Author Topic: GE Filed 57,000-Page Tax Return, Paid No Taxes on $14 Billion in Profits  (Read 328 times)

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Offline CG6468

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GE Filed 57,000-Page Tax Return, Paid No Taxes on $14 Billion in Profits
1:11 PM, NOV 17, 2011    • BY 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.

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.

High income, no taxes
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Offline Kyle Ricky

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This is the company that Obama supports. He is buddies with the CEO. I wonder how much they paid into the Obama campaign.


Didn't GE just send thousands of jobs to china as well? And Obama supports them! What a douchenozzle.
« Last Edit: April 27, 2012, 03:11:47 PM by Kyle Ricky »

Offline Zeus

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It's all legal and majority of those tax loopholes came about through the eat the rich based tax policy. Ken kies may be A tax Lawyer that represents GE but I bet they got an office building of lawyers working year round on Tax planning.
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Offline rich_t

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Evil corporate bastards need to burn in hell








/du mode
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Offline Kyle Ricky

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Evil corporate bastards need to burn in hell








/du mode

GE isn't an evil corporation because they donate to the obama campaign / douchenozzle mode

Offline obumazombie

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We need a list of "good" corporations, and evil ones...
Like
CPB
NPR
GM
Fannie
Freddie
PP
etc.
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Offline Chris_

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Exxon Mobil uses the same tax code as General Electric but if you listen to Obama, someonehow Exxon is guilty of abusing "tax loopholes".

Bullshit.
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Online JohnnyReb

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This isn't the first time democrats have used this BS to raise taxes. Remember, "Read my lips, no new taxes." and then they used that to hang him. Well, the deal was that if Bush #1 would raise taxes, the democrats agreed to balance the budget. Mr. Bush #1 didn't raise taxes but he did close some loop holes that were supposed to make the democrats happy and in return....THEY DIDN'T BALANCE THE BUDGET..

...and the loop holes GE is using look like democrat created ones to me.
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Offline Kyle Ricky

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We need a list of "good" corporations, and evil ones...
Like
CPB
NPR
GM
Fannie
Freddie
PP
etc.

All the good companies will be the ones who donate to the obama campaign.

Offline Lacarnut

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Exxon Mobil uses the same tax code as General Electric but if you listen to Obama, someonehow Exxon is guilty of abusing "tax loopholes".

Bullshit.

Exxon paid more income taxes than any other corporation. In fact, the top three are Exxon, Chevron and Conoco. Exxon paid 27 billion for an effective rate of over 40%. Seems more than fair to me. I think we have some lying politicians and liberals in the media that are carrying Obama's water.  

Offline Ptarmigan

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Hypocritical on GE's part when other corporations pay their taxes. Sounds like crony capitalism.
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Offline DumbAss Tanker

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This is the company that Obama supports. He is buddies with the CEO. I wonder how much they paid into the Obama campaign.


Didn't GE just send thousands of jobs to china as well? And Obama supports them! What a douchenozzle.

Yes...and the biggest irony is that the CEO was also Obama's big-shot Jobs Czar at the same time he was stiffing the IRS and shipping those jobs overseas.
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Offline Kyle Ricky

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Yes...and the biggest irony is that the CEO was also Obama's big-shot Jobs Czar at the same time he was stiffing the IRS and shipping those jobs overseas.

That shows how inept Obama is. It is nothing but :bs:

 



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