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

PeteEU said:
http://www.nytimes.com/2011/03/25/business/economy/25tax.html?_r=1&hp

And people why the US is going down the hole with a tax system that actually PAYS its biggest corporation 3.2 billion dollars a year despite having 14.2 billion in profits.
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This is ludicrous. Our tax system is so damn corrupt it's sickening. There should be an absolute drop-dead minimum tax that corporations pay. Who's bringing that idea to the Senate floor???

But ya' know what? No matter how much tax we make corporations pay, Congress will still spend us down the river. That's how I look at it now. If taxes are increased, it's not like we're going to pay down our debt...we'll just keep on keepin' on. 'Til we're broke. Well, broker.
 
digsbe said:
It is wrong that GE is actually paid. Many conservatives in America have had a problem with this.
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Funny, I haven't seen too many conservatives argue against tax breaks and rebates to large corporations? Do you have a cite?

digsbe said:
Their CEO is a very corrupt individual.
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Would you have the decency to support these character assassinations? let's be a little more intellectually honest.

digsbe said:
He owns MSNBC and has a very strong relationship with the Obama administration.
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GE owned MSNBC, but sold controlling interest to Comcast. It was not owned byt the CEO of GE. BTW, how is that germane to the argument at hand? This issue is about mega-corporations not paying taxes? Or is this only an outrage because you are making some type of suggestion that GE is somehow a liberal company and only because of that, they should not have such tax benefits.

Rest assured, the tax structure is the tax structure. There are not unique benefits to specific corporations. The issue is that the tax structure is such that multi-nationals pay no taxes, yet have huge profits. Corporations are paying less and less of the total tax freight, the slack of which curiously is being picked up by payroll taxes (FICA). The whole government keeps cutting individual and corporate tax revenues, increasingly relying on social security to fund the government.

Numbers_Figure-2_What-are-federal-govt-sources-of-revenue_1.jpg

BTW... in seems the poster was quick to identify GE as a liberal company and feign his outrage from there. Why can't we argue an issue without trying to label something as liberal or conservative. It seems we have to label the subject of the argument and then apply all the liberal/conservative attributes to the issue, thus obfuscating the issue itself in meaningless political posturing.
 
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digsbe said:
It is wrong that GE is actually paid. Many conservatives in America have had a problem with this. Their CEO is a very corrupt individual. He owns MSNBC and has a very strong relationship with the Obama administration.
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I guess that is why MSNBC suspended Olbermann for supporting three democrats in the last election?

I guess that is why MS donated to Bush's campaign?

The "MS" in MSNBC
means microsoft
The same Microsoft that donated 2.4 million to get GW bush elected.
Who owns CNN? or MSNBC? ABC? : LA IMC

I guess that is why the head of NBC donates so much to Republicans?

Immelt's GOP donations

General Electric CEO Jeffrey Immelt is joining the Obama administration's effort to jumpstart job creation, but prior to that he was a generous donor to GOP candidates.

The White House announced early Friday that Immelt will be the chairman of Obama's new Council on Jobs and Competitiveness, but campaign finance records show that around two-thirds of the Cincinnati native's contributions over the years have been to Republicans.

Just last cycle, Immelt dipped into his pockets to help elect GOP majorities.

According to OpenSecrets.org, Immelt gave $4,800 to Ohio Sen. Rob Portman and $4,300 to Missouri Sen. Roy Blunt.

To be clear, Immelt played the role of typical corporate donor who hedges his bets on both sides of the fence, but he has been considerably more generous to Republicans.
Immelt's GOP donations - David Catanese - POLITICO.com
 
Marshabar said:
American Patriot: General Electric Owns Our President
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I guess they owned Reagan and Bush!

Centennial
With the approaching 100th anniversary of Ronald Reagan’s birthday on February 6, the Ronald Reagan Presidential Foundation and Library in Simi Valley, California, is gearing up for a full weekend of activities celebrating the legacy of our 40th President.

Giller says the Foundation has been planning the Centennial celebration for two years and credits GE’s generous sponsorship with making it possible. GE presented a $15 million gift to the foundation to go toward museum renovations, advertising and marketing for the Centennial, and to support 20 annual GE-Reagan Foundation college scholarships for American high school students. Among the dignitaries who will be speaking at the weekend birthday celebration are GE’s CEO Jeffrey Immelt, who Giller says will address “what it means to have had Ronald Reagan as an employee of GE.”

