|March 28th, 2011, 12:12 PM||#1|
Join Date: 08-14-07
Location: Traverse City, Michigan
General Electrics taxes
In recent discussions about balancing our budget, and entitlements, we've often heard from liberals that corporate welfare and tax loopholes need to be addressed as well.
Well, I think you are absolutely 100% correct.
$700 Billion in revenue from 2002-2010. $164 Billion in income from operations during the same time period. How much does GE pay in taxes for all that money?
wait for it...
$5 Billion dollars.
Less than 4% tax rate on one of the largest companies in America.Their tax department is completely made up of former Treasury officials and IRS employees. It doesn't hurt controlling one of the largest media companies in the world NBCUniversal, and the biggest business news cable channel in CNBC.
If anyone was going to deal with the raping of our tax system by a huge multi-national corporation, it was President Obama rite? Either that, or name GE CEO Jeff Immelt as head of your "jobs" panel. I guess he just weighed the benefit of making GE pay their taxes, against the insight that Immelt could provide him for creating jobs, and chose the latter as being whats best for our country. Obviously Immelt's stellar job creating ability was just too good to pass up on:
* 31,000 jobs cut since Immelt tookover at GE
* before Immelt, 52% of GE employees located in US
* after Immelt, 44% of GE employees located in US
"There is no reason why our tax code should actively reward them for creating jobs overseas," - President B.H.Obama
I guess what the President meant was, that companies that send jobs overseas should essentially pay no taxes and their CEOs should be given full access to the decision making machine in the White House.
|March 29th, 2011, 09:33 AM||#2|
Join Date: 09-29-06
Location: MONTAGUE MI (BY THE SAND BOX)
Yep, they force areas where still reside to give them huge tax breaks in order to keep them there.
I agree, they should pay heavily for import stuff. Who wants there airplane parts made in China???
Hay, look at me... I have a signature.....
|March 29th, 2011, 11:24 PM||#5|
Grumpy old man.
Join Date: 11-05-05
Location: Inkster, MI
|March 30th, 2011, 07:06 AM||#6|
GLFWDA Member #07520
Join Date: 11-09-05
Only aspiring upstart artists and the pretentious youth think the government is "Fascist". You know - the kids that are trying to find out who they are by repeating neat words they hear utter by someone they admire.
Usually that person is dressed in black from head to toe and has a bad haircut.
If you missed the message hidden within my text, I'll spell it out for you: grow the fukc up.
Obama isn't evil. He's inexperienced, perhaps a bit arrogant, and entirely unfit to run a country. He's still in his "idealistic" government phase that many of us shed right about the time we get out of college and get a real job and have been exposed to reality. His problem is that he's never had the opportunity to get out of this phase before WE GAVE HIM CONTROL OF OUR COUNTRY.
Shame on us.