Top 26 Companies Paid No Tax from 2008-2012

[Iceweasel]

funny how cons hate taxes. And suggest that they want corporations to pay none.
But then, when you ask them to pay the corporation's taxes if the corporate taxes go away, they scream like crazy. And say cut the budget.
But when you say cut what, you can never get even a fraction of the cuts that corporation taxes equal. Never.
So, you are wasting everyone's time pushing the libertarian dream. And the dream of the tea baggers. No chance it will ever happen. Because, you see, libertarian economies ALWAYS FAIL and always will. Libertarian economies are among thinking people a joke.

Funny how libtards think the same. How do you pay taxes for someone else? If we take in less money we need to cut more than we already should be cutting. But most thinking people know that economies come from business and hurting business is bad for the economy. True story.

 

[Iceweasel]

So let me try again to enlighten me.

That's signature material right there.

 

[Rshermr]

Though in truth a 10K is a projection, not a final corporate financial statement.

Actually, it is their year end audited financial statement. It's not a projection. It's their audited regulatory filing for the previous year.

Now, me boy, pay attention to the word income. And the word US. What is being said is that ge and 25 other companies paid (now try to pay attention here) NO US INCOME TAXES.
That they paid US taxes is not in question. Local property taxes, for instance. So, hopefully you now can check on the facts. Should you care in the slightest what the facts are.

Yes, they did pay US income taxes. It's in Item 8 in the report.

I have no doubt you've read articles on it, but apparently you forgot to read the financial reports themselves. It sounds like you should have immediately gone to the source when you saw the claims of the articles in order to verify and understand what was being said.



I guess they just get an "F" then. At least they tried their best though.



The legal documents already referenced.



I guess you're just a poor partisan. Your worldview seems skewed to see everything in partisan terms. It's not going to be easy to stereotype me as conservative, liberal, or libertarian.

for denigrating Citizens for Tax Justice as a valid source of information??

Just verifying the facts.

Since you have "read up on it", you surely have sources.

Yes, the legal documents already referenced.

In your first post, you said you had been looking at their 10K. Now you are looking at their year ending financial statement.
You are a good liar. Which, I suppose, is better than a bad liar.
GE paid no federal income taxes in 2010. Here is a study outcome from a good source. They did an actual good thorough look at GE in Nov 2011. Looked at their 57,000 page tax return. You can get any number you want looking at divisions and so forth. But item 8? Provide a link. I see no such number. Maybe I am on the wrong page of the 57,000.

BUSINESS INSIDER More: Feature Post Tax Breaks Tax General Electric
Guess What? General Electric Didn't Pay Any Federal Income Taxes In 2010 Either
VIVIAN GIANG
NOV. 3, 2011, 6:01 PM 7,589 19

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Jeff Immelt
Wikipedia
Jeff Immelt, CEO of GE


In March, we reported that General Electric made $5.1 billion in U.S. profits, yet managed to dodge paying any federal taxes. The data was based on a study conducted by Capital IQ and the NYT on companies between 2005 to 2009.
Believe it or not, in 2010 GE had a tax rate of negative 76.6% on $4.2 billion in profits, according to a recent report issued by Citizens for Tax Justice and the Institute on Taxation and Economic Policy.

Another big dodger Pepco Holdings profits totaled $229 million and a tax rate of negative 118%.

The study examined 280 companies in the Fortune 500 that were profitable within the past three years and found that 30 of these companies have paid nothing due to tax subsidies and loopholes. In 2008, 22 companies paid no federal income tax and this number increased to 37 by 2010.

This is because certain tax codes implemented are geared specifically for companies to expand their businesses. For example, the oil and gas industry is able to write off massive drilling expenses. Tax laws also allow companies to write off capital investments before the assets are actually used up.

The report says:

Today corporate tax loopholes are so out of control that most Americans can rightfully complain, “I pay more federal income taxes than General Electric, Boeing, DuPont, Wells Fargo, Verizon, etc., etc., all put together.” That’s an unacceptable situation.



Read more: Guess What? General Electric Didn't Pay Any Federal Income Taxes In 2010 Either - Business Insider

There are hundreds of articles on the net about that will tell you that ge paid no US federal income taxes that year. But there are none that say that they did pay federal income taxes. Nice try, me con tool. Let's see that link. You say you have proof. Should be easy for you if you are telling the truth.

 

[Iceweasel]

If you have posted much, and cared to look, you would have seen that I was not responding to you. I did not correct you since I was not responding to you, me boy. I was responding to Iceweasel. Next time you have a question about who I am responding to, ask me and I will tell you how to understand.

