GE 0% tax on multi billion profit


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Profile soft^spirit
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Message 1095853 - Posted: 10 Apr 2011, 20:48:54 UTC
Last modified: 10 Apr 2011, 20:49:09 UTC

http://www.offshorelegal.org/offshore-corporations/panama-offshore-corporations-incorporation/panama-shelf-corporations/companies---get-an-ibc-aged--ready-made.html

Really?
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Message 1095864 - Posted: 10 Apr 2011, 21:45:02 UTC - in response to Message 1095853.

Now you get it. If the other side wants it, it will happen.
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Message 1095866 - Posted: 10 Apr 2011, 21:58:31 UTC - in response to Message 1095789.

As I said, tax all the money coming in and out of the country.

Dang, http://www.wto.org/ just might take issue with that. Thought we were on to something good.

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Message 1095870 - Posted: 10 Apr 2011, 22:24:29 UTC - in response to Message 1095776.

So what you are saying is that G.E. have passed these tax cuts onto the American people.

No, I'm saying that every single dime of every single tax, duty, tariff, whatever is passed directly onto the consumer just like the cost of the raw materials, labor, capital improvements, et cetera.

So those millions of dollars they have sitting in offshore bank accounts doing nothing aren't there? They've been used to cut prices?

No, that's not what I'm saying. Unlike taxes and costs that are passed directly to the consumer by way of price, profits are used for a number of things, They pay back investors, they pay for research and development, they are used as operating capital, for capital improvements, et cetera.

Also, and very importantly, they are used in a constant struggle against competitors to raise quality and lower price, thus keeping the company viable, and making products cheaper for those who can afford them the least.

So you are saying that the price of Oil and Gas has gone down because of these tax breaks? Oh...they have trains too..train fares have gone down right?

No, of course not. I haven't said any such thing. I've said that the consumer pays every single dime of every single tax, for reasons explained previously, and that puts upward pressure on prices since taxes are assessed against all companies.

I've also said that companies are involved in a daily life-and-death struggle and that even the largest companies can be gone in a very short time.

That struggle is important because it forces companies to give their consumer the best product they can at the best possible prices. THAT forces prices down and, over time, destroys nearly all companies as their competitors do it better, faster, cheaper, and more efficiently.

I did not say that GE made money so that therefore train fairs go down. I said they use that money, just like all corporations do, to run their business and fight for survival.

G.E. has NOT passed these tax breaks on to the American people. It's a nice theory you have, but reality tells a different story.

It's not a theory, it's how every company works because it is simple economics. GE uses its tax breaks just like every other company does--to make their products cheaper and better and more efficient. If they don't, they will fail as other competitors crush them. The list of crushed companies utterly dwarfs that of those that still exist.

Our underpaid worker at Walmart might be saving money on their shower curtain and bath mat, but her rent has gone up, her fuel costs have gone up. her bus fares have gone up and she is paying a larger proportion of her wages on taxes than Walmart. I think she'd be better off with a pay rise and a tax cut, because Walmart are not going to give her that money out the goodness of their hearts. They charge for products what the market can bear, it doesn't matter how big or small their profits are.

That is completely untrue, Walmart has a reputation for telling their suppliers to get prices lower, and then passing those cost savings directly onto the consumer. This is why lil local stores hate them, because they can use economies of scale to offer considerably lower prices than mom-and-pop stores and consumers vote with their dollars.

While you may be concerned about that one woman, that isn't what's best for society. What's best for society is billions of people being able to afford products at rock bottom prices. What's best for society is not a few more benefits for x thousand Walmart employees.
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Message 1095871 - Posted: 10 Apr 2011, 22:25:47 UTC - in response to Message 1095424.

Welcome back, Rush!


Good to see you, Pete!

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Message 1095874 - Posted: 10 Apr 2011, 22:29:43 UTC - in response to Message 1095754.

extinct major corporations make room for smaller more agile business to fill in where they have failed.

Exactly. However failed and failing corporations pay very little tax. Whatever they do pay is passed directly onto the consumer.

Excess profits that are merely offshored (yes money can be taxed before it leaves these shores, or comes in, and should be) simply speed the death of ANY income.

I have no idea what this means.

There is no trickle down. It is a lie.

Why, 'cuz you sez so?

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Message 1095875 - Posted: 10 Apr 2011, 22:32:03 UTC - in response to Message 1095789.

As I said, tax all the money coming in and out of the country.

And who, precisely, do you think will pay every dime of those taxes?

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Message 1095895 - Posted: 10 Apr 2011, 23:57:12 UTC - in response to Message 1095875.

Someone said they would believe a corporation is a person when they see one sentenced to death. I'll believe a corporation pays tax when I see one sentenced to jail for tax evasion. It won't be hard for them to pick up the paper and put it in a cell either.

