Republicans say: GE paid no taxes! What is their point?

[Big Fitz]

Yeah, not being taxed is such a problem in this country...

So the only taxes you count are "corporate" taxes? All the other ones don't count?

Don't be stupid, and don't bite every hand that moves. The issue was corporate taxes, and they hypocrisy of the tax structure based on buddy buddy loopholes and other market tampering to pick winners and losers.

I was with you on nobody should pay corporate taxes. But using the term "fair share" in regard to anything regarding taxes in this country is just tripping. With our current system, everyone should pay as close to zero as they can. Our government is oppressive and immoral. GE paying zero corporate taxes is their fair share. Immault being His Highness's hand maiden doesn't mean the rest of the company should be punished for it.

Then I apologize. I used that keyword as a trigger on the libs who always whine about fair share till it's their time to pony up.

 

[rdean]

This is a good link for info on what Corporations pay in Taxes. GE's profits are actually up since this article was published. And guess what? Even the Left's Boogeymen WalMart & Oil Companies paid Taxes...

Business In The Beltway
What The Top U.S. Companies Pay In Taxes
Christopher Helman, 04.13.11, 07:10 PM EDT

For all the outcry over GE, a number of corporate titans are paying much higher rates than the average citizen.

In Detail: What The Top 20 U.S. Companies Pay In Taxes

As many Americans finish up their personal tax returns over the next few days, they'll marvel with horror at how much hard-earned cash gets siphoned up by the government. At times like this, it's satisfying to have a corporate bogeyman to hate--like General Electric, which has faced a withering hail of criticism since The New York Times proclaimed last month that the conglomerate paid no federal taxes in 2010, despite $5 billion in U.S. profits. There goes corporate America again, always sticking it to the little guy.

But is there any real reason to believe that? Sure, GE has an army of accountants and lobbyists trying to reduce its tax burden, but wouldn't you if you had $150 billion in worldwide revenue and $14.2 billion in pretax income last year?

To see if GE was an aberration, we took a look at the 2010 annual reports of the 20 most profitable U.S. companies. Some of the results may surprise you. The average income tax rate within the group was 25.4%. America's three biggest oil companies, ExxonMobil ( XOM - news - people ), Chevron ( CVX - news - people ) and ConocoPhillips ( COP - news - people ), all endure income tax burdens of more than 40%--higher than the statutory U.S. rate of 35%. Exxon, with a 45% rate, tallied $21.6 billion in worldwide income taxes for 2010. Wal-Mart Stores ( WMT - news - people ) paid $7.1 billion (at a rate of 32.4%) in income taxes.

In Detail: What The Top 20 U.S. Companies Pay In Taxes

All these tax burdens are higher than the average citizen pays. So where does General Electric ( GE - news - people ) stand? Contrary to what many in the public seem to think, the conglomerate did pay taxes in 2010. It reported $2.7 billion in cash tax payments during the year, and on its income statement lists a provision for income taxes of $1.05 billion. Considering GE's pretax income of $14.2 billion, that makes for a tax rate of just 7.4%. The only one of the 20 corporate giants with a lower rate was AT&T ( T - news - people ), at -6.4%--but that was only because MaBell won a tax settlement with the IRS that reduced its tax liability by $8.3 billion.

So how to make sense of GE's taxes? The outcry seems to focus on the $5 billion in profits GE made in the U.S. Now if GE were to pay the 35% statutory federal corporate tax rate on that, it would come to $1.75 billion. Yet, as the Times trumpeted, GE has recorded a $3.25 billion tax benefit for the year on its U.S. operations. It's important to understand that this "benefit" is not a refund (which is why the Associated Press should be doubly embarrassed for being fooled Wednesday by a bogus GE press release concocted by the Yes Men that said the conglomerate intended to return its $3.2 billion tax "refund" to the U.S. Treasury). It just represents an amount GE will balance out against other tax obligations.

Corporations pay income taxes to other countries where the rate is less. The US tax rate is higher which is why they locate their factories in other countries.

Why does GE get this benefit? Simple: its finance arm, GE Capital, lost a lot of money during the financial meltdown (roughly $30 billion) and it's still carrying those losses forward and deducting them from current income. As GE spokesman Gary Sheffer wrote in his response to the Times story: "Without these financial crisis losses at GE Capital, GE's tax rate would have been near the average of other multinational corporations." He added, "In short, when you lose money, you don't pay taxes."

If GE's industrial side (maker of jet engines, light bulbs, turbines and such) were a standalone entity, its global tax rate would be 16.8%. It's only after consolidating its results with the GE Capital side that its rate drops down to 7.4%.

A lot of other mega-corporations suffered losses during the financial meltdown as well, but their tax rates aren't as low as GE's. So what's GE doing that they aren't? Yes, GE's lobbyists have helped get laws passed like those that grant federal tax credits for green energy investments like wind turbines. GE both builds such turbines and invests in wind farms and gets millions in such credits.

But the real tax benefits are gleaned overseas. The U.S. has higher corporate tax rates than nearly all the world's biggest economies, so it's only natural that GE would seek to generate as much of its profits overseas as possible. As long as those profits aren't repatriated to the U.S., GE doesn't owe U.S. tax rates on them.

