pBills Posted March 25, 2011 Posted March 25, 2011 G.E.’s Strategies Let It Avoid Taxes Altogether Apparently, small businesses pay more than GE. I know what people here will say: "Do not change a thing" I'm sorry, but with States cutting funding for schools and other social services because they are trying to balance their budgets, along with the Feds stating we are broke.... Change NEEDS to happen now!!
Dante Posted March 25, 2011 Posted March 25, 2011 G.E.’s Strategies Let It Avoid Taxes Altogether Apparently, small businesses pay more than GE. I know what people here will say: "Do not change a thing" I'm sorry, but with States cutting funding for schools and other social services because they are trying to balance their budgets, along with the Feds stating we are broke.... Change NEEDS to happen now!! Who knows what the real story is. Even taking the article at face value, anyone who can avoid getting their money confiscated is a folk hero to me. If its a form of corporate welfare, at least GE provides jobs and income to thousands of individuals and businesses. More than I can say for the entitlement class who just take and take.
pBills Posted March 25, 2011 Author Posted March 25, 2011 Who knows what the real story is. Even taking the article at face value, anyone who can avoid getting their money confiscated is a folk hero to me. If its a form of corporate welfare, at least GE provides jobs and income to thousands of individuals and businesses. More than I can say for the entitlement class who just take and take. HAHAHA... that is good. So they can make BILLIONS in the US and not pay any taxes on it? Yet, small businesses are? Come on get real. I do like how you applaud that and say it's ok, because they provide jobs. So do many other companies who pay taxes.
\GoBillsInDallas/ Posted March 25, 2011 Posted March 25, 2011 So, GE uses all of the tax breaks and deductions that are available to reduce its tax burden. Isn't this the goal of EVERY company and individual out there?
IDBillzFan Posted March 25, 2011 Posted March 25, 2011 Man, that's amazing. You'd almost think GE CEO Jeffrey Immelt had friends in DC or something.
Chef Jim Posted March 25, 2011 Posted March 25, 2011 HAHAHA... that is good. So they can make BILLIONS in the US and not pay any taxes on it? Yet, small businesses are? Come on get real. I do like how you applaud that and say it's ok, because they provide jobs. So do many other companies who pay taxes. Hmm, interesting. So GE is "avoiding" taxes but the government is still finding ways to spend even MORE money.
Alaska Darin Posted March 25, 2011 Posted March 25, 2011 G.E.’s Strategies Let It Avoid Taxes Altogether Apparently, small businesses pay more than GE. I know what people here will say: "Do not change a thing" I'm sorry, but with States cutting funding for schools and other social services because they are trying to balance their budgets, along with the Feds stating we are broke.... Change NEEDS to happen now!! Why are you surprised? This is how the world works. Everyone does what is best for them. Companies owe it to their shareholders, employees, and customers to keep their costs down. This is one way they do it. The government better serves the citizenry by making the economic climate more suitable to business. That means low taxation and only necessary regulation with rigorous oversight. The problem has long been the reactionary posture the government takes to every "crisis". They never look at the long range implications/complications. The tax code is incredibly complicated and Congress has been using it for years to screw the average citizen. It's their best weapon for keeping power.
Rob's House Posted March 25, 2011 Posted March 25, 2011 Man, that's amazing. You'd almost think GE CEO Jeffrey Immelt had friends in DC or something. I think the irony is lost on p. A circular thought process of "evil corporations" and "party of the rich" prevents any coherent grasp of the situation.
pBills Posted March 25, 2011 Author Posted March 25, 2011 Why are you surprised? This is how the world works. Everyone does what is best for them. Companies owe it to their shareholders, employees, and customers to keep their costs down. This is one way they do it. The government better serves the citizenry by making the economic climate more suitable to business. That means low taxation and only necessary regulation with rigorous oversight. The problem has long been the reactionary posture the government takes to every "crisis". They never look at the long range implications/complications. I'm not surprised by GE going after those breaks. I am amazed that the breaks were as ridiculous as they are. To pay nothing? $5.1 billion of their $14.2 billion came from the U.S. Again, they made $5.1 BILLION IN THE U.S. They shouldn't pay any taxes on that for fear that they would ship jobs overseas or because we want a climate to be more suitable to business? How much more suitable do we have to be? Should give their shareholders government reps to fluff their pillows at night? And Chef... yes, cut back on spending. However, we should also reign in these ridiculous tax breaks. I wonder how much they would have to pay on that $5.1 billion?