Countdown to the Centennial | Progress Reports | GE

Wiki:
The Ronald Reagan Presidential Foundation and GE announced March 17, 2010 a partnership supporting the two-year-long celebration for President Reagan's 100th birthday on February 6, 2011. GE, where Reagan hosted General Electric Theater and served as a goodwill ambassador from 1954 to 1962, will serve as the Presenting Sponsor of the historic Reagan Centennial Celebration. Before he was Governor of California, Ronald Reagan was a host, pitch man and even motivational speaker for General Electric.[34]
GE's overall participation as Presenting Sponsor of the Ronald Reagan Centennial Celebration includes:
$10 Million in the form of cash, advertising and promotion to support the Ronald Reagan Centennial Celebration, including funds to support the completely transformed, state-of-the-art Museum at the Reagan Library that will be unveiled on February 5, 2011. This will include a new General Electric Theater that will focus on Reagan's career in radio, television, and film.
An additional $5 million to the Reagan Presidential Foundation to launch and support the GE-Reagan Scholars Program, an effort that will begin in 2011 and that will provide 200 four-year college scholarships over the next decade to "students who embody the vision and values personified by President Reagan."
A donation from GE/NBC Universal to the Reagan Foundation of 208 restored episodes of General Electric Theater in which Ronald Reagan hosted or appeared from 1954-1962. The episodes, many of which were thought to be lost and some of which were damaged, were recently uncovered and restored to broadcast quality for purposes of the renovated Reagan Museum.
An ad campaign and interactive Internet presence on GE's web site to promote the Centennial and celebrate Reagan's political career and time with GE.
A series of public affairs lectures with Reagan-era luminaries that will focus on President Reagan's legacy.



GE CEO Immelt Helps elect GOP majorities - more generous to Republicans
 
SheWolf said:
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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And they fail to mention that GE's MicroSoft, the MS in MSNBC donated $2M+ to GWB's campaign, and GE went all out for Reagan's Centennial celebration for Reagan, giving millions - and GE's CEO Immelt, head of NBC, contributed to support GOP candidates at the last election and gives more money to the Republican party!

I guess that's just to throw us off that they like Democrats better, LOL!
 
mertex said:
And they fail to mention that GE's MicroSoft, the MS in MSNBC donated $2M+ to GWB's campaign, and GE went all out for Reagan's Centennial celebration for Reagan, giving millions - and GE's CEO Immelt, head of NBC, contributed to support GOP candidates at the last election and gives more money to the Republican party!

I guess that's just to throw us off that they like Democrats better, LOL!
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Does Microsoft have anything t do with MSNBC anymore?
 
well...

in retrospect, mr immelt appears a rather incongruous choice, to say the least, to chair obama's council on jobs and competitiveness

ask charlie

so much for THAT class war
 
j-mac said:
Should you really be bitching about what America levy's as a corp. tax rate when your own Spain is lower than ours?
j-mac
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Eh? I am bitching about a tax systems that makes it possible for massively profitable companies to avoid taxes all together. You did read the Economist link right? That Newscorp paid an effective tax of 6% world wide despite being registered in 4 different countries with tax rates going from 35% to 30ish%? Point is the tax system of the US and other countries is corrupt and pro business to the extreme (in the US).
 
I certainly hope the USA closes all those looholes and insists those corporations pay up.


We already have lower costs and therefore prices than our USA competitors but anything that drives up their costs even farther increases that advantage. :2dancing:

.
 
apdst said:
That's not true. I'm an American coporation and I pay out the ass.

I wonder how many millions in payroll taxes G.E. paid. I know they didn't skip out of paying those.

My biggest question, is how many of these tax breaks come from GE's production of wind generator equipment. I bet the Libbos won't touch that one.
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That is your problem.. as you clearly can see EXXON, GE and others pay NOTHING in the US.. so can you. Not our fault that you have ****ty tax advice and have not incorporated yourself in Delaware or overseas to avoid taxes.
 
digsbe said:
There is a partisan issue in regards to GE though. They are actually paid by the government and pay no taxes. The tax rate for corporations in America is far too high, and Obama believes this as well. Obama plans on reducing the tax burden on corporations and eliminating certain loopholes. The man he appointed to the President’s Council on Jobs and Competitiveness as its leader is none other than the CEO of GE who is a pro at avoiding taxes and manipulating the government. I smell corruption among the Obama administration.
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Some of that loopholes were signed in by the Bush administration. According to the article, GE benefited $1billion from that in 3 years. Basically the whole government, Republicans and Democrats (representatives from both sides in New York seem to have benefited from GE's "donation", the company seems to be filled with previous government worker who wrote the tax code), are corrupt if we are honest.

As I read the story, I keep thinking about the Supreme Court decision about corporation being "individual" when it comes to political donation - I think all 3 branches of government are compromised at this point.
 
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Marshabar said:
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.
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Then they learn all the cogs and wheels and go work for those corporations the same way. I think career politicians, those who believe their life goal is to serve the public is much better than those who only see it as a stepping stone to something else.
 
In February 1988, Capitol Police carried Senator Bob Packwood feet first into the Senate chamber. This occurred after the Senate ordered the arrest of absent senators to maintain a quorum during a filibuster on campaign finance legislation.
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[video]http://www.c-spanvideo.org/program/SenateSession54/start/40860/stop/40977[/video]

Notice the cast on the Senators arm in the above video, he earned that fighting campaign finance reform.

