GE Filed 57,000-Page Tax Return, Paid No Taxes on $14 Billion in Profits

[Sammy]

Let me think.... did they break the LAW?

Well, no.

Then who created the TAX LAWS that made this possible...

BTW, have any occupy groups blockaded this corp?

GE Filed 57,000-Page Tax Return, Paid No Taxes on $14 Billion in Profits
Nov 17, 2011
JOHN MCCORMACK



General Electric, one of the largest corporations in America, filed a whopping 57,000-page federal tax return earlier this year but didn't pay taxes on $14 billion in profits. The return, which was filed electronically, would have been 19 feet high if printed out and stacked.
GE

The fact that GE paid no taxes in 2010 was widely reported earlier this year, but the size of its tax return first came to light when House budget committee chairman Paul Ryan (R, Wisc.) made the case for corporate tax reform at a recent townhall meeting. "GE was able to utilize all of these various loopholes, all of these various deductions--it's legal," Ryan said. Nine billion dollars of GE's profits came overseas, outside the jurisdiction of U.S. tax law. GE wasn't taxed on $5 billion in U.S. profits because it utilized numerous deductions and tax credits, including tax breaks for investments in low-income housing, green energy, research and development, as well as depreciation of property.

"I asked the GE tax officer, 'How long was your tax form?'" Ryan said. "He said, 'Well, we file electronically, we don't measure in pages.'" Ryan asked for an estimate, which came back at a stunning 57,000 pages. When Ryan relayed the story at the townhall meeting in Janesville, there were audible gasps from the crowd.

Ken Kies, a tax lawyer who represents GE, confirmed to THE WEEKLY STANDARD the tax return would have been 57,000 pages had it been filed on paper. The size of GE's tax return has more than doubled in the last five years.

http://www.weeklystandard.com/blogs/...ts_609137.html

[GGsMum]

But tax paying citizens of this country have to have 10 kids to not pay taxes on $50k a year......go figure.

[Sammy]

But tax paying citizens of this country have to have 10 kids to not pay taxes on $50k a year......go figure.

Thank a politician!

If done in person, careful not to slip on his slime trail as he moves about! grrrrr

[malq]

@Sammy

So you are going to stop buying light bulbs for your house right? ...and throw away your I-phone.
Put your money where your mouth is.

[malq]

But tax paying citizens of this country have to have 10 kids to not pay taxes on $50k a year......go figure.

Both you and Sammy have valid arguements that point to a flat tax. If we remove all the gimmies to everyone and you pay a fixed but equal% in tax , we would be once again the wealthiest nation on earth. As it is now, the middle class is bearing all the load. I might add, and becoming extinct with loss of said middle class jobs. Then what will we do?
Socialism is great until you run out of other peoples money.

[TACO]

@Sammy

So you are going to stop buying light bulbs for your house right? ...and throw away your I-phone.
Put your money where your mouth is.

Stop buying light bulbs for your house...why?
I don't use GE bulbs

Throw away your iphone...why?
Apple makes the iphone not GE

You can boycott GE products, I try to as much as possible.
If you were being sarcastic @malq I apologize.

[TACO]

Both you and Sammy have valid arguements that point to a flat tax. If we remove all the gimmies to everyone and you pay a fixed but equal% in tax , we would be once again the wealthiest nation on earth. As it is now, the middle class is bearing all the load. I might add, and becoming extinct with loss of said middle class jobs. Then what will we do?
Socialism is great until you run out of other peoples money.

I use to be a flat tax proponent, now I am for the fair tax. Drug dealers don't pay income taxes now, but they have to but groceries. JMO

[Sammy]

@Sammy

So you are going to stop buying light bulbs for your house right? ...and throw away your I-phone.


Put your money where your mouth is.

I avoid ge products like the plague. Don't have an I phone.

But back to the TOPIC of this thread GE Paid No Taxes on $14 Billion in Profits

[malq]

Stop buying light bulbs for your house...why?
I don't use GE bulbs

Throw away your iphone...why?
Apple makes the iphone not GE

You can boycott GE products, I try to as much as possible.
If you were being sarcastic @malq I apologize.

I am saying, anything a corporation makes you should not use. If you really believe in your principle. I think you will find that impossible.
If you don't use GE bulbs what kind do you use? made in china? way to fucking go girlfriend! lets eliminate all American business. It's not like we are owned enough already.

[Sammy]

I use to be a flat tax proponent, now I am for the fair tax. Drug dealers don't pay income taxes now, but they have to but groceries. JMO

No tax on food in Tx and don't see it happening.

[TACO]

I am saying, anything a corporation makes you should not use. If you really believe in your principle. I think you will find that impossible.
If you don't use GE bulbs what kind do you use? made in china? way to fucking go girlfriend! lets eliminate all American business. It's not like we are owned enough already.

I see what you are saying now @malq. I am having a senior moment.

[Sammy]

I am saying, anything a corporation makes you should not use. If you really believe in your principle. I think you will find that impossible.
If you don't use GE bulbs what kind do you use? made in china? way to fucking go girlfriend! lets eliminate all American business. It's not like we are owned enough already.

You do know ge moved light bulb plants to mexico, brizil right?

When next we talk about the unemployment picture, an announcement from General Electric will figure slightly in the calculations: GE's turning out the lights at seven of its incandescent light bulb factories in the U.S., Brazil and Mexico. Shuttering those plants will mean a loss of 1,400 jobs, mostly in Brazil.

http://www.marketplace.org/topics/te...t-flourescents

[TACO]

No tax on food in Tx and don't see it happening.

@Sammy IMO if you are going to have everyone pay taxes, the fair tax is the way to go.

[malq]

You do know ge moved light bulb plants to mexico, brizil right?

Then what is your complaint? Assume GE makes only light bulbs in Brazil. It's an import.

The fact is, GE has many branches and many of them are here.
Turbines, control systems, refrigerators and PlC manufacturing to name a few. There are thousands here and off shore.

[Sammy]

@Sammy IMO if you are going to have everyone pay taxes, the fair tax is the way to go.

I agree but the food tax should be eliminated in states where it's still paid.

[Sammy]

Then what is your complaint? Assume GE makes only light bulbs in Brazil. It's an import.

The fact is, GE has many branches and many of them are here.
Turbines, control systems, refrigerators and PlC manufacturing to name a few. There are thousands here and off shore.

My problem is GE GE Paid No Taxes on $14 Billion in Profits. THAT is my problem!

Not sure how that can be any clearer.

Edit: Actually that's not true. Great they can do that. Why then do the left go after those small business' making $250,000. or more and remain completely silent about GE?

The duplicity is maddening.