What The Top U.S. Companies Pay In Taxes - Forbes.com

It's misleading. A shell game. Many of the percentages reported are never paid. For many of those companies, they give money on one hand but take back money with the other.

This is why Republicans are fighting tooth and nail to keep "loopholes" from being closed.

How Our Largest Corporations Made $170 Billion During Great Recession And Paid No Taxes - Forbes

(referring to the 12 largest US Corporations)

Here are the bullet points presented by the report:

>From 2008 through 2010, these 12 companies reported $171 billion in pretax U.S. profits. But as a group, their federal income taxes were negative: –$2.5 billion.

>All but two of the dozen companies enjoyed at least one no-tax year over the 2008-10 period, despite reporting substantial pretax U.S. profits in those no-tax years.

>Eight of the twelve companies reported net tax benefits over the full three-year period.
According to the study, not a single one of these companies paid an amount even close to the 35% statutory tax rate.

In fact, the tax rate paid by Exxon Mobile, when spread over the full three years, was only 14.2% – a full 60% below the 35% rate that corporations are supposed to be paying. And if we take a look at what Exxon paid over just the past two years, it totals a mere 0.4% on their pre-tax profits of $9.9 billion.

And get this – Exxon Mobile paid the most in taxes of any of the twelve companies on the list.

 

[Charles_Main]

Are repubs for more taxes with that statement? Are they for more taxes just on GE with that statement?

One wolf points at another and screams "He ate...A SHEEP!" as he pulls the wool out of his own teeth

No um, We say it because GE also Made Huge Contributions to Obama's Campaign, and seem to be benefiting from it. Big Time. In fact it is a pretty in your face display of Corporatism.

 

[Charles_Main]

The excellent irony here is that for all the Right's complaining about GE's tax breaks, loopholes, credits, whatever,

the GOP's Norquist pledge deems any removal of any of them a tax increase, and therefore GE is effectively protected BY the Republicans.

You seriously can't process the point that Democrats have a double standard? You seriously think the point is that Republicans wanted GE to be taxed? What I like is when you turn around and call Republicans clueless.

Democrats attack corporations, well, except GE, they support Obama. It's a double standard. That is the point, not the idiocy you just vomited.

The same people that pissed and moaned about VP Dick Cheney and Halliburton for 8 years defend GE and Obama.

Exactly, They also are silent about the Fact that Obama. RENEWED CONTRACTS with Halliburton.

LOL

 

[daveman]

Daveboy knows, and daveboy will post their tax return. Riiiiiigt daveboy?

Your lack of awareness is not my responsibility.

General Electric Paid No Federal Taxes in 2010 - ABC News

http://www.nytimes.com/2011/03/25/business/economy/25tax.html?_r=1&pagewanted=all

G.E. paid no taxes on $5.1 billion in profits | The Lookout - Yahoo! News

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

General Electric avoids paying tax entirely through dodges and incentives | Mail Online

Report: General Electric Paid No Federal Taxes Last Year : The Two-Way : NPR

yes, yes, all the same story about the same issue, But none of those have the records of the taxes that where filed.

Which is the point, We dont know if they got a refund or not. You, I the news doesn't know.

This is why you fail. i already addressed this with my link. The fortune article addresses the NYtimes piece.

I was aware of your links well before you even posted them genius.

So how did the Times get the story so wrong? Well, thanks to a ludicrous American tax code, it’s extremely complicated to analyze any company’s tax liabilities even from the inside, let alone from the outside. The Times apparently got confused by a report showing a $3.2 billion “tax benefit” in 2010, which they mistook for an after-profit credit

This is the same NYtimes article you just posted.

please do catch up, its annoying having to explain this all to you because of how slow you are.

Yeah, funny how you bailed on the thread before acknowledging the very next post where I admit I was wrong, isn't it?

Fuck off, kid.

 

[daveman]

The only point is this. If GE wants to continue to share the American experience, GE needs to pay taxes.

The excellent irony here is that for all the Right's complaining about GE's tax breaks, loopholes, credits, whatever,

the GOP's Norquist pledge deems any removal of any of them a tax increase, and therefore GE is effectively protected BY the Republicans.

You seriously can't process the point that Democrats have a double standard? You seriously think the point is that Republicans wanted GE to be taxed? What I like is when you turn around and call Republicans clueless.

Democrats attack corporations, well, except GE, they support Obama. It's a double standard. That is the point, not the idiocy you just vomited.

If the left didn't have double standards, they'd have no standards at all.

 

[rdean]

The excellent irony here is that for all the Right's complaining about GE's tax breaks, loopholes, credits, whatever,

the GOP's Norquist pledge deems any removal of any of them a tax increase, and therefore GE is effectively protected BY the Republicans.

You seriously can't process the point that Democrats have a double standard? You seriously think the point is that Republicans wanted GE to be taxed? What I like is when you turn around and call Republicans clueless.

Democrats attack corporations, well, except GE, they support Obama. It's a double standard. That is the point, not the idiocy you just vomited.

If the left didn't have double standards, they'd have no standards at all.

