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Old 04-16-2010, 03:42 PM
 
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7000 tax returns! Wow! And ends up with 0 tax liability.

GE: 7,000 tax returns, $0 U.S. tax bill - Apr. 16, 2010
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Old 04-16-2010, 03:47 PM
 
Location: Redondo Beach, CA
7,835 posts, read 8,439,670 times
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It's a bunch of crap that they and the author of that piece are trying to tie this into the economy. The REAL reason most of these major multi-national corporations NEVER owe the U.S. any Federal Income Tax is because the U.S. is the only civilized nation on this planet that doesn't tax earnings reported in other countries. So all they have to do is magically only show profits in their non-U.S. facilities and presto, no federal taxes.

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Old 04-16-2010, 03:54 PM
 
214 posts, read 130,668 times
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I am sure it has nothing to do with the support the GE CEO gave Obama.
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Old 04-16-2010, 04:54 PM
 
Location: Michigan
5,376 posts, read 5,347,425 times
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Quote:
Originally Posted by DC at the Ridge View Post
7000 tax returns! Wow! And ends up with 0 tax liability.

GE: 7,000 tax returns, $0 U.S. tax bill - Apr. 16, 2010

Neither did Exxon. They were owed 40+ million.
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Old 04-16-2010, 05:05 PM
 
41,813 posts, read 51,059,937 times
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Quote:
Originally Posted by plannine View Post
Neither did Exxon. They were owed 40+ million.
Reference?

Quote:
XOM: Income Statement for Exxon Mobil Corporation Common - Yahoo! Finance
2007: 30 Billion income tax
2008: 36 Billion income tax
2009: 15 billion income tax
I guess we could surmise it's Obama's Fault? LOL
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Old 04-16-2010, 05:12 PM
 
Location: Michigan
5,376 posts, read 5,347,425 times
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Quote:
Originally Posted by thecoalman View Post
Reference?

I guess we could surmise it's Obama's Fault? LOL
A liberal source no doubt.......

What The Top U.S. Companies Pay In Taxes - Forbes.com
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Old 04-16-2010, 06:44 PM
 
Location: Great State of Texas
86,052 posts, read 84,495,743 times
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They are a smart company...profits are from overseas and they keep their losses on US soil.
Many others are doing that as well, but not as well as GE with a 0 tax liability.
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Old 04-16-2010, 06:56 PM
 
Location: Michigan
5,376 posts, read 5,347,425 times
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Quote:
Originally Posted by thecoalman View Post
Reference?
XOM: Income Statement for Exxon Mobil Corporation Common
2007: 30 Billion income tax
2008: 36 Billion income tax
2009: 15 billion income tax

Looking at the details, all that was paid to other countries, nada to the USA.
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Old 04-16-2010, 07:36 PM
 
41,813 posts, read 51,059,937 times
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Quote:
Originally Posted by plannine View Post
Looking at the details, all that was paid to other countries, nada to the USA.

Hmmm, interesting because it's around 45% anyway.
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Old 04-16-2010, 08:15 PM
 
Location: Southcentral Kansas
44,882 posts, read 33,268,118 times
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Quote:
Originally Posted by thecoalman View Post
Hmmm, interesting because it's around 45% anyway.
I wonder about that 47% of Americans who pay no income tax. Say $1000 for each of them that would figure out to many billions but then those people will vote Democrat forever, although they know so little about what is going on.
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