Gee, No GE: Global Company With Almost $11 Billion in Profits

Recently, we discussed that almost 50 percent of Americans pay no federal taxes. Now, we can add General Electric to that list. While the company made an estimated $10.0 million globally, it paid zero taxes last year through deductions and adjustments.

GE claimed $408 million in losses in the United States while tying profits to foreign holdings. GE reported an actual U.S. federal income tax rate of negative 10.5%. and we allowed to add a “tax benefit” of $1.1 billion to offset reported earnings.

It will however pay other governments around the world almost $23 billion in taxes. I guess they do not allow quite so many creative tax options.

For the full story, click here.

30 thoughts on “Gee, No GE: Global Company With Almost $11 Billion in Profits”

  1. Joanne,

    At the very best it is misleading as they pay payroll taxes, FICA, etc.

    As I said on another thread, corporations paid 30% of the total revenue collected in the 70’s and 7% now – I’m not against them trying to reduce their liability, but they’ve corrupted and gamed the system to an untenable degree…

  2. i don’t have a link but i do remember warren buffet saying something a few years ago about his secretary payed more taxes than he did.

  3. Wayne,

    “But it is a special kind of naive to expect ANYONE whether invidual or corporation to pay taxes if they don’t have to.”

    I agree. That was my point in saying that our Gov. needs to remember who they are there for…it’s not Corporate Gollums that voted them in although maybe that is the next ripe step.

    I never said I wasn’t naive…but that’s not an invitation either.

  4. Woosty: if you are looking for me to defend corporate welfare, you are barking up the wrong tree.

    But it is a special kind of naive to expect ANYONE whether invidual or corporation to pay taxes if they don’t have to. I certainly try to minimize my tax liabilty.

    Don’t you?

  5. Watza,

    You mean someone has to pay taxes and its not going to be the dear corporations.

  6. @AY and Mr. Jarvis,
    You know, so soon we forget how it was corporations who showed up in Washington in their jets etc. with hands outstretched looking for ‘assistance’. A lot of ‘private business’ industries are built with and get help from public monies for infrastructure etc…and then start screaming bloody murder when people expect them to give back in a less than mercenary manner. That’s not good business.

  7. It’s almost too simple. I just peeled and cross-cut 5 of them into about equal lengths. I popped them into a casserole dish and mixed in some softened unsalted butter and about a half-teaspoon of 5 spice powder and then an equal amount of salt to get the moisture out. Into the oven they went at about 375 for 30 minutes. They were great!


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