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Message 1095910 - Posted: 11 Apr 2011, 1:20:34 UTC - in response to Message 1095874.

extinct major corporations make room for smaller more agile business to fill in where they have failed.

Exactly. However failed and failing corporations pay very little tax. Whatever they do pay is passed directly onto the consumer.

Excess profits that are merely offshored (yes money can be taxed before it leaves these shores, or comes in, and should be) simply speed the death of ANY income.

I have no idea what this means.

There is no trickle down. It is a lie.

Why, 'cuz you sez so?


Successful corporations are paying no taxes. The executives are paying very little.

"Why, 'cuz you sez so?
" Try a new line. That one does not fit. Experience, I have seen it happen.
Corporation gets a bigger break, corporation loads up the employees harder, moves more offshore. Lose/lose proposition.
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Message 1096364 - Posted: 12 Apr 2011, 2:06:23 UTC
Last modified: 12 Apr 2011, 2:19:13 UTC

Whatever arguments turn GE example is the worst modern public robbery event that initiated by institutionalized robber organisation and with support of hugely corrupted government. As a result their public sector life deteriorates with all sectors as everyday news proves.

Hosny Mubarak, Gaddafi, GE all the same multibillionare robbers.

Mubarak=>Gaddafi=>GE=>? I guess most banks.
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Message 1096366 - Posted: 12 Apr 2011, 2:38:27 UTC - in response to Message 1096364.

all Amateurs compared to BP/Exxon


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Message 1096370 - Posted: 12 Apr 2011, 2:47:21 UTC - in response to Message 1096366.

all Amateurs compared to BP/Exxon




Agreed.
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Message 1096504 - Posted: 12 Apr 2011, 14:01:02 UTC - in response to Message 1095910.

Successful corporations are paying no taxes. The executives are paying very little

Please provide a list. Hint GE paid over $1 billion in taxes so it isn't on the list.

As to the executives, please post the AMT rate and explain why that is "very little." Then ask how many here had to fill out form 6251 to figure their AMT tax this year.


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Message 1096793 - Posted: 13 Apr 2011, 12:55:54 UTC - in response to Message 1096504.

Successful corporations are paying no taxes. The executives are paying very little

Please provide a list. Hint GE paid over $1 billion in taxes so it isn't on the list.

As to the executives, please post the AMT rate and explain why that is "very little." Then ask how many here had to fill out form 6251 to figure their AMT tax this year.



Your source?

nytimes.com:

The company reported worldwide profits of $14.2 billion, and said $5.1 billion of the total came from its operations in the United States.

Its American tax bill? None. In fact, G.E. claimed a tax benefit of $3.2 billion.

There is mine.


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Message 1098605 - Posted: 18 Apr 2011, 4:17:57 UTC - in response to Message 1096793.

Successful corporations are paying no taxes. The executives are paying very little

Please provide a list. Hint GE paid over $1 billion in taxes so it isn't on the list.

As to the executives, please post the AMT rate and explain why that is "very little." Then ask how many here had to fill out form 6251 to figure their AMT tax this year.



Your source?

nytimes.com:

The company reported worldwide profits of $14.2 billion, and said $5.1 billion of the total came from its operations in the United States.

Its American tax bill? None. In fact, G.E. claimed a tax benefit of $3.2 billion.

There is mine.

Try and keep up http://setiathome.berkeley.edu/forum_thread.php?id=63655&nowrap=true#1095416 already messaged the NY Times being debunked. If they haven't filed yet, they can't have claimed anything, now can they?
As to the billion+ in paid taxes, you will find that in the form 10K which I might add is a sworn statement. You have resisted looking at that before, so I won't bother and link it again. Or you could look at Note 14 in the 2010 audited financial statement and see the current tax expense of $2.401 billion dollars. No need to link, you won't look at sworn documents.


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Message 1098732 - Posted: 18 Apr 2011, 15:42:42 UTC - in response to Message 1098605.

Corporations such as GE file taxes more than once a year. Most likely they pay monthly or even quarterly.
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Message 1098758 - Posted: 18 Apr 2011, 17:15:17 UTC - in response to Message 1098732.

I'm just amazed by what people don't know about taxes. How often do you do something if it is done annually?


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Message 1098765 - Posted: 18 Apr 2011, 17:46:25 UTC - in response to Message 1098758.

you do understand that it's easier for businesses to file taxes quarterly. It lessens the hit at the end of their fiscal year. Of course, you'll see a final tally for the whole year but making the assumption that the company paid it all at 1 time is silly. Or as the case may be collecting it at the end of the year.
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Message 1098785 - Posted: 18 Apr 2011, 19:02:15 UTC - in response to Message 1098765.

You personally are required to pay quarterly estimates, so do you file four times a year? No you file once a year. You can even get two extensions on that if you need them.


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Message 1098786 - Posted: 18 Apr 2011, 19:06:50 UTC - in response to Message 1098785.

sheesh split a few more hairs please
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