Somebody's hemroids are all flared up. Read. Above. Understand. Ask. I tell.

 

[TakeAStepBack]

It was already linked. You clearly have difficulty with reading and comprehension.

 

[Rshermr]

It was already linked. You clearly have difficulty with reading and comprehension.

Cmon, step, get back in line. I am still waiting for your answer and where that successful libertarian economy is. Simple. You are a libertarian believer. Do you really believe in things that do not exist?? Ghosts maybe??

 

[Jughead]

Top 26 Companies Paid No Tax from 2008-2012

If these companies have more funds to invest, and create new jobs, meaning more folks are working, then I don't have an issue with the low tax rates.

You are referring to creating new jobs in the US?

Absolutely!

 

[JimmieD]

In your first post, you said you had been looking at their 10K. Now you are looking at their year ending financial statement.

Yea, they're the same thing.

You are a good liar. Which, I suppose, is better than a bad liar.

Sure, I guess when all else fails you can just try hurling some insults.

But item 8? Provide a link. I see no such number. Maybe I am on the wrong page of the 57,000.

I've already linked. It's in item 8.

 

[Rshermr]

In your first post, you said you had been looking at their 10K. Now you are looking at their year ending financial statement.

Yea, they're the same thing.

You are a good liar. Which, I suppose, is better than a bad liar.

Sure, I guess when all else fails you can just try hurling some insults.

But item 8? Provide a link. I see no such number. Maybe I am on the wrong page of the 57,000.

I've already linked. It's in item 8.

You are trying to say that a 10K and a year ending financial statement are the same thing?? You can not be that ignorant. A 10K is a fiscal year ending estimate of what the financial statement for the fiscal year will say. It is never the same in design, and often the numbers are different. In recent years we saw another major corporation produce a 10K showing no federal income taxes were paid, but the actual financial statement showed that the decision was made to pay federal income taxes. Not a lot, but enough to make the change OBVIOUS.
A 10K is a good faith and audited projection. Not the final product, however.

And to prove you are a liar, you try to say you provided a link. You did not. But at least you proved you are, indeed, a liar. Tacky, me boy. There is no item 8 consisting of US income tax payments.

 

[JimmieD]

And to prove you are a liar, you try to say you provided a link. You did not. But at least you proved you are, indeed, a liar. Tacky, me boy. There is no item 8 consisting of US income tax payments.

My link is on page 1 of this thread.

Maybe one day you will read before posting.

 

[Rshermr]

And to prove you are a liar, you try to say you provided a link. You did not. But at least you proved you are, indeed, a liar. Tacky, me boy. There is no item 8 consisting of US income tax payments.

My link is on page 1 of this thread.

Maybe one day you will read before posting.

I know it is. I did read it. There is no positive number for us federal income tax. There is a consolidated percentage, which is 54.8%. Which indicates, of course, NEGATIVE tax paid. So, me boy, as I said, you are a liar.
If I am wrong, provide the page of the 10K showing us federal income tax in a positive amount. Which you will not, I suspect.

Maybe one day you will read before posting.

 

[JimmieD]

I know it is. I did read it. There is no positive number for us federal income tax. There is a consolidated percentage, which is 54.8%. Which indicates, of course, NEGATIVE tax paid. So, me boy, as I said, you are a liar.
If I am wrong, provide the page of the 10K showing us federal income tax in a positive amount. Which you will not, I suspect.

In items 8 (pg 148) it specifically discusses US Federal income taxes, and the amount is positive for 2012.

 

[jasonnfree]

It's totally greedy to want to keep your own property. It's also heroic and morally sound to want to take property that doesnt' belong to you for purposes you deem "necessary" for a "civilized" society.

I know, right? Strange and ironic. To promote theft by force and then call it "civilized". But Statists do impressive verbal acrobatics when seeking rent.

You more or less said taxation is theft, just like the libertarians. Promoting theft by force. No?

More or less? I came right out and said it. That's what it is, and that's how it works.

So I asked yesterday, Is all taxation theft?

 

[SteadyMercury]

In items 8 (pg 148) it specifically discusses US Federal income taxes, and the amount is positive for 2012.

