The Conservative Cave

Current Events => Economics => Topic started by: thundley4 on November 03, 2010, 03:10:16 PM

Title: WSJ: GM Will Avoid Taxes on Up to $50 Billion in Profit
Post by: thundley4 on November 03, 2010, 03:10:16 PM

Quote

The Wall Street Journal is reporting that General Motors won’t have to pay federal taxes on up to $50 billion in profit, thanks to a provision of its government bailout.

GM may use these tax-loss carry-forwards for up to 20 years, the Journal reported, citing people familiar with the situation.

Based on the standard federal corporate tax rate of 35%, the tax break is potentially worth $17.5 billion to GM, not including tax deductions.

http://blogs.barrons.com/stockstowatchtoday/2010/11/02/wsj-gm-will-avoid-taxes-on-up-to-50-billion-in-profit/

Basically another bailout for GM.  ???

Title: Re: WSJ: GM Will Avoid Taxes on Up to $50 Billion in Profit
Post by: true_blood on November 03, 2010, 09:08:01 PM

Saw that today on Fox Business Channel.
Great, huh?!?! >:( :(

Title: Re: WSJ: GM Will Avoid Taxes on Up to $50 Billion in Profit
Post by: SSG Snuggle Bunny on November 04, 2010, 06:57:03 AM

So Obama has created an environment that materially benefits GM with money that doesn't belong to it while it puts Ford at a disadvantage for not taking taxpayer money.

Ford should de-unionize to make up the difference.