DamnYankee
Loyal to the end
They ship them overseas as a legal way to avoid taxation, just like you use every legal means necessary to avoid taxation.
General Electric Paid No Federal Taxes in 2010
- Thread starter christiefan915
- Start date
They ship them overseas as a legal way to avoid taxation, just like you use every legal means necessary to avoid taxation.
Dixie - In Memoriam
New member
At the heart of McCain-Feingold, was the prohibiting of corporate campaign contributions. Citizens United Inc. produced a documentary video on Hillary Clinton, and the FEC prohibited its distribution under M-F CFR. This was considered a corporate campaign contribution to Hillary's opposition... but the SCOTUS ruled corporations are not prohibited from this, as it is a right protected under the 1st. The same dollar amount restrictions on campaign donations still exist for all... that didn't change, and corporations can't influence politics any more than labor unions, PACs, or 527 groups. The landmark SCOTUS ruling was a huge victory for free speech, and blow to McCain-Feingold.
cawacko
Well-known member
ID hit the nail on the head earlier. The corporate tax rate needs to be lowered and some loopholes closed. Of course there will be some who scream corporate giveaway if we did that. Economic reality is we compete in a global economy and we need to remain competitive from a tax perspective. That doesn't mean zero corporate taxes but we must view thus issue from a global perspective.
Well they did give some of their riches to those that make them rich....
GE gave 57% of its $773,966 to Democrats.
Time Warner ($543,960) gave 80% of its money to Democrats
Verizon split its contributions more evenly, with 58% going to Democrats and 42% to Republicans.
The CWA was the bluest of all of the communications-related givers, coming in at No. 55 and giving 99% of its $480,000 to Democrats.
Even in spite of the facts, pinheads will still argue that Democrats are all for the "little" guy.....showing their
stupidity and partisanship is boundless....
http://tinyurl.com/463879n
LOl...way to nail it Brav's!
christiefan915
Catalyst
They gave $441,160 to Dems in 2008?
They gave approx. .0024% of $18 billion dollars?
.24 thousandths of one percent?
Be still, my beating heart!
Last edited:
Definitely one of your more braindead posts.
Oh, and lots of "little guys" work for GE, Verizon & Time Warner...
G
Guns Guns Guns
Guest
Lots of corporations, organizations, and individuals pay no federal income taxes. Is there a reason why only GE and it's subsidiaries should be singled out?
If their tax status was arrived at unethically or illegally, that's an issue.
Otherwise, what's your point?
If their tax status was arrived at unethically or illegally, that's an issue.
Otherwise, what's your point?
christiefan915
Catalyst
First, it's a story that just hit the news.
Second, I posted it in the Current Events thread because it just came out and is a current event.
Third, I also posted and article from CNN Money that said a majority of corporations pay no income taxes.
Thanks for your comments, Mr. Immelt.
DamnYankee
Loyal to the end
That shows you how cheap political favoritism can be. Why do you think its so widely practiced?
christiefan915
Catalyst
So Rtber doesn't think I'm unfairly picking on GE:
EXAMPLES OF CORPORATE TAX DODGERS
BANK OF AMERICA: In 2009 and 2010, Bank of America didn’t pay a single penny in federal income taxes, exploiting the tax code so as to avoid paying its fair share. They argue this is because they lost money. But we really don’t know, thanks to over 115 subsidiaries in tax secrecy jurisdictions. There are 59 BoA subsidiaries in the Cayman Islands, 15 in Luxembourg, and 14 in Ireland. Bank of America received $336 billion in government bailout funds (second only to Citigroup).3 When it comes to paying their top managers and influencing elections and government, they don’t hold back. Between 2007 and 2010, during the economic meltdown triggered in part by their reckless actions, Bank of America’s PAC and employees donated $5.184 million to federal campaigns. During these same years, they spent $17.3 million lobbying the federal government.4Bank of America paid their CEO Thomas Montag $29 million in 2009.
BOEING CORPORATION: Over the three year period from 2008 to 2010 had total pre-tax profits of $9.7 billion but did not pay a dime of its profits in federal taxes. Boeing Corporation has 38 subsidiaries in foreign tax haven jurisdictions.5 At the end of February 2011, the U.S. government granted Boeing a contract worth $35 billion to build airplanes. 6
VERIZON: Take out your Verizon phone bill. See the part of the bill where you paid taxes? $2 dollars? Guess what? You paid more taxes on your phone bill than Verizon paid in 2009 and 2010 in federal U.S. corporate taxes. They reported $24.2 billion in pre-tax U.S. income, and yet claimed a federal corporate refund of $1.3 billion. The company has $1.2 billion in unrepatriated foreign assets, money it is keeping offshore in order not to take tax reserves against it.
