Xenophon
Gone and forgotten
Amazingly, GE owed the government nothing...still think the system works?
GE: 7,000 tax returns, $0 U.S. tax bill - Apr. 16, 2010
GE: 7,000 tax returns, $0 U.S. tax bill - Apr. 16, 2010
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GE had plenty of earnings last year -- just not in the United States. For tax purposes, the company's U.S. operations lost $408 million...
They announced gains for the shareholders, for taxes only a loss.
close the offshore loophole...
we should FOR ONCE all be able to agree on this...or at least, most all should be able to agree on this...
What a moron.
Tax accounting is done to comply with the Tax Code designed and enforced by the Federal Government. The deferrals and loopholes were put in place BY THE GOVERNMENT. It has nothing to do with GAAP accounting - and just places another big cost of compliance on businesses. If they are able to reduce their tax burden via these gimmicks, they have a fiduciary responsibility to do so.
close the offshore loophole...
we should FOR ONCE all be able to agree on this...or at least, most all should be able to agree on this...
No - we shouldn't.
The U.S. has tax treaties with other countries to eliminate double taxation. If we tax overseas profits here - then expect other countries to respond in kind. At the end of the day, that hurts the U.S.
A better route would be tax reduction and simplification domestically so they aren't compelled to seek tax relief outside of the U.S.
Yep, but for some strange reason this only bothers the rightwing now.The majority of Corporations don't pay taxes, already a well-known fact.
Obama pays more taxes than GE and Exxon combined.
Hell, I pay more taxes than GE and Exxon combined.
I wonder who made it so Corporations could get around these laws?