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Old 04-23-2012, 03:03 PM
 
Location: Palo Alto
12,149 posts, read 8,377,683 times
Reputation: 4188

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Quote:
Originally Posted by Visvaldis View Post
America is run by corporations and they have plenty of obedient, loyal doggies on their side. Many are regulars on this forum.
Most of those corporations are owned by less than 20 shareholders. The largest corporations are owned by the pension plans, retirement accounts, and similar. In other words: us.
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Old 04-23-2012, 06:11 PM
 
Location: State of Transition
102,060 posts, read 106,950,530 times
Reputation: 115838
Quote:
Originally Posted by Beatles4evr View Post
Yes, a very bad one. Corporations are private free to pay their peole what they want. Coporations pay taxes. It is a great obfuscation of facts to assert they don't If they are not paying taxes here, it is because they are getting credit for foreign taxes or other causes.
Dream on! I believe I posted a link earlier in the thread showing documents proving Bank of America and GE don't pay tax. Here it is again, if you missed it the first time:

http://publicintelligence.net/bank-o...federal-taxes/
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Old 04-23-2012, 07:03 PM
 
Location: Palo Alto
12,149 posts, read 8,377,683 times
Reputation: 4188
Quote:
Originally Posted by Ruth4Truth View Post
Dream on! I believe I posted a link earlier in the thread showing documents proving Bank of America and GE don't pay tax. Here it is again, if you missed it the first time:

Bank of America, GE Pay Zero Federal Taxes | Public Intelligence

Or you can just look at their financial statements as reported to the Securities and Exchange Commission.

They recorded a $5.7 billion dollar expense on $20 billion of pre-tax income in 2011. In 2010 the amounts were $1.0 billion and $14.0 billion respectively.

The credits in past years were due to either losses carried forward or the decision to NOT REPATRIATE income because of the high tax rate here.

ge10k.htm

The site I posted is a federal government site - not a politically-biased link like some people post.

There have been a few years GE paid no taxes or had a credit. Over the last 20 years they have paid billions in taxes.
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Old 04-23-2012, 07:05 PM
 
Location: Long Island
56,870 posts, read 25,799,606 times
Reputation: 15434
Quote:
Originally Posted by TrapperJohn View Post
Most of those corporations are owned by less than 20 shareholders. The largest corporations are owned by the pension plans, retirement accounts, and similar. In other words: us.
Unfortunately "us" doesn't have much of a voice when it comes to votes, the board of directors and compensation committees are one tight knit group that provice little oversight. There is hope however, shareholders (mainly the pension investors) voted down the CEO's compensation at Citigroup, non-binding but still it will be interesting to see the outcome.
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