You paid more in taxes than America's largest corporation

[Kaneman]

http://www.good.is/post/how-american...taxes-in-2010/

If you pay taxes at all, even one penny, then you paid more to Uncle Sam than a multi-billion company according to the The New York Times.

General Electric, what the Times calls America's largest corporation, paid no taxes at all in 2010 despite global pre-tax income of more than $14 billion.

A full $5.1 billion of that was earned in the United States. This is the second year in a row they've managed to completely avoid taxes. But get this, not only did GE pay absolutely no taxes in 2010 or 2009, but they actually pocketed more than $3 billion in government tax credits according to the Times. The government paid GE.

And by comparison a nifty picture slide show of what the top 25 businesses in America paid.
http://www.forbes.com/2010/04/01/ge-...xes_slide.html

[KSGregman]

I read that this morning in the NY Times....been chewing on it all day....the story goes along perfectly with the book I just finished reading.

Winner Take All Politics by Jacob Hacker.

We don't have a Republic anymore...and it stopped being "by the people, for the people" a LONG time ago. Our government is own by large corporations.

[Kaneman]

Top story on Huffpost is about corporations making the biggest profits ever while everyone else is getting fucked, which also ties in nicely.
http://www.huffingtonpost.com/2011/0..._n_840538.html

America. Fuck yea.

[smileyman]

Originally Posted by KSGregman

I read that this morning in the NY Times....been chewing on it all day....the story goes along perfectly with the book I just finished reading.

Winner Take All Politics by Jacob Hacker.

We don't have a Republic anymore...and it stopped being "by the people, for the people" a LONG time ago. Our government is own by large corporations.

Word!

Originally Posted by Kaneman

Top story on Huffpost is about corporations making the biggest profits ever while everyone else is getting fucked, which also ties in nicely.
http://www.huffingtonpost.com/2011/0..._n_840538.html

America. Fuck yea.

Truth.

[pauldun170]

Overall the tax rates are pretty comparable to what tax payers pay. Some companies have special circumstances whee they dont pay anything but so do many tax payers.

[goof2]

They shouldn't have to pay American taxes on income generated overseas that stays overseas. Of course with America having a combined state and federal corporate tax rate that is one of the highest in the world it effectively guarantees that income will never be coming back.

[pauldun170]

Originally Posted by goof2

Of course with America having a combined state and federal corporate tax rate that is one of the highest in the world

Yeah...I'm mean look at Hungary...they are taxing half of what we tax.
How the fuck are we ever going to compete? Look what happened to Japan!? They tax more then we do and Japan's industry is non existent because all those Japanese companies went to Hungary and Latvia

Unless we talk about effective tax rates...where compnayies such as GE or BOA pay 3 bucks a year....then we totally rock Hungary.
and just about everybody else

[goof2]

Originally Posted by pauldun170

Yeah...I'm mean look at Hungary...they are taxing half of what we tax.
How the fuck are we ever going to compete? Look what happened to Japan!? They tax more then we do and Japan's industry is non existent because all those Japanese companies went to Hungary and Latvia

Unless we talk about effective tax rates...where compnayies such as GE or BOA pay 3 bucks a year....then we totally rock Hungary.
and just about everybody else

The Forbes article Kaneman posted says GE specifically has $84 billion in income they are keeping overseas indefinitely. You can dismiss the idea but the effect is real.

[Homeslice]

What % of GE's global income was generated overseas?

[derf]

Originally Posted by Homeslice

What % of GE's global income was generated overseas?

They lost a few billion here in the US and made a few billion more than they lost overseas. Basically any money that they actually made as profit was generated overseas, and their overseas ventures propped up their US busineses.