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.
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30 thoughts on “Gee, No GE: Global Company With Almost $11 Billion in Profits”
I like to take a Riesling or Chenin Blanc honey reduction and cook my carrots. It goes well with anything blackened. The spicy hot with the sweet of the carrots is um um good backed with the wine to cleanse the pallet.
I’m curious to know how you did the carrots, they are one of my daughters favorite.
I was just thinking about you. I forayed into the world of oriental spice. I made a carrot side last night with Chinese Five Spice powder. That stuff is incredible.
Nice touch Mrs. Elaine 🙂
Business is not my forte’ but even I can see the disparity that is being forced. As a single working person here I don’t get to ‘ply my trade’ globally, why should I subsidize those that do?
“Taxes are a cost of doing business.”
apparently not for some corporations…
We must forgive GE for not paying taxes–after all…they’ve brought so many good things to life for us!
“Would you care to share some of that magical shit your doing or smoking?”
uh….ok, I think it’s called trust, which is being really really really taxed right now.
I’m not against taxes I just think everyone should partake…especially the GE’s of the woild.
Do you misspell my name on purpose? ’cause it’s not hurting me but my cat is getting really pissed….
Never mind, my bad, I got my own shit. 🙂
Would you care to share some of that magical shit your doing or smoking?
I’m in, sign me up
Would you care to share some of that magical shit your doing or smoking? Taxes are a cost of doing business. Call them tariffs if you import them. They are still a Tax which will in the corporates minds eye raise the prices…..
“GE claimed $408 million in losses in the United States while tying profits to foreign holdings. ”
“It will however pay other governments around the world almost $23 billion in taxes. ”
“3. In exchange for favorable treatment and government-created demand, corporations pay for elections and access to those in power.
This cycle will not end until government is radically reduced in power and scale.”
This cycle will not end until our ‘Government’ remembers who they are and wakes up to the fleecing that is being visited upon those who they are supposed to represent and protect…
America has the highest average corporate tax rate in the world (along with Japan). Companies are somehow “immoral” for trying to lessen their tax liability? Am I immoral for taking a mortgage interest dedudction, or a charitable contribution deduction, or the dozens of deductions the federal government allows and I take advantage of?
Paying higher taxes is hardly a measure of morality. And we should hope so given that about half of all Americans pay no income taxes at all. (Yet, ironically it is the other half that are “immoral” for not wanting to pay even more!)
Here’s a solution: why don’t we lower the corporate tax rates to compete with other countries, tearing down the incentives for corporations to try steer their profits into their foreign entities?
Nah, let’s just haul these executives before another fucking Congressional hearing and wag our fingers at them! That solves everything.
rafflaw and puzzling said it all!
1. We have a corporatist government that is controlling almost every aspect of our lives.
2. This control is leveraged through policy, regulation, taxation and contracts to benefit all kinds of corporate interests.
3. In exchange for favorable treatment and government-created demand, corporations pay for elections and access to those in power.
This cycle will not end until government is radically reduced in power and scale.
GE spends tens of millions a year in lobbying efforts, more than any other company. Not only does tax policy become structured to favor firms like GE, but national economic and energy policy is shaped to benefit them as well. The largest beneficiary of Cap & Trade legislation will be new tax revenues to the US government. The second largest beneficiary will be GE, a firm which will profit immensely from required infrastructure investments and carbon credit trading mandated by government.
Where are the Tea Baggers to protest this outrage? Since most of them don’t even realize that they are paying the lowest taxes in about 60 years, this latest announcement that GE paid no taxes will slip on by them and Fox News.
A lack of conscience is the key defining characteristic of sociopathy. We have criminal laws to punish sociopathic individuals and keep them segregated from society once they prove a danger. As mespo posited, “How can what is prohibited in the specific be permitted in aggregate?” The simple answer is we can’t. To allow corporations to act without restraint is inviting the same kind of Constitutional and financial disaster one invites by giving a pyromaniac a BIC and a gallon of gas.
Some people have no conscience and then you have them raised and become known as Columbine.
As Buddha say: “Corporations have no conscience.”
I can see a paraboloid in the two maybe no distinction of either.
GE accounting was described by some WSJ investigators as being the type AIG and Madoff used. Seriously.
Any more questions about who’s screwing who?
Corporations have no conscience. A legal fiction that functions as a shield against personal liability will be and is being abused by sociopaths who do not have the interests of Americans at heart. Just shareholders. Numbers being met for other numbered accounts who also have no conscience.
Demand an end to corporate participation in the legislative process.
Put sociopaths back on the leash.
Start by making them pay their fair share of taxes and removing the ability to contribute to political campaigns by corporations in toto.
Paying taxes are simply the cost of doing businesses, GE. Or it is when you aren’t bribing the legislature into letting you slide, you amoral scumbags.
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