Funny

[ieatcrayonz]

And why would you guess that?

 

 

 

Do you have a (3)?

Did you strangle a co-worker?

[DC Tom]

Does that include the billion or two in payroll taxes, property taxes and other state and local taxes they paid?

 

Don't know. Got the impression from their annual report that that was just the effective income tax rate. Which, really, I thought was all we were discussing.

 

I'd mention "why", too...but I'm waiting for lybob to say something stupid about GE so I can beat him over the head with it.

[....lybob]

GE actually paid an effective tax rate of about 7% in 2010. Not zero.

Is that an effective corporate federal tax or is that payroll taxes and property taxes.

 

Don't know. Got the impression from their annual report that that was just the effective income tax rate. Which, really, I thought was all we were discussing.

 

I'd mention "why", too...but I'm waiting for lybob to say something stupid about GE so I can beat him over the head with it.

by the way when you right wing monsters were decrying the poor paying no Federal income tax I don't remember any of you corporate shills bringing up the fact that the poor pay an effective total tax of around 40%

link

 

 

The table from the above link only goes to $500,000 if it showed the effective total tax of multimillionaires to billionaires you would see their effective total tax drops to around 17% for the simple reason that the super rich tend to make their money from capital gains and dividends.

 

The amount of the U.S. federal tax burden paid by corporations has drop from 30% to 6% some might blame the fact that while top corporate statutory rates are 35% actual effective rates paid on U.S. claimed profits are closer to 20% but more important are the accounting gimmicks that allow the U.S. headquartered multinationals to claim loses in the U.S. and their gains in counties with low or no corporate taxes.

Edited March 30, 2011 by ....lybob

[Chef Jim]

Is that an effective corporate federal tax or is that payroll taxes and property taxes.

 

 

by the way when you right wing monsters were decrying the poor paying no Federal income tax I don't remember any of you corporate shills bringing up the fact that the poor pay an effective total tax of around 40%

link

 

 

The table from the above link only goes to $500,000 if it showed the effective total tax of multimillionaires to billionaires you would see their effective total tax drops to around 17% for the simple reason that the super rich tend to make their money from capital gains and dividends.

 

The amount of the U.S. federal tax burden paid by corporations has drop from 30% to 6% some might blame the fact that while top corporate statutory rates are 35% actual effective rates paid on U.S. claimed profits are closer to 20% but more important are the accounting gimmicks that allow the U.S. headquartered multinationals to claim loses in the U.S. and their gains in counties with low or no corporate taxes.

 

So does this make GE evil?

[DC Tom]

Is that an effective corporate federal tax or is that payroll taxes and property taxes.

 

Definitely corporate federal tax, at least.

 

And as a matter of fact, GE's federal income tax rate was closer to 20%. Care to guess how that works?

[....lybob]

So does this make GE evil?

Corporations are neither good or evil they are amoral like machines or great white sharks their function is to maximize profit. That is why they need boundaries and regulations if they are to remain a social good for a nation state. One problem now is that to a great extent the corporations have captured both the regulatory agencies and our politicians. Another problem is capital has much greater freedom of movement than labor. For the last 35 years or so we and most of the West have let corporation asset strip them, moving jobs to the lowest wage markets, with the least environmental and safety regulations. The result of this off-shoring for the developed world is to cause stagnant or declining wages for the majority and to concentrate wealth at the top.

[Jim in Anchorage]

Whats all the fuss? Didn't even make the news.

 

Selective reporting at NBC?

[....lybob]

Definitely corporate federal tax, at least.

 

And as a matter of fact, GE's federal income tax rate was closer to 20%. Care to guess how that works?

well I got this

 

(NEWSER) – General Electric is America’s biggest firm, but it’s not paying a dime in US taxes this year—instead, it has claimed a $3.2 billion tax benefit, the New York Times reports. Though it made a $14.2 billion profit in 2010, $5.1 billion of which was made here, GE’s aggressive accounting strategies and lobbying have, year after year, cut its tax burden on US profits. The reported figure is 7.4%, a third of what most American multinational firms pay—and thanks to offshore shelters, it’s even less in reality.

 

The company’s huge tax department, which includes former IRS members and writers of the tax code, has been called the best tax law firm in the world. GE has lobbied to change tax law in order, for example, to get credits for its wind turbine projects. The company is unapologetic: “We are committed to complying with tax rules and paying all legally obliged taxes," says a spokeswoman. "At the same time, we have a responsibility to our shareholders to legally minimize our costs.”