You're welcome

 

[Rshermr]

Thanks for a portion of a 10K. You can not provide what organization after organization who have looked at the tax numbers AFTER the fact have shown. And the statement was not just 2012, but cumulatively for 26 companies from 2010 to 2012. That included GE. Who for those 3 years cumulatively paid no taxes. The paid none in 2010, a small amount in 2011 and 2012. You have to look at the actual income statement of the consolidated company, not offsets and set asides from a 10K. If you do, you will find that ge like a number of other very large companies paid no taxes taken together.

Here is 2010, for example:

For those unaccustomed to the loopholes and shelters of the corporate tax code, GE's success at avoiding taxes is nothing short of extraordinary. The company, led by Immelt, earned $14.2 billion in profits in 2010, but it paid not a penny in taxes because the bulk of those profits, some $9 billion, were offshore. In fact, GE got a $3.2 billion tax benefit.
General Electric Paid No Federal Taxes in 2010 - ABC News

 

[Bombur]

Honestly corporate tax policy is so beyond what is stated publicly it is pretty pointless to talk about it on a message board.

The bottom line is that there is really no sense that it is effective at this point and there is a desperate need for reform. Obama was talking about some interesting reforms awhile back but that has become politically pointless because the Republicans would never give him anything in return.

 

[boedicca]

The top corporations in America paid no tax from 2008-2012, and scores of others paid less than they were supposed to, according to report from Citizens for Tax Justice. The Sorry State of Corporate Taxes | Citizens for Tax Justice

They argue that it is for the good of the economy. If so, wouldn't our own escape from taxes fuel growth were we to have more in our pocket to spend?

Your thoughts?

How much in payroll and incomes taxes did their armies of employees pay?

 

[Bombur]

The top corporations in America paid no tax from 2008-2012, and scores of others paid less than they were supposed to, according to report from Citizens for Tax Justice. The Sorry State of Corporate Taxes | Citizens for Tax Justice

They argue that it is for the good of the economy. If so, wouldn't our own escape from taxes fuel growth were we to have more in our pocket to spend?

Your thoughts?

How much in payroll and incomes taxes did their armies of employees pay?

Isn't that the point of complaining about corps not paying taxes? That the corp gets off while the people are paying income, payroll, sales, and property taxes.

 

[oldfart]

In items 8 (pg 148) it specifically discusses US Federal income taxes, and the amount is positive for 2012.

You're welcome

Anybody notice the $3 billion 2010 NOL which exceeds the combined 2011 & 2012 net income? [Third paragraph of notes] This financial statement implies net refunds for GE over the three year period which I believe was what happened.

FASB is not tax accounting (except for reserves for income tax accrued). There is no way to look at a securities filing for a multinational and make any statement as to what tax will actually be paid without the full tax accrual work papers.

 

[Toro]

The top corporations in America paid no tax from 2008-2012, and scores of others paid less than they were supposed to, according to report from Citizens for Tax Justice. The Sorry State of Corporate Taxes | Citizens for Tax Justice

They argue that it is for the good of the economy. If so, wouldn't our own escape from taxes fuel growth were we to have more in our pocket to spend?

Your thoughts?

I'm pretty suspicious of the source here. One of the companies they list is GE. However, GE's 2012 Annual Report indicates they paid income taxes to the tune of $3.2 Billion in 2012. Their income tax rates on consolidated earnings were 14.4% (2012), 28.3% (2011), and 7.3% (2010).

I'm not sure where your article is getting it's sources from, but they don't appear to be connected with what the companies are reporting.

Source: http://api40.10kwizard.com/cgi/conv...est=1&rid=23&section=1&sequence=-1&pdf=1&dn=1

Let me try to help you. GE is an international company. Someone is trying to be dishonest here. GE paid no taxes in the UNITED STATES. Instead they used methods to push profits to operations in other countries with lower or no taxes and paid income taxes there. Which is why you see taxes paid by GE. In the US, they often got back refunds.
So, if you care that they paid taxes in other countries, great. But their operations in this country were tax free.

For 2010, for example (bold added):

The company reported worldwide profits of $14.2 billion, and said $5.1 billion of the total came from its operations in the United States.

Its American tax bill? None. In fact, G.E. claimed a tax benefit of $3.2 billion.
http://www.nytimes.com/2011/03/25/business/economy/25tax.html?pagewanted=all&_r=0

So you can make up your beliefs from whole cloth, or actually spend a bit of time out reading about it. From impartial sources. Up to you. But calling the citizens for tax justice a questionable source is stupid.

Now, perhaps I'm missing something, but if you look on page 97 of the 10-K, it says that GE Corp paid $3,237 million in cash taxes in 2012.