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G.E.’s Strategies Let It Avoid Taxes Altogether

Your Star said:
GE isn't the only company that does this, and it's just not acceptable.
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well, that's what happens when you let politicians start monkeying around with the tax code for "the public good".


anyone who doesn't like this is free to join me in advocating the solution - a flat tax.
 
upsideguy said:
Actually your first point is not true... the substantial reason the big business does not pay taxes is they Internationalize their tax posture, literally off-shoring profits through very elaborate cost and revenue allocation schemes created to show little to no US domestic income. These schemes are designed by their large cadre of tax lawyers and accountants and outside consultants. Small businesses are often not global, had have less tax planning resource with which to work. Total tax revenue paid by corporations has been dropping dramatically over the past 30 years, and the corporate tax burden that remains is largely paid by small and mid-sized domestic corporations.

So yes, we need to start making those that never pay taxes kick in and ante up, as income based taxes are paid by every individual in one form or another, but not by the largest multi-national corporations, we need a corporate minimum tax....
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Or... We could eliminate waste, and "busy" spending. Creating more tax wealth will only mean more spending. It's the spending part that is killing the US, not the lack of funds. No administration, or congress in the last 50 years has returned a true surplus to the US coffers. The system is broke, and the US government and politicians of all variety are too corruptable. All economic systems, and policy ever devised has failed to quantify the most important variable... "The Human" aspects.. Socialism, communism, capitalism, all would work theoretically - the problem however is us. The guy that figures out how to eliminate corruption will be a true savour..


Tim-
 
upsideguy said:
Actually your first point is not true... the substantial reason the big business does not pay taxes is they Internationalize their tax posture, literally off-shoring profits through very elaborate cost and revenue allocation schemes created to show little to no US domestic income. These schemes are designed by their large cadre of tax lawyers and accountants and outside consultants. Small businesses are often not global, had have less tax planning resource with which to work. Total tax revenue paid by corporations has been dropping dramatically over the past 30 years, and the corporate tax burden that remains is largely paid by small and mid-sized domestic corporations.

So yes, we need to start making those that never pay taxes kick in and ante up, as income based taxes are paid by every individual in one form or another, but not by the largest multi-national corporations, we need a corporate minimum tax....
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You would be hard pressed to get the profits made overseas taxed in the U.S. The offshore business is incorporated in that foreign land. So there is no basis to tax it in the U.S. If the government presses this issue, you may find that many multi-nationals will simply move their entire headquarters overseas, thus taking more jobs out of the U.S. economy.
 
Catawba said:
27 Signs That The Standard Of Living For America’s Middle Class Is Dropping Like A Rock
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How do they define "standard of living?" - what do they have against my large, air conditioned home that I've programmed into the GPS on my portable phone? I can certainly picture living in my grandfather's cinder block home and getting around town in that giant station wagon jamming to AM radio -- perhaps figuring out how to reach my destination using a map I ripped out of the phonebook the last time I had to use the pay phone to make a call... but it's lost on me why that represents a higher standard of living.
 
The Prof said:
LOL!

wonder away
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There's a fox in the chicken house - why are you so intent on seeing him go? Is it because his support for Obama shows he is one of the "smart" Republicans? LOL!

For evidence of this pivot in strategy, look no further than today announcement that GE CEO Jeffrey Immelt will head Obama's new Council on Jobs and Competitiveness, replacing former Federal Reserve Chairman Paul Volcker and his Economic Recovery Advisory Board. Immelt, who identifies as a Republican, supported Obama during the 2008 presidential campaign and sat on Volcker's board. In a Washington Post op-ed, he recommends that the restructured advisory board--which will include representatives from the ranks of business, labor, and government--hasten economic growth and promote America's competitiveness by boosting manufacturing, exports, free trade, and innovation.

Jeff Immelt Becomes Obama Adviser: Smart Move? - Business - The Atlantic Wire
 
as far as i'm concerned, mr immelt is just fine where he is

you might get a more substantial answer, however, from senator feingold
 
The Prof said:
as far as i'm concerned, mr immelt is just fine where he is

you might get a more substantial answer, however, from senator feingold
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Why am I not surprised!
 
LOL!

why did obama pick him!
 
Catawba said:
So you are satisfied with $113 growth over 3 decades, with one and seven poor and more and more of the middle class sliding into the lower class, while those that make over $1 million get a tax decrease of $93,000 a year on average? That is what you call fair?
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Incorrect statistic. They grew on average $113 per year for the past 3 decades. That would mean total they grew by $3000 in REAL 2009 DOLLARS. The underclass has not gotten poorer. And, as to your question, yes I believe it is perfectly fair that people earn differing amounts of money.
 
washunut said:
You would be hard pressed to get the profits made overseas taxed in the U.S. The offshore business is incorporated in that foreign land. So there is no basis to tax it in the U.S. If the government presses this issue, you may find that many multi-nationals will simply move their entire headquarters overseas, thus taking more jobs out of the U.S. economy.
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Oh, the big corporations are too big too corral? That seems like a major problem to me...... A government needs to be sufficiently strong that is can regulate the corporation, not have the corporation run government. If this is a problem, maybe we need more government (like IRS agents).... Sorry, I am not afraid of companies moving their HQ to other countries... if they want to sell into US markets, they pay their fair share of taxes...

The corporations dodge taxes with sophisticated cost and revenue allocation schemes.... they show large profits from the offshore manufacturing operations and marginal income from domestic activities. The schemes can be scrutinized and challenged by the IRS, if they had enough agents.... but we chose to starve the IRS, rather than having them work for us to get tax dodgers and shore up revenue.