 

but lets see what you got.

[DC Tom]

well I got this

 

 

 

but lets see what you got.

 

I've got their annual statement and consolidated tax filing, which shows a $2.4B tax expense on $11.6B of net earnings. Just above 20%. And that's despite overseas income not subject to US tax, and deductions for overseas reinvestment of income.

[....lybob]

I've got their annual statement and consolidated tax filing, which shows a $2.4B tax expense on $11.6B of net earnings. Just above 20%. And that's despite overseas income not subject to US tax, and deductions for overseas reinvestment of income.

I'll be awaiting something reviewed not straight from GE legal and PR.

[DC Tom]

I'll be awaiting something reviewed not straight from GE legal and PR.

 

In other words, you'll accept a biased news article based on GE's financial statement, but not the financial statement itself that's provided to the government and independently audited?

[....lybob]

In other words, you'll accept a biased news article based on GE's financial statement, but not the financial statement itself that's provided to the government and independently audited?

 

Tom there are a lot of weasel words here- mainly I don't give a !@#$ what they paid in Taxes I give a !@#$ what they paid in U.S. corporate taxes, what they paid world wide I don't give a crap.

 

Significant losses at GE Capital during the financial crisis, largely in the United States, reduced GE’s overall tax rate below historic levels the past few years. Those losses and the subsequent reduction in taxes owed is not a “tax avoidance” strategy. Taking out GE Capital makes GE’s effective tax rate 21% over the past several years. GE’s consolidated (or overall) effective tax rate prior to the financial crisis was in the teens to more than 20%.

 

GE’s industrial tax rate averages well above 20% historically. In 2010, the tax rate for GE’s Industrial businesses was 17%, lower than historical levels due largely to settlements in routine tax audits that reduced our rate by almost 5 points. Excluding the benefit from audit resolutions for previously booked taxes, and restructuring and environmental charges, GE’s Industrial tax rate would have been about 23% — in line with historical averages

 

GE’s tax rate will be higher in 2011. In 2011, we expect a higher tax rate as GE Capital continues to recover, the one-time factors that reduced 2010 are not expected to repeat, and because we expect higher taxes on the sale of NBCU.

 

GE paid almost $2.7 billion in cash taxes in 2010 on a consolidated basis (almost 19% of pretax income from continuing operations).

 

GE paid significant U.S. income tax in 2010 and in total from 2006-2010. Over the past 10 years, GE has paid almost $23 billion of corporate income taxes to governments around the world, making it one of the highest payers of corporate income taxes. As disclosed in the cash flow statements of the 10-K, we paid over $14 billion of income taxes to governments around the world over the past 5 years.

[DC Tom]

Tom there are a lot of weasel words here- mainly I don't give a !@#$ what they paid in Taxes I give a !@#$ what they paid in U.S. corporate taxes, what they paid world wide I don't give a crap.

 

Yeah...and I was only talking about US corporate taxes.

 

Significant losses at GE Capital during the financial crisis, largely in the United States, reduced GE’s overall tax rate below historic levels the past few years. Those losses and the subsequent reduction in taxes owed is not a “tax avoidance” strategy. Taking out GE Capital makes GE’s effective tax rate 21% over the past several years. GE’s consolidated (or overall) effective tax rate prior to the financial crisis was in the teens to more than 20%.

 

GE’s industrial tax rate averages well above 20% historically. In 2010, the tax rate for GE’s Industrial businesses was 17%, lower than historical levels due largely to settlements in routine tax audits that reduced our rate by almost 5 points. Excluding the benefit from audit resolutions for previously booked taxes, and restructuring and environmental charges, GE’s Industrial tax rate would have been about 23% — in line with historical averages

 

GE’s tax rate will be higher in 2011. In 2011, we expect a higher tax rate as GE Capital continues to recover, the one-time factors that reduced 2010 are not expected to repeat, and because we expect higher taxes on the sale of NBCU.

 

GE paid almost $2.7 billion in cash taxes in 2010 on a consolidated basis (almost 19% of pretax income from continuing operations).

