Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
And it's all legal and above board. GE took advantage of the various tax credits, writeoffs, deductions, etc.
GE also paid no taxes in 2010.
Not a slam against GE but against our tax system, especially the corporate tax system. GE had $5 billion in US profits and didn't pay any tax on it.
We need CORPORATE tax reform, not individual tax reform.
GE Filed 57,000-Page Tax Return, Paid No Taxes on $14 Billion in Profits | The Weekly Standard
The fact that GE paid no taxes in 2010 was widely reported earlier this year, but the size of its tax return first came to light when House budget committee chairman Paul Ryan (R, Wisc.) made the case for corporate tax reform at a recent townhall meeting. "GE was able to utilize all of these various loopholes, all of these various deductions--it's legal," Ryan said. Nine billion dollars of GE's profits came overseas, outside the jurisdiction of U.S. tax law. GE wasn't taxed on $5 billion in U.S. profits because it utilized numerous deductions and tax credits, including tax breaks for investments in low-income housing, green energy, research and development, as well as depreciation of property.
Funny, obama never mentions this outrage, but he does continue to rake in the cash and "consults" with Immelt, who does great work shipping jobs overseas.
They need to close those loopholes. The first bipartisan panel proposed the closure of the loopholes which would have allowed for a decrease in corporate tax rates, but the proposal was tossed aside when GOP thought Ryan had a better plan. Well, Ryan's plan was not better so now we don't have any plan.
There has to be a real reason for allowing this, even more so than just simple greed. Perhaps something bigger than the tax code. If the government really thought it mattered they would have done something about it.
They need to close those loopholes. The first bipartisan panel proposed the closure of the loopholes which would have allowed for a decrease in corporate tax rates, but the proposal was tossed aside when GOP thought Ryan had a better plan. Well, Ryan's plan was not better so now we don't have any plan.
Its not a loophole, its a CREDIT being claimed by GE
Quote:
Originally Posted by HappyTexan
This is not an "Obama" caused problem. The corporate tax structure has been needing fixing for years yet they don't touch it.
If you make a profit in the US then it just seems reasonable you pay taxes on that profit.
Wrong.. This IS 100% an Obama problem because the credits GE is using came from the STIMULUS BILL
That's pretty outrageous and disgusting. Has there been any word on whether this is going to be investigated?
Investigated for what ? They followed the rules. The IRS seems to have very generous rules.
They took advantage of every loophole and credit and deduction the IRS had to offer. They did nothing wrong. You are pointing your finger at the wrong party here.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
