In terms of corporate profit and stockholders, the income is taxed twice, but taxpayer is NOT taxed twice.. The first time, the taxes are paid on the company's retained earnings account. The second time it's taxed, it's a capital gains tax for the stockholder.
Average people are taxed twice, companies are not taxed twice and in GE's case, they weren't taxed at all.
they obviously did not make enough profits in the USA to overcome their losses
the Chairman of GE (a local boy from Cincinnati) sits on some Obama Committee and is a big supporter of "Dear Leader"
the bad publicity came from the lefties who don't understand taxes and some righties who hate the fact that one guy in GE is an Obama slurper
so if a corporation is owned by ten people (assume not a subchapter s) and it makes a net profit of 1 million dollars should each owner get 100K and then pay taxes on it or should the corporation pay say 35% on that and then the taxpayers each pay 15% on the 65K they each get after the corporate taxes?
or to use Obama logic. should they pay 40% on the 65K each gets?
I do not practice tax though I have been involved in issues like "Summons enforcement" issues
General Electric Paid No Federal Taxes in 2010 - ABC NewsFor those unaccustomed to the loopholes and shelters of the corporate tax code, GE's success at avoiding taxes is nothing short of extraordinary. The company, led by Immelt, earned $14.2 billion in profits in 2010, but it paid not a penny in taxes because the bulk of those profits, some $9 billion, were offshore. In fact, GE got a $3.2 billion tax benefit.
According to the article GE avoided taxes through off shoring, not by carrying over NOLs.