 

GE paid significant U.S. income tax in 2010 and in total from 2006-2010. Over the past 10 years, GE has paid almost $23 billion of corporate income taxes to governments around the world, making it one of the highest payers of corporate income taxes. As disclosed in the cash flow statements of the 10-K, we paid over $14 billion of income taxes to governments around the world over the past 5 years.

 

So now you're agreeing with me? Because you're quoting exactly what I've been saying - probably from the same source.

[Magox]

*crickets chirping*

[Chef Jim]

Corporations are neither good or evil they are amoral like machines or great white sharks their function is to maximize profit.

 

So this is how you feel about ALL corporations??

[....lybob]

Yeah...and I was only talking about US corporate taxes.

 

 

 

So now you're agreeing with me? Because you're quoting exactly what I've been saying - probably from the same source.

No not agreeing with you but I figured this was the source you used.

 

I don't want to see this- GE paid almost $2.7 billion in cash taxes in 2010 on a consolidated basis (almost 19% of pretax income from continuing operations).

 

I want to see this- GE paid almost $2.7 billion in cash taxes U.S. corporate taxes in 2010 on a consolidated basis (almost 19% of pretax income from continuing operations).

 

I don't want to see-GE paid significant U.S. income tax in 2010 and in total from 2006-2010. Over the past 10 years, GE has paid almost $23 billion of corporate income taxes to governments around the world, making it one of the highest payers of corporate income taxes. As disclosed in the cash flow statements of the 10-K, we paid over $14 billion of income taxes to governments around the world over the past 5 years.

 

I want to see- GE paid significant (the dollar amount) U.S. income tax corporate tax in 2010 and in total from 2006-2010. Over the past 10 years, GE has paid almost $23 billion of corporate income taxes to governments around the world, making it one of the highest payers of corporate income taxes. As disclosed in the cash flow statements of the 10-K, we paid over $14 billion of income taxes to governments around the world over the past 5 years don't give a !@#$.

[....lybob]

and why wouldn't I trust those slippery corporate !@#$s

for example

 

GE also has said that its tax rate has been abnormally low recently largely because of losses suffered by its financial arm, GE Capital, during the financial crisis. The company noted that GE Capital lost nearly $32 billion from 2008 to 2010

 

yeah but

Performance Awards

 

GE rose 5 cents to $10.86 in New York Stock Exchange composite trading at 4:15 p.m. Yesterday, the stock closed at its lowest value since Nov. 7, 1995.

 

Profit from continuing operations in 2008 was $18.1 billion, including $8.6 billion from GE Capital. GE had record revenue in 2008 and profit, the third-highest in its history, “compared very favorably to S&P 500 earnings,” the committee wrote.

 

“Through his skilled leadership and decisive action, Mr. Immelt adapted the company to rapidly changing and deteriorating economic conditions that emerged after the goals were set.”

 

Michael A. Neal

Chairman and CEO,

GE Capital

 

Vice Chairman,

GE

 

Michael A. Neal is a vice chairman of GE. He is also the chairman and chief executive officer of GE Capital.

 

GE Capital Services, which provides financial products and services to businesses and consumers globally, finished 2009 with a net income of $2.3 billion and assets in excess of $535 billion.

 

 

Bloomberg Dec, 7, 2010

GE Capital earnings this year may climb to about $3 billion, more than managers projected, as delinquencies slow and the unit gains market share in key businesses such as mid-market lending, the unit’s chief said.

 

Profit should rise next year and in 2012 after this year’s increase, which includes tax gains, said Michael Neal, chief executive officer of General Electric Co.’s finance division. GE Capital’s profit last year was $1.7 billion, down from $8.6 billion in 2008, amid the height of the financial crisis.

 

of course who knows maybe they were lying when they were claiming profits or maybe they are lying now when they are claiming a loss- it's hard to know because they are lying liars

[/dev/null]

Corporations are neither good or evil they are amoral like machines or great white sharks their function is to maximize profit.

 

what do you mean sharks are amoral? Remember when Fonzie jumped the shark? If he fell in we all know what that "amoral" shark would have done.

 

So go sit on it!

[Magox]

In other words, you'll accept a biased news article based on GE's financial statement, but not the financial statement itself that's provided to the government and independently audited?

Of course he will.... DUHHHH!!! I mean, Have you met Lybob?

Edited March 31, 2011 by Magox

[Wacka]

Did you ever work for GE?

 

I did.

 

Want to know why I am not still working for GE?

 

Were goats involved?