After what Republicans are trying to do to the elderly and education, they are the ONLY political party WITH standards.

 

[daveman]

You seriously can't process the point that Democrats have a double standard? You seriously think the point is that Republicans wanted GE to be taxed? What I like is when you turn around and call Republicans clueless.

Democrats attack corporations, well, except GE, they support Obama. It's a double standard. That is the point, not the idiocy you just vomited.

If the left didn't have double standards, they'd have no standards at all.

After what Republicans are trying to do to the elderly and education, they are the ONLY political party WITH standards.

Are you aware that the lies you keep spewing are not actual reality?

No. Probably not.

 

[Big Fitz]

If the left didn't have double standards, they'd have no standards at all.

After what Republicans are trying to do to the elderly and education, they are the ONLY political party WITH standards.

Are you aware that the lies you keep spewing are not actual reality?

No. Probably not.

you're fucking up his chi, man. Not nice.

 

[NYcarbineer]

The only point is this. If GE wants to continue to share the American experience, GE needs to pay taxes.

The excellent irony here is that for all the Right's complaining about GE's tax breaks, loopholes, credits, whatever,

the GOP's Norquist pledge deems any removal of any of them a tax increase, and therefore GE is effectively protected BY the Republicans.

You seriously can't process the point that Democrats have a double standard? You seriously think the point is that Republicans wanted GE to be taxed? What I like is when you turn around and call Republicans clueless.

Democrats attack corporations, well, except GE, they support Obama. It's a double standard. That is the point, not the idiocy you just vomited.

That Democrats give GE some sort of big giant 'hall pass' is a myth manufactured by the rightwing propaganda machine.

That's all this story is. A classic rightwing fabrication.

 

[rdean]

If the left didn't have double standards, they'd have no standards at all.

After what Republicans are trying to do to the elderly and education, they are the ONLY political party WITH standards.

Are you aware that the lies you keep spewing are not actual reality?

No. Probably not.

What lies? Cutting education? Turning Medicare into a "voucher" program? Where is the lie?

 

[rdean]

After what Republicans are trying to do to the elderly and education, they are the ONLY political party WITH standards.

Are you aware that the lies you keep spewing are not actual reality?

No. Probably not.

you're fucking up his chi, man. Not nice.

Do YOU know what "lie" he is talking about?

 

[rdean]

The excellent irony here is that for all the Right's complaining about GE's tax breaks, loopholes, credits, whatever,

the GOP's Norquist pledge deems any removal of any of them a tax increase, and therefore GE is effectively protected BY the Republicans.

You seriously can't process the point that Democrats have a double standard? You seriously think the point is that Republicans wanted GE to be taxed? What I like is when you turn around and call Republicans clueless.

Democrats attack corporations, well, except GE, they support Obama. It's a double standard. That is the point, not the idiocy you just vomited.

That Democrats give GE some sort of big giant 'hall pass' is a myth manufactured by the rightwing propaganda machine.

That's all this story is. A classic rightwing fabrication.

What "pass"? Republicans should be happy when corporations don't pay taxes. Isn't that what Republicans want?

 

[daveman]

After what Republicans are trying to do to the elderly and education, they are the ONLY political party WITH standards.

Are you aware that the lies you keep spewing are not actual reality?

No. Probably not.

you're fucking up his chi, man. Not nice.

 

[daveman]

After what Republicans are trying to do to the elderly and education, they are the ONLY political party WITH standards.

Are you aware that the lies you keep spewing are not actual reality?

No. Probably not.

What lies? Cutting education? Turning Medicare into a "voucher" program? Where is the lie?

Pretty much everything you say is a lie, rderp. You're utterly disconnected from reality.

 

[Big Fitz]

Are you aware that the lies you keep spewing are not actual reality?

No. Probably not.

you're fucking up his chi, man. Not nice.

Do YOU know what "lie" he is talking about?

Hairnet, you've spewed so many, it really doesn't matter. You are the master of the busted record.

 

[Big Fitz]

Are you aware that the lies you keep spewing are not actual reality?

No. Probably not.

you're fucking up his chi, man. Not nice.

No man... his CHI! Not his Chi Chi Rodruigez! You know... eastern mystical belief of life energy and force? Boy needs his 'humor' chakra released, but I think it's missing on him. (yes yes, chakra's are hindu... suck it.)

 

[NYcarbineer]

It's funny if you google obama halliburton you get the usual blizzard of rightwing propaganda sites,

you get

Is GE Obama's Halliburton?

but then you get

Is Google Obama's Halliburton?

and then you get

Is Big Pharma Obama's Halliburton?

 

[daveman]

you're fucking up his chi, man. Not nice.

No man... his CHI! Not his Chi Chi Rodruigez! You know... eastern mystical belief of life energy and force? Boy needs his 'humor' chakra released, but I think it's missing on him. (yes yes, chakra's are hindu... suck it.)

Rderp's building up a karmic debt so massive it can be measured in megatons.

 

[daveman]

my world doesnt revolve around you shit-stain.
You have zero integrity.

Considering I admitted I was wrong when you predicted I wouldn't, and then you refuses to acknowledge it, I'd say you're the one with the integrity deficit, kid.

Run along, boy.