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Old 08-03-2012, 06:54 AM
 
1,139 posts, read 3,087,393 times
Reputation: 794

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Link: For Retiring GE Executive, $89,000 a Month Not to Work - Yahoo! Finance

"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

Link: GE's corporate tax bill: Zero- MSN Money

The company didn't pay any US taxes in 2010. In fact, it got a tax benefit of $3.2 billion


Another reason to STOP handing out bailout money to companies and REMOVE all tax breaks. period.

Am tired of companies using tax payers money, getting healthy and then wasting it on ridiculous things
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Old 08-03-2012, 11:44 AM
 
4,761 posts, read 12,336,594 times
Reputation: 7902
Quote:
Originally Posted by Tampaite View Post
...Another reason to STOP handing out bailout money to companies and REMOVE all tax breaks. period...

Well you just write your elected representatives and tell them to stop this!

Then they will look at how much money these large corporations have given them, then how much you have given them. 3 guesses what they will do...

The last time I wrote mine, I only got a reply from one and that was a form letter.
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Old 08-03-2012, 12:38 PM
 
Location: Vallejo
16,259 posts, read 18,210,495 times
Reputation: 14489
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.
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Old 08-03-2012, 02:49 PM
 
24,497 posts, read 37,449,118 times
Reputation: 12879
Quote:
Originally Posted by Tampaite View Post
Link: For Retiring GE Executive, $89,000 a Month Not to Work - Yahoo! Finance

"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

Link: GE's corporate tax bill: Zero- MSN Money

The company didn't pay any US taxes in 2010. In fact, it got a tax benefit of $3.2 billion


Another reason to STOP handing out bailout money to companies and REMOVE all tax breaks. period.

Am tired of companies using tax payers money, getting healthy and then wasting it on ridiculous things
It looks like he did a lot of work to earn that income. Good for him!
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Old 08-05-2012, 08:18 AM
 
1,139 posts, read 3,087,393 times
Reputation: 794
Quote:
Originally Posted by NJBest View Post
It looks like he did a lot of work to earn that income. Good for him!
How is it good for him when you are getting scre**d? Only shareholders ought to decide stuff like this!
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Old 08-05-2012, 09:58 AM
 
Location: home state of Myrtle Beach!
6,413 posts, read 20,274,689 times
Reputation: 3628
Would you have them pull out of this country altogether? We can't afford that loss of jobs.
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Old 08-05-2012, 12:27 PM
 
24,497 posts, read 37,449,118 times
Reputation: 12879
Quote:
Originally Posted by Tampaite View Post
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.
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Old 08-05-2012, 02:08 PM
 
27,965 posts, read 36,027,474 times
Reputation: 4082
Quote:
Originally Posted by Malloric View Post
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.
http://www.ge.com/ar2011/pdf/GE_AR11_EntireReport.pdf
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Old 08-05-2012, 04:31 PM
 
Location: Warwick, RI
3,616 posts, read 4,520,025 times
Reputation: 5849
Quote:
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.
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Old 08-05-2012, 04:32 PM
 
1,139 posts, read 3,087,393 times
Reputation: 794
Quote:
Originally Posted by NJBest View Post
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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