works for individuals. I can deduct my tax payments (including sales tax, though that is a pain to document) and then deduct that from my gross income.
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    Re: GE: 7,000 tax returns, $0 U.S. tax bill

    Quote Originally Posted by ludahai View Post
    I don't make any income in the US to tax either? Why, then, if I exceed a certain income on my overseas employment and investments do I have to report and pay US taxes?
    They will too. It's deferred.
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    Re: GE: 7,000 tax returns, $0 U.S. tax bill

    Quote Originally Posted by ludahai View Post
    I don't make any income in the US to tax either? Why, then, if I exceed a certain income on my overseas employment and investments do I have to report and pay US taxes?

    Because YOU'RE getting screwed.

    Should you not desire that the law be changed to stop screwing you rather than wish the law was changed so others could share your misery?

    Money earned outside of the US should not be taxed by the US.

    Period.

    Work to make that happen, not the opposite.

    Work to make your government less intrusive, not more.

    Less is more.

    Less government is more freedom.

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    Re: GE: 7,000 tax returns, $0 U.S. tax bill

    Quote Originally Posted by ludahai View Post
    That is not how it works for individuals. I can deduct my tax payments (including sales tax, though that is a pain to document) and then deduct that from my gross income.
    Come again? If your percent of foreign income is high enough and that equivalent percent of the tax credit is larger then your US liability, you owe nothing to Uncle Sam. So, if you had 100% foreign sourced with foreign taxes greater then US tax liability, your Foreign Tax Credit wipes out your US liability.

    Well, there are exceptions. Like if your Firm treated you as working in America the whole time, you're pretty much SOL.

    I don't make any income in the US to tax either? Why, then, if I exceed a certain income on my overseas employment and investments do I have to report and pay US taxes?
    Because your foreign tax credit isn't sufficiently large enough to erase your US liability.
    Last edited by obvious Child; 04-24-10 at 02:00 AM.
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    Re: GE: 7,000 tax returns, $0 U.S. tax bill

    Quote Originally Posted by obvious Child View Post
    Come again? If your percent of foreign income is high enough and that equivalent percent of the tax credit is larger then your US liability, you owe nothing to Uncle Sam. So, if you had 100% foreign sourced with foreign taxes greater then US tax liability, your Foreign Tax Credit wipes out your US liability.
    But as I live in a low-tax country, my local tax NEVER exceeds what would theoretically be my US tax liability. However, I have enough deductions to render that point moot at this time.
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    Re: GE: 7,000 tax returns, $0 U.S. tax bill

    Quote Originally Posted by Scarecrow Akhbar View Post
    Because YOU'RE getting screwed.

    Should you not desire that the law be changed to stop screwing you rather than wish the law was changed so others could share your misery?

    Money earned outside of the US should not be taxed by the US.

    Period.
    It should if they have an American subsidiary, or close the import loopholes that allow them to sell to American markets by selling it to themselves to avoid taxes.

    Work to make your government less intrusive, not more.

    Less is more.

    Less government is more freedom.
    Not in business. Business needs LESS freedom and more government regulation because less government in business means more ****ing of the planet and it's inhabitants. PERIOD.

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    Re: GE: 7,000 tax returns, $0 U.S. tax bill

    Quote Originally Posted by ludahai View Post
    But as I live in a low-tax country, my local tax NEVER exceeds what would theoretically be my US tax liability. However, I have enough deductions to render that point moot at this time.
    Ah, well, that's a secondary problem. However, that's how many people get away with no taxes via foreign tax credit.
    "If your opponent is of choleric temperament, seek to irritate him." - Sun Tzu

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