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Thread: G.E.s Strategies Let It Avoid Taxes Altogether

  1. #11
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    Re: G.E.s Strategies Let It Avoid Taxes Altogether

    Rupert laid bare | The Economist

    Newscorp on the other side of the partisan divide. While most of their business is in the US, and they are registered there, their effective world wide tax rate was 6%.

    And to put the partisan crap into the toilet, here is GEs history on tax rates.

    GE, Exxon Paid No U.S. Income Taxes in 2009 - ABC News

    The most egregious example is General Electric. Last year the conglomerate generated $10.3 billion in pretax income, but ended up owing nothing to Uncle Sam. In fact, it recorded a tax benefit of $1.1 billion.

    Avoiding taxes is nothing new for General Electric. In 2008 its effective tax rate was 5.3%; in 2007 it was 15%. The marginal U.S. corporate rate is 35%.
    So this was going on BEFORE Obama and under BUSH.

    Also this

    Exxon tries to limit the tax pain with the help of 20 wholly owned subsidiaries domiciled in the Bahamas, Bermuda and the Cayman Islands that (legally) shelter the cash flow from operations in the likes of Angola, Azerbaijan and Abu Dhabi. No wonder that of $15 billion in income taxes last year, Exxon paid none of it to Uncle Sam, and has tens of billions in earnings permanently reinvested overseas.
    So Exxon, a US owned company pays NOTHING to the feds.

    Again it is not a partisan issue.. it is a tax code issue built up over decades by BOTH sides of the the political spectrum.
    PeteEU

  2. #12
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    Re: G.E.s Strategies Let It Avoid Taxes Altogether

    The issue does reside with both parties. Both are very bad about cutting tax burdens on companies that support them. However as I stated previously, the corporation that gets paid by the government and pays no taxes has their CEO, appointed by Obama, leading a group that tries to limit the tax burden and erase loopholes. GE is very supportive of Obama, they basically own MSNBC as well. Republican or Democrat, things like this shouldn't fly. Right now we have a Democrat president who is allow (and fueling) this. They need to eliminate tax loopholes and lower the tax burden on businesses.
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    Re: G.E.s Strategies Let It Avoid Taxes Altogether

    Quote Originally Posted by Marshabar View Post
    Pretty draconian. Sold off to whom?
    Does not matter. Maybe the very threat will make these corporations not use tax loops to avoid paying taxes. For all I care it could be sold back to the former owners/shareholders or random people. Point is these corporations have so much power in the US (and in other countries too btw), that they can form their own tax policy to avoid taxes and yet be a huge burden on the country on many fronts. They are in principle no different than the dead beat dads or single moms living of welfare.. with one exception.. these companies earn billions.

    Do you really think that the corporations would allow lawmakers to gut the tax code so that they would be forced to pay their fair share of taxes? They would complain, threaten to pull funding to said politicians and what not.

    But what I do admire is Wal-Mart.. seem they pay near their full share of taxes in the US... kudos.
    PeteEU

  4. #14
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    Re: G.E.s Strategies Let It Avoid Taxes Altogether

    Quote Originally Posted by Your Star View Post
    GE isn't the only company that does this, and it's just not acceptable.
    And I doubt that this is the first year of it happening
    I may be wrong.

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    Re: G.E.s Strategies Let It Avoid Taxes Altogether

    Artificial persons should not be allowed to lobby our govt
    I may be wrong.

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    Re: G.E.s Strategies Let It Avoid Taxes Altogether

    The revolving door issue again.

  7. #17
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    Re: G.E.s Strategies Let It Avoid Taxes Altogether

    Quote Originally Posted by Your Star View Post
    GE isn't the only company that does this, and it's just not acceptable.
    I have often heard from folk that we should raise taxes on the wealthy to help cover the deficet. I believe that before we go rasining taxes on those already heavily taxed that we should fix all the loopholes that many of the wealthy exploit to avoid paying their share.

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    Re: G.E.s Strategies Let It Avoid Taxes Altogether

    The United States, thanks to greedy politicians of all stripes, has become a Corporatocracy.

    The sign I carry when I carry a sign reads: Term Limits Now. I believe our biggest problem is career politicians. They become monsters.


    It'd be nice if instead of buying politicians the corporations could only rent the little fish for a few years.
    Last edited by Marshabar; 03-25-11 at 05:44 PM.

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    Re: G.E.s Strategies Let It Avoid Taxes Altogether

    Quote Originally Posted by digsbe View Post
    The issue does reside with both parties. Both are very bad about cutting tax burdens on companies that support them. However as I stated previously, the corporation that gets paid by the government and pays no taxes has their CEO, appointed by Obama, leading a group that tries to limit the tax burden and erase loopholes. GE is very supportive of Obama, they basically own MSNBC as well. Republican or Democrat, things like this shouldn't fly. Right now we have a Democrat president who is allow (and fueling) this. They need to eliminate tax loopholes and lower the tax burden on businesses.
    When Obama tried to let the Bush tax cuts expire, it was your party that fought against it like it was the end of the world....

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    Re: G.E.s Strategies Let It Avoid Taxes Altogether


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