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"As part of a deal to keep the veteran executive from joining a competitor for an usually long three years, the conglomerate has agreed to pay Mr. Krenicki $89,000 a month until 2022."
This is the same company that took advantage of tax-breaks and paid ZERO in taxes for 20120
GE's tax bill is largely bull**** anyway. GE is really, really good avoiding taxes... just not that good, not that anyone knows for sure since that's private information. And $89k a month is chump change. That's just $10 million and change. Fishman got an $18 million dollar parachute with no strings attached for doing a few weeks' worth of work at WaMu. Don't worry, though, if it's too much for GE's bottom line to pay that measly package, I'm sure your congress critter will happily sign you up to do the American thing and tighten your belt to pay for it.
"As part of a deal to keep the veteran executive from joining a competitor for an usually long three years, the conglomerate has agreed to pay Mr. Krenicki $89,000 a month until 2022."
This is the same company that took advantage of tax-breaks and paid ZERO in taxes for 20120
How is it good for him when you are getting scre**d? Only shareholders ought to decide stuff like this!
Shareholders elect who manages the company. Each and every shareholder gets a vote. When the board makes decisions, it all comes back to who the shareholders elected.
It's good for him because he deserves a pension/severance/non-compete compensation just like you and I do.
It's not GEs fault that there's loopholes in the tax law. Did you know that there's a large chunk of the population that don't pay taxes due to loopholes like child tax deductions? It's our tax law that's problematic... not GE or the citizens.
GE's tax bill is largely bull**** anyway. GE is really, really good avoiding taxes... just not that good, not that anyone knows for sure since that's private information. And $89k a month is chump change. That's just $10 million and change. Fishman got an $18 million dollar parachute with no strings attached for doing a few weeks' worth of work at WaMu. Don't worry, though, if it's too much for GE's bottom line to pay that measly package, I'm sure your congress critter will happily sign you up to do the American thing and tighten your belt to pay for it.
Good at avoiding taxes and no one knows why? They put out a report every year that tells you why.
Quote:
INCOME TAXES have a significant effect on our net earnings. As a global commercial enterprise, our tax rates are affected by many factors, including our global mix of earnings, the extent to which those global earnings are indefinitely reinvested outside the United States, legislation, acquisitions, dispositions and tax characteristics of our income. Our tax rates are also affected by tax incentives introduced in the U.S. and other countries to encourage and support certain types of activity. Our tax returns are
routinely audited and settlements of issues raised in these audits sometimes affect our tax provisions.
GE and GECS file a consolidated U.S. federal income tax return. This enables GE to use GECS tax deductions and credits to reduce the tax that otherwise would have been payable by GE.
Our consolidated income tax rate is lower than the U.S. statutory rate primarily because of benefits from lower-taxed global operations, including the use of global funding structures, and our 2009 decision to indefinitely reinvest prior-year earnings outside the U.S. There is a benefit from global operations as non-U.S. income is subject to local country tax rates that are significantly below the 35% U.S. statutory rate. These non-U.S. earnings have been indefinitely reinvested outside the U.S. and are not subject to current U.S. income tax. The rate of tax on our indefinitely reinvested non-U.S. earnings is below the 35% U.S. statutory rate because we have significant business operations subject to tax in countries where the tax on that income is lower than the U.S. statutory rate and because GE funds the majority of its non-U.S. operations through foreign companies that are subject to low foreign taxes.
It looks like he did a lot of work to earn that income. Good for him!
Agreed, good for him. This is the kind of thing that happens to people who work hard and make themselves valuable rather than sitting around all day whining and crying about supposedly getting screwed. My advice to you whiners - cut your hair, take a shower and start making yourselves valuable.
It's not GEs fault that there's loopholes in the tax law. Did you know that there's a large chunk of the population that don't pay taxes due to loopholes like child tax deductions?
What? do the child tax deductions give you $89,000 a month? am surprised!!!
Its GE that lobbied for the tax loopholes not you and me for child tax deductions.
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