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In 2011, 26 of the biggest corporations like G.E. paid NO federal taxes, and often had negative taxes. Many of them have continued this trend for several years.
In 2011, 26 of the biggest corporations like G.E. paid NO federal taxes, and often had negative taxes. Many of them have continued this trend for several years.
"According to Williams, GE paid $1 billion in federal, state and local taxes in the U.S. for 2010. He declined to say how much of that was for federal income taxes, except to say that some of it was. Williams also pointed to a company press release, from April 17, on taxes paid by GE. According to that release, GE paid an effective global tax rate of 7 percent in 2010, counting money paid “to the IRS and foreign counterparts” in other nations. That rate was particularly low, Williams said, because the company lost $32 billion in its financial business during the global financial crisis.
According to the company release, GE’s effective tax rate jumped to 29 percent in 2011. The company paid $2.9 billion in worldwide corporate income tax in 2011, and another $1 billion in other U.S. taxes that year, the release states."
In 2011, 26 of the biggest corporations like G.E. paid NO federal taxes, and often had negative taxes. Many of them have continued this trend for several years.
I gotta say, the idea of people with no job and no income filing tax returns to collect refundable tax credits had not occurred to me.
And it is smart of them to do it. I bet whoever does their taxes is sure to tell them so they can then can get paid to file a quick and easy return and get some of that money too.
Totally false. The EITC, for example, is a REFUNDABLE tax credit. One could have no tax liability and still get money FROM the government because of refundable tax credits. http://finance.senate.gov/newsroom/r...1-ffc00b5c00ef
Also interesting to note that only 49% paid any federal income tax whatsoever.
How much federal income tax liability did you expect non-filers to have?
"According to Williams, GE paid $1 billion in federal, state and local taxes in the U.S. for 2010. He declined to say how much of that was for federal income taxes, except to say that some of it was. Williams also pointed to a company press release, from April 17, on taxes paid by GE. According to that release, GE paid an effective global tax rate of 7 percent in 2010, counting money paid “to the IRS and foreign counterparts” in other nations. That rate was particularly low, Williams said, because the company lost $32 billion in its financial business during the global financial crisis.
According to the company release, GE’s effective tax rate jumped to 29 percent in 2011. The company paid $2.9 billion in worldwide corporate income tax in 2011, and another $1 billion in other U.S. taxes that year, the release states."
None of that proves that G.E. paid any FEDERAL corporate income tax in 2011, and other years. They pay local and state taxes and payroll taxes, but so do poor people. They did not pay any federal income tax in 2008,2009, or 2010 either.
"GE will pay U.S. taxes of about $1 billion for 2011 after three years of having paid no cash taxes. The company did not dispute those figures but said it will pay $2.9 billion for 2011 across all the countries where it operates." What do we care what they pay other countries?
None of that proves that G.E. paid any FEDERAL corporate income tax in 2011, and other years. They pay local and state taxes and payroll taxes, but so do poor people. They did not pay any federal income tax in 2008,2009, or 2010 either.
"GE will pay U.S. taxes of about $1 billion for 2011 after three years of having paid no cash taxes. The company did not dispute those figures but said it will pay $2.9 billion for 2011 across all the countries where it operates." What do we care what they pay other countries?
G.E. doesn't break down income taxes by country. Their effective U.S. tax rate was 29% in 2011. They lost 32 billion in the financial crisis so they had capital gain losses that they were able to deduct from their taxable income. It is quite simply not true that they are not paying taxes. This particular issue was debunked in a different thread. In 2009 they had a global tax rate of 7% which was exceptionally low and primarily due to capital losses.
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