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For GE, tax day just means more profit

by Mike_Hanks / March 26, 2011 12:21 AM PDT
General Electric Co., the nation's largest corporation, had a very good year in 2010.

The company reported worldwide profits of $14.2 billion, and said $5.1 billion of the total came from its operations in the United States.

Its American tax bill? None. In fact, GE claimed a tax benefit of $3.2 billion.

That extraordinary result is based on an aggressive strategy that mixes fierce lobbying for tax breaks and innovative accounting that enables GE to concentrate its profits offshore. GE's giant tax department, led by a bespectacled, bow-tied former Treasury official named John Samuels, is often referred to as the world's best tax law firm.


http://www.startribune.com/118625649.html
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(NT) GE actions would make The Donald proud.
by JP Bill / March 26, 2011 12:27 AM PDT
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Wonder if Japan is going to come after them for their design
by Ziks511 / March 27, 2011 3:02 AM PDT

of the Fukushima Daiichi reactor that has still not been shut down. The odds are against it given the Japanese own complicity in shoddy workmanship, careless management and siting the reactor within the tsunami zone, the last of which should qualify them for a Darwin award. What kind of bureaucrat says "Put it right there on the coast" in a country plagued by earthquakes and where tsunami are common.

Rob

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Good business practices
by MarkFlax Forum moderator / March 27, 2011 5:48 AM PDT

and good financial lawyers.

I wonder how much tax they pay in other countries?

Mark

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Yes it is good practice for GE
by Mike_Hanks / March 27, 2011 6:20 AM PDT

And I have no concern about what taxes they pay elsewhere except that the American tax payer is subsidizing it.

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Well, when you get right now to it
by Roger NC / March 27, 2011 12:34 PM PDT

the individual consumer subsidizes all corporate tax anyway.

It all goes into the price.

Corporate tax income to the government looks good to individuals, but in the end we pay it all.

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Why?
by MarkFlax Forum moderator / March 27, 2011 9:25 PM PDT

If GE are paying taxes in other countries, I assume they are doing that out of their $14.2 billion profits. Nothing taken from US tax payers there.

Mark

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Did you read this:
by Mike_Hanks / March 27, 2011 10:11 PM PDT
In reply to: Why?
Its American tax bill? None. In fact, GE claimed a tax benefit of $3.2 billion.

That means whatever taxes that GE pays elsewhere is $3.2 billion LESS because the American taxpayer is paying it down for them.
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Well I suppose that depends
by MarkFlax Forum moderator / March 27, 2011 10:17 PM PDT
In reply to: Did you read this:

If the tax bill 'in total' from other nations exceeds $14.2 billions, then it would seem GE would need that additional funding of $3.2 billion from US tax funds.

If the tax bill does not exceed the profits, then that $3.3 billion simply goes to the executives and share holder dividends, doesn't it?

I still don't see a problem. If the US tax and financial system allows for this, then why complain.

Mark

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I mostly hear complaints ...
by Kees_B Forum moderator / March 27, 2011 10:25 PM PDT

about PAYING tax from the USA. It's amzing to see that having to pay LESS tax leads to complaints also.

I wonder if it are the Republicans or Obama who are to blame for the fiscal laws that make this possible. It's not typically socialist to give money to the big companies, I'd say.

Kees

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