FEDERAL EXPRESS: Federal Express reported over $1.9 billion in U.S. profits, but paid only $1 million in federal corporate income taxes over the last 2 years, for an effective tax rate of .05 percent. While FedEx only paid $1 million in taxes over 2 years, they spent nearly $42 million lobbying Congress. They have 21 subsidiaries in tax havens including 3 in the Cayman Islands and 3 in Ireland.
GENERAL ELECTRIC: In General Electric, they consider their Accounting Department to be a “profit center,” working to avoid taxes. Between 2006 and 2010, General Electric told their shareholders they had $26.3 billion in profits, but paid no U.S. taxes. In fact, they got $4.2 billion in rebates, so their effective U.S. tax rate was negative 15.8 percent.7 In 2009, General Electric — the world’s largest corporation — filed more than 7,000 tax returns and still paid nothing to U.S. government. In 2010, they reported $5.07 billion in domestic pre-tax profits and paid just $4 million in taxes. Their unpatriated taxes grew to $94 billon. They managed to do this by a tax code that essentially subsidizes companies for losing profits and allows them to set up tax havens overseas. GE has subsidiaries in tax havens including 3 each in Bermuda and Singapore and 1 in Luxembourg. In 2009, GE CEO Jeffery Immelt earned total compensation of $9.89 million. GE spent $39 million lobbying the federal government in 2010 alone, and $83 million since 2008.
OCCIDENTAL PETROLEUM: In 2009, this oil giant paid their CEO Ray Irani $31.4 million, about twice what they paid in federal corporate income taxes, which was $16 million!
CITIGROUP: Citigroup has paid no taxes for the last four years. They were the largest recipient of federal bank bailout funds, receiving $476 billion. Citigroup has a whopping 427 subsidiaries in tax havens including 90 in Cayman Islands, 91 in Luxemburg, 35 in British Virgin Islands, and 40 in Hong Kong. Citigroup has continued to pay its staff lavishly. “John Havens, the head of Citigroup’s investment bank, will probably be the bank’s highest paid executive for the second year in a row, with a compensation package worth $9.5 million.”
EXXON-MOBIL: The oil giant uses offshore subsidiaries and other loopholes to avoid paying taxes in the United States. They have 32 subsidiaries in tax haven countries including 18 in the Bahamas and 3 in the Cayman Islands. Although Exxon-Mobil paid $15 billion in taxes to other governments in 2009, not a penny of those taxes went to the U.S. Treasury. So maybe those other countries should defend ExxonMobil’s assets around the world, instead of the men and women of the U.S. armed forces. Next time the pirates take over your oil tanker, call the Bahamas! ExxonMobil did come up with $68 million to lobby Congress between 2008 and 2010.
WELLS FARGO: Despite being the fourth largest bank in the country, Wells Fargo was able to escape paying federal taxes by writing all of its losses off after its acquisition of Wachovia. Yet in 2009 the chief executive of Wells Fargo also saw his compensation “more than double” as he earned “a salary of $5.6 million paid in cash and stock and stock awards of more than $13 million.”
NEWS CORPORATION:The media giant that owns Fox News avoids taxes through its 152 subsidiaries in tax havens, including 62 in British Virgin Islands, 33 in Cayman Islands, 21 in Hong Kong, and 15 in Mauritius.
PFIZER: Without intellectual property and patent protections, Pfizer’s patents for products like Viagra would be easily replicated and produced for a fraction of the cost. They depend on the US court system to defend their property. Yet Pfizer shelters a lot of this intellectual property offshore, with 80 subsidiaries in tax havens, including 28 in Ireland, 16 in Luxembourg, 10 on the island of Jersey.
http://businessagainsttaxhavens.org...ng-talking-points-and-background-information/
EXAMPLES OF CORPORATE TAX DODGERS
BANK OF AMERICA: In 2009 and 2010, Bank of America didn’t pay a single penny in federal income taxes, exploiting the tax code so as to avoid paying its fair share. They argue this is because they lost money. But we really don’t know, thanks to over 115 subsidiaries in tax secrecy jurisdictions. There are 59 BoA subsidiaries in the Cayman Islands, 15 in Luxembourg, and 14 in Ireland. Bank of America received $336 billion in government bailout funds (second only to Citigroup).3 When it comes to paying their top managers and influencing elections and government, they don’t hold back. Between 2007 and 2010, during the economic meltdown triggered in part by their reckless actions, Bank of America’s PAC and employees donated $5.184 million to federal campaigns. During these same years, they spent $17.3 million lobbying the federal government.4Bank of America paid their CEO Thomas Montag $29 million in 2009.