birdog1960 Posted March 25, 2011 Posted March 25, 2011 Why are you surprised? This is how the world works. Everyone does what is best for them. Companies owe it to their shareholders, employees, and customers to keep their costs down. This is one way they do it. The tax code is incredibly complicated and Congress has been using it for years to screw the average citizen. It's their best weapon for keeping power. The government better serves the citizenry by making the economic climate more suitable to business. That means low taxation and only necessary regulation with rigorous oversight. The problem has long been the reactionary posture the government takes to every "crisis". They never look at the long range implications/complications. who said he was surprised? only a fool would be surprised by the corruption and inherent inequality of the government- big business relationship in the US. but only a fool would condone it too...
pBills Posted March 25, 2011 Author Posted March 25, 2011 I think the irony is lost on p. A circular thought process of "evil corporations" and "party of the rich" prevents any coherent grasp of the situation. Not true at all. You fully believe that companies pulling in BILLIONS should pay nothing in taxes?
Chef Jim Posted March 25, 2011 Posted March 25, 2011 Not true at all. You fully believe that companies pulling in BILLIONS should pay nothing in taxes? Who's to blame?
pBills Posted March 25, 2011 Author Posted March 25, 2011 Who's to blame? Not to sure to be honest, it has been going on years and years. Even Reagan (past GE spokesman) was shocked and stated that it was out of control.
birdog1960 Posted March 25, 2011 Posted March 25, 2011 Who's to blame? well, you could start by blaming election laws and rules for political contributions. SCOTUS recently made this worse. then you could blame laws that allow ex IRS officials and budget committee members to work for GE's tax evasion division or for any corp as a lobbyist. so, i guess corrupt business people and corrupt government officials are to blame for making the system so corrupt.
3rdnlng Posted March 25, 2011 Posted March 25, 2011 well, you could start by blaming election laws and rules for political contributions. SCOTUS recently made this worse. then you could blame laws that allow ex IRS officials and budget committee members to work for GE's tax evasion division or for any corp as a lobbyist. so, i guess corrupt business people and corrupt government officials are to blame for making the system so corrupt. So, GE should be prohibited from hiring people with knowledge to work reducing their taxes? Who should they hire? Checkout clerks?
TPS Posted March 25, 2011 Posted March 25, 2011 If there is ever an area that is ripe for a flat tax, it's corporate America. Lump their payroll tax in with it...say 20% total? If I had time, I'd try to generate a quick estimate of the take...
birdog1960 Posted March 25, 2011 Posted March 25, 2011 (edited) So, GE should be prohibited from hiring people with knowledge to work reducing their taxes? Who should they hire? Checkout clerks? so to not hire people with direct govt influence somehow forfeits their ability to hire qualified people to handle tax issues? ridiculous. it's not either/or. even a 5 year moratorium on hiring/consulting to let many of the insider contacts disappear would be palatable but it won't happen. way too much money to be made by those already in power, either publicly or behind the scenes like the tax evasion advisors at GE. Edited March 25, 2011 by birdog1960
Alaska Darin Posted March 25, 2011 Posted March 25, 2011 who said he was surprised? only a fool would be surprised by the corruption and inherent inequality of the government- big business relationship in the US. but only a fool would condone it too... Who condoned it? If there is ever an area that is ripe for a flat tax, it's corporate America. Lump their payroll tax in with it...say 20% total? Pretty much everything should be taxed at a flat rate. That all but assures there's no "slight of hand" on the part of the payer or the payee. Won't happen.
Chef Jim Posted March 25, 2011 Posted March 25, 2011 Not to sure to be honest, it has been going on years and years. Even Reagan (past GE spokesman) was shocked and stated that it was out of control. You're not sure? Really?? You're not sure? How about the bull **** tax laws that allows (yes allows...it is 100% legal) a massive multi-national company to pay very little in taxes and I write a pretty good sized check every year. But in your mind you have such a hard time not trying to put the blame 100% on GE when there is probably a small part of you that knows they did nothing wrong. That's where your confusion lies right?
Alaska Darin Posted March 25, 2011 Posted March 25, 2011 so to not hire people with direct govt influence somehow forfeits their ability to hire qualified people to handle tax issues? ridiculous. it's not either/or. even a 5 year moratorium on hiring/consulting to let many of the insider contacts disappear would be palatable but it won't happen. way too much money to be made by those already in power, either publicly or behind the scenes like the tax evasion advisors at GE. That's just another unenforceable mandate that would be ignored/corrupted. It'd be much easier and cheaper to simplify the tax code and eliminate the need for "experts".
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