[video]http://www.c-spanvideo.org/program/SenateSession53/start/5928/stop/8458[/video]

In the above video, Senator Byrd mentions the Russians leaving Afghanistan just before he goes into the campaign finance reform business.

Weird that now we are the ones in Afghanistan and campaign finance is pretty darn messed up.
 
apdst said:
No doubt, but I hope that it doesn't cause us to jump from the frying pan, into the fire.

Case in point: on another forum, a poster stated that there should be a 25% flat tax for corporations, on the gross revenue. I got a temp ban for simply telling that person how ****ing idiotic she really was.



I sure as hell don't. I do it all the time. I wish Shewolf would share some info on how a corporation can get a tax refund.
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On the gross revenue. Now that is moronic.
 
washunut said:
Does Microsoft have anything t do with MSNBC anymore?
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They're not partners on the MSNBC TV station anymore, but back when Bush was President, they were. I believe NBC bought them out.

They're still partners on the MSNBC Web site.
 
apdst said:
You're going to have to start a thread showing us how to do that. I never heard of a corporation getting a refund.
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It's easy if you are an LLC or sole proprietor... Report you're earnings on Schedule C, and report your taxes on line 56 on the 1040 Form. You can also adjust your income by half of your business taxes... On top of that, you are eligible for any of the refundable tax credits on lines 61 to 72 on the 1040.
 
SheWolf said:
It's easy if you are an LLC or sole proprietor... Report you're earnings on Schedule C, and report your taxes on line 56 on the 1040 Form. You can also adjust your income by half of your business taxes... On top of that, you are eligible for any of the refundable tax credits on lines 61 to 72 on the 1040.
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Not all businesses are elligible for tax credits. Right?
 
apdst said:
Not all businesses are elligible for tax credits. Right?
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Why wouldn't they be? If you report on the 1040, you'd be eligible for those credits... You might not be eligible for business credits, but you might still be eligible for personal credits on the 1040. I am not saying that every business will get a refund or should, and you can qualify for a credit but it may not be enough to net you a refund, just lowers your taxable income. Sometimes a company gets a refund though.

The tax form for large corporations, with publicly traded stock, is Form 1120.

http://www.irs.gov/pub/irs-pdf/f1120.pdf

Refundable credit amounts are listed on lines 30 - 36 on that form..
 
StillBallin75 said:
Not that I disagree with you, but do you have any evidence to back this up, and that it has ONLY been Republicans who have done this?
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Of course it hasn't only been Republicans, it's just that it's the raison d'etre of today's Republican Party and at least philosophically antithetical to Democrats. But given that the GOP has been monotonously demanding and providing a bottomless supply of new corporate tax cuts for thirty years, and still claims that somehow we have a "hostile business climate" (i.e., they're not allowed to enslave people or hire 5-year-olds) what is the source of your doubt? I'll find the information if you can articulate what you're specifically asking for.

apdst said:
I would love to know what those loopholes are, so I can not pay taxes, too.
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It's pretty simple: If you're rich, you can find a way to avoid paying taxes. And if anyone complains, they're a "socialist" who shouldn't be allowed to vote. That's the GOP's ongoing plan for America.
 
The results of GE’s tight relationship with the Obama administration are starting to show.

The company’s CEO, Jeffrey Immelt, went from being an Obama ally on green energy to being one of his top outside advisers on the economy in the last two years.

In the process, The New York Times reports, GE had one of its best years in 2010, in part by getting a huge tax benefit from Uncle Sam.

Last year, the company paid nothing to the government. Instead, the government paid GE $3.2 billion in tax breaks.

“Its extraordinary success is based on an aggressive strategy that mixes fierce lobbying for tax breaks and innovative accounting that enables it to concentrate its profits offshore,” according to The Times.
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Offshore jobs boost GE, a W.H. ally | POLITICO 44

how much can you take?
 
The Prof said:
Offshore jobs boost GE, a W.H. ally | POLITICO 44

how much can you take?
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Yeah, how much should we take?

GE's Political Contributions:
Total Contribution Dollar Amount to Republicans $1,790,614
(19% of total)
Average Contribution Dollar Amount to Republicans $1,184
Total Contribution Dollar Amount to Democrats $1,524,485
(16% of total)
Average Contribution Dollar Amount to Democrats $917
General Electric Company - Money,Politics,Campaign Contributions,General Electric Company
 
mertex said:
Didn't you already post this link?

So? I would think that since GE contributes more to Republicans, most Reps/cons would be happy to have one of their own in the middle of things - but, most, of course can't think that far ahead.
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Those who can't think that far ahead are those that try to make a partisan issue out of what amounts to Congress' complete ineptitude and self-serving bull**** that's gotten us into this mess. What is so damned hard to admit about that??

It's Congress, people. Both parties. Each and every one of them. We're busy blaming Dems or Reps when we should be busy blaming both.
 
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