BOEING CORPORATION: Over the three year period from 2008 to 2010 had total pre-tax profits of $9.7 billion but did not pay a dime of its profits in federal taxes. Boeing Corporation has 38 subsidiaries in foreign tax haven jurisdictions.5 At the end of February 2011, the U.S. government granted Boeing a contract worth $35 billion to build airplanes. 6
VERIZON: Take out your Verizon phone bill. See the part of the bill where you paid taxes? $2 dollars? Guess what? You paid more taxes on your phone bill than Verizon paid in 2009 and 2010 in federal U.S. corporate taxes. They reported $24.2 billion in pre-tax U.S. income, and yet claimed a federal corporate refund of $1.3 billion. The company has $1.2 billion in unrepatriated foreign assets, money it is keeping offshore in order not to take tax reserves against it.
FEDERAL EXPRESS: Federal Express reported over $1.9 billion in U.S. profits, but paid only $1 million in federal corporate income taxes over the last 2 years, for an effective tax rate of .05 percent. While FedEx only paid $1 million in taxes over 2 years, they spent nearly $42 million lobbying Congress. They have 21 subsidiaries in tax havens including 3 in the Cayman Islands and 3 in Ireland.
GENERAL ELECTRIC: In General Electric, they consider their Accounting Department to be a “profit center,” working to avoid taxes. Between 2006 and 2010, General Electric told their shareholders they had $26.3 billion in profits, but paid no U.S. taxes. In fact, they got $4.2 billion in rebates, so their effective U.S. tax rate was negative 15.8 percent.7 In 2009, General Electric — the world’s largest corporation — filed more than 7,000 tax returns and still paid nothing to U.S. government. In 2010, they reported $5.07 billion in domestic pre-tax profits and paid just $4 million in taxes. Their unpatriated taxes grew to $94 billon. They managed to do this by a tax code that essentially subsidizes companies for losing profits and allows them to set up tax havens overseas. GE has subsidiaries in tax havens including 3 each in Bermuda and Singapore and 1 in Luxembourg. In 2009, GE CEO Jeffery Immelt earned total compensation of $9.89 million. GE spent $39 million lobbying the federal government in 2010 alone, and $83 million since 2008.
OCCIDENTAL PETROLEUM: In 2009, this oil giant paid their CEO Ray Irani $31.4 million, about twice what they paid in federal corporate income taxes, which was $16 million!
CITIGROUP: Citigroup has paid no taxes for the last four years. They were the largest recipient of federal bank bailout funds, receiving $476 billion. Citigroup has a whopping 427 subsidiaries in tax havens including 90 in Cayman Islands, 91 in Luxemburg, 35 in British Virgin Islands, and 40 in Hong Kong. Citigroup has continued to pay its staff lavishly. “John Havens, the head of Citigroup’s investment bank, will probably be the bank’s highest paid executive for the second year in a row, with a compensation package worth $9.5 million.”
EXXON-MOBIL: The oil giant uses offshore subsidiaries and other loopholes to avoid paying taxes in the United States. They have 32 subsidiaries in tax haven countries including 18 in the Bahamas and 3 in the Cayman Islands. Although Exxon-Mobil paid $15 billion in taxes to other governments in 2009, not a penny of those taxes went to the U.S. Treasury. So maybe those other countries should defend ExxonMobil’s assets around the world, instead of the men and women of the U.S. armed forces. Next time the pirates take over your oil tanker, call the Bahamas! ExxonMobil did come up with $68 million to lobby Congress between 2008 and 2010.
WELLS FARGO: Despite being the fourth largest bank in the country, Wells Fargo was able to escape paying federal taxes by writing all of its losses off after its acquisition of Wachovia. Yet in 2009 the chief executive of Wells Fargo also saw his compensation “more than double” as he earned “a salary of $5.6 million paid in cash and stock and stock awards of more than $13 million.”
NEWS CORPORATION:The media giant that owns Fox News avoids taxes through its 152 subsidiaries in tax havens, including 62 in British Virgin Islands, 33 in Cayman Islands, 21 in Hong Kong, and 15 in Mauritius.
PFIZER: Without intellectual property and patent protections, Pfizer’s patents for products like Viagra would be easily replicated and produced for a fraction of the cost. They depend on the US court system to defend their property. Yet Pfizer shelters a lot of this intellectual property offshore, with 80 subsidiaries in tax havens, including 28 in Ireland, 16 in Luxembourg, 10 on the island of Jersey.
http://businessagainsttaxhavens.org...ng-talking-points-and-background-information/
G
Guns Guns Guns
Guest
As I previously said, I advocate elimination of all tax exemptions, deductions, loopholes, etc.