GE’s $0 tax bill

[mstng86]

In spite of robust profits of $14.2 billion worldwide, GE has calculated a corporate tax bill for 2010 that adds up to zero, via a creative series of tax referrals and revenue shifts. (This was, indeed, the second year running that the company—which has an enormous, and famously nimble, 975-employee tax division, led by former Treasury official John Samuels—paid nothing in U.S. taxes; indeed by claiming a series of losses and deductions, GE came up with a negative tax of 10.5 percent in the admittedly dismal business year of 2009, and realized a $1.5 billion "tax benefit.")

http://news.yahoo.com/s/yblog_thecutline/nightly-news-stays-mum-on-ges-0-tax-bill

Did I just read that right? They have zero dollars going to taxes?

[Broncojohnny]

More power to them, the money would be wasted anyway.

[Moose242]

At this time, the economy sucks and taxes are rising. Businesses are emphasizing tax evasion more and more to stick it to the administration, and are writing things off that they have never before felt the need to.

Basically if you raise taxes, the people who pay the most are going to work their hardest to avoid them. My dad this year has made an effort to write off every tiny thing possible to lower his tax bill as a result of tax increases. Hell, the IRS got less from us in the last two years than they ever have.I might also add that our tax bill this year was also zero. Take that Obama.

[KBScobravert]

Whatever gets their stock above $30.00 a share I am fine with right now. I need to recoupe from the 2008 drop so I can sail and sell away on my sale boat. lol

[bcoop]

so I can sail and sell away on my sale boat. lol

lmao

[Slowhand]

At this time, the economy sucks and taxes are rising. Businesses are emphasizing tax evasion more and more to stick it to the administration, and are writing things off that they have never before felt the need to.

Tax avoidance and tax evasion are two very different things. One is illegal, one isn't.

$14.6 billion in profit is great and all, but taxable income and financial statement income are often wildly different. There's no doubt that they're getting creative with their tax shelters, but this isn't new, illegal, or unusual.

[Moose242]

Tax avoidance and tax evasion are two very different things. One is illegal, one isn't.

$14.6 billion in profit is great and all, but taxable income and financial statement income are often wildly different. There's no doubt that they're getting creative with their tax shelters, but this isn't new, illegal, or unusual.

Yes I suppose that I meant avoidance in my rant.


Now go be a pedantic business/finance/accounting/whateverthefuck major somewhere else.

[SVT Lurch]

Now go be a pedantic business/finance/accounting/whateverthefuck major somewhere else.

I laugh because I'm one of those ^ and almost made the same comment he did.

[Slowhand]

Yes I suppose that I meant avoidance in my rant.


Now go be a pedantic business/finance/accounting/whateverthefuck major somewhere else.

Throw me some of that trust fund and i'll be happy to!

[Geor!]

Throw me some of that trust fund and i'll be happy to!

Right after you throw your pompous ass off of a speeding train.

[KBScobravert]

Yes I suppose that I meant avoidance in my rant.


Now go be a pedantic business/finance/accounting/whateverthefuck major somewhere else.

Fuck me, I know I should have used my trust to go to school. I had to look some of those words up.

[Slowhand]

Right after you throw your pompous ass off of a speeding train.

Rich.

[stinginstang]

I thought Obama was for the little guy?

Obama Picks Jeffrey Immelt, GE CEO, To Run New Jobs-Focused Panel As GE Sends Jobs Overseas, Pays Little In Taxes

[Slowhand]

I thought Obama was for the little guy?

Obama Picks Jeffrey Immelt, GE CEO, To Run New Jobs-Focused Panel As GE Sends Jobs Overseas, Pays Little In Taxes

GE employees (read: Immelt) were among Obama's top contributors for the '08 election and figure to be so in 2012.

[quikag]

Yeah Immelt and Obama might as well be gay lovers based on how close they are. If Michelle keeps growing, it may actually happen.