Minimum tax can be enacted on corporations the same way that minimum tax is enacted on individuals, by creating a second calculation that begins with revenue, then eliminates or recalibrates certain accelerated deductions, NOL carryforward benefits, and taxes certain foreign derived income. There are a zillion combinations of things that can be done to create an corporate alt min tax.
 
maybe...

LOL!
 
Immelt is Bammy's lap dog...only a willingly blinded anything would say otherwise ;)

mertex said:
There's a fox in the chicken house - why are you so intent on seeing him go? Is it because his support for Obama shows he is one of the "smart" Republicans? LOL!

For evidence of this pivot in strategy, look no further than today announcement that GE CEO Jeffrey Immelt will head Obama's new Council on Jobs and Competitiveness, replacing former Federal Reserve Chairman Paul Volcker and his Economic Recovery Advisory Board. Immelt, who identifies as a Republican, supported Obama during the 2008 presidential campaign and sat on Volcker's board. In a Washington Post op-ed, he recommends that the restructured advisory board--which will include representatives from the ranks of business, labor, and government--hasten economic growth and promote America's competitiveness by boosting manufacturing, exports, free trade, and innovation.

Jeff Immelt Becomes Obama Adviser: Smart Move? - Business - The Atlantic Wire
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Amazed said:
Immelt is Bammy's lap dog...only a willingly blinded anything would say otherwise ;)
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That's your opinion, you might be willingly blinded yourself!


Obama is pretty smart - and Immelt is in the Republican's pocket - since Obama is most assuredly aware of it, I think he knows what he is doing.
 
obama appoints an expert TAX AVOIDER and OFFSHORE MOVER extraordinaire to the hi falutin profile of JOBS CZAR

cuz he's PRETTY SMART

LOL!
 
mertex said:
That's your opinion, you might be willingly blinded yourself!


Obama is pretty smart - and Immelt is in the Republican's pocket - since Obama is most assuredly aware of it, I think he knows what he is doing.
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The owner of MSNBC is in the republicans pocket? That is absurd as me saying that Roger Ailes is an Obama supporter.


j-mac
 
washunut said:
You would be hard pressed to get the profits made overseas taxed in the U.S. The offshore business is incorporated in that foreign land. So there is no basis to tax it in the U.S. If the government presses this issue, you may find that many multi-nationals will simply move their entire headquarters overseas, thus taking more jobs out of the U.S. economy.
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Let them. Taxes are not levied based on where companies have headquarters, they are based on income and expense applicable to a market. No one that is selling in the US is going to vacate the market because now they have to pay a little income tax where before they paid none. The issue is about multi-nationals avoiding tax. I am all for lowering the rates, but increasing the number of companies actually paying taxes. Right now the small and mid-sized companies are paying the corporate tax and the multinationals are paying very little, if at all.
 
j-mac said:
The owner of MSNBC is in the republicans pocket? That is absurd as me saying that Roger Ailes is an Obama supporter.


j-mac
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Immelt does not own MSNBC. He is the CEO of one of its principal owners. Moreover, MSNBC is a good business. GE likes good businesses.
 
mertex said:
That's your opinion, you might be willingly blinded yourself!


Obama is pretty smart - and Immelt is in the Republican's pocket - since Obama is most assuredly aware of it, I think he knows what he is doing.
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obama_immelt-ge-01-21-11-large.jpg



....you voted for Change.....but got HusSame.....
.
.
.
 
upsideguy said:
Let them. Taxes are not levied based on where companies have headquarters, they are based on income and expense applicable to a market. No one that is selling in the US is going to vacate the market because now they have to pay a little income tax where before they paid none. The issue is about multi-nationals avoiding tax. I am all for lowering the rates, but increasing the number of companies actually paying taxes. Right now the small and mid-sized companies are paying the corporate tax and the multinationals are paying very little, if at all.
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I understand how tax are levied. You should know that companies are frustrated that they can not repatriate dollars earned overseas because of corporate tax law.

It is also interesting to here that you would want corporations to move their headquarters, which includes some of the highest taxpayers in the country so you could raise the taxes of companies that would no longer be based here.

Ever hear the expression: Cutting off your nose to spite your face.
 
The Prof said:
obama appoints an expert TAX AVOIDER and OFFSHORE MOVER extraordinaire to the hi falutin profile of JOBS CZAR

cuz he's PRETTY SMART

LOL!
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AND, because Immelt's in the Republicans's pocket. :lamo
 
upsideguy said:
Immelt does not own MSNBC. He is the CEO of one of its principal owners. Moreover, MSNBC is a good business. GE likes good businesses.
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How do you figger that? MSNBC has the worst ratings on cable TV.
 
washunut said:
I understand how tax are levied. You should know that companies are frustrated that they can not repatriate dollars earned overseas because of corporate tax law.

It is also interesting to here that you would want corporations to move their headquarters, which includes some of the highest taxpayers in the country so you could raise the taxes of companies that would no longer be based here.

Ever hear the expression: Cutting off your nose to spite your face.
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No I don't want them to move their HQ, I was only trying to make the point that we can't cowtow to large companies the way we often do, and the tax base is rooted in the business, not in the location of the HQ. Americans are not prone to relocate to foreign soil over a little tax. Moreover, given that America's cost of living and personal tax structure is much, much lower than most places that Americans would consider relocating to, it won't happen.

I understand repatriation. My point is that we should lower the marginal corporate rates, better audit corporations cost and revenue allocations and move to a corporate min tax, which collectively should serve to incent companies to report more American earnings and pay more American taxes.
 
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