Taxes and What not

[Maury Ballstein]

http://www.huffingto..._n_2852094.html

 

 

So it appears if one wants to get ahead in life you need to bend the rules to a degree.

 

108 Billion dollars hid overseas to not pay taxes by GE? Solid move GE, guess your not interested in paying shanequas rent and grocery bills like the rest of us.

 

This burns my ass a little as I am backlogged and am paying close to 15k in taxes now as a everyday run of the mill broke ass.

 

if i am taking one in butt for taxes and what not then GE should as well..........shoutout to Merck and Johnson and Johnson as well it seems they know the "rules" as well.

Edited March 11, 2013 by Ryan L Billz

[KD in CA]

Just out of curiosity, is that overseas cash the result of overseas operations, where they presumably incurred overseas taxes?

 

Also, did GE not disclose the existance of this cash? Where exactly did they 'hide' the cash?

[Maury Ballstein]

The companies have attributed a growing amount of their revenue to foreign sales, and they have assigned patents and licenses to foreign subsidiaries. Thanks to these practices, the U.S. is not only losing out on tax revenue, but it is also missing money kept overseas that will not be used to invest in the U.S. or pay dividends to shareholders.

It has become increasingly common for companies to move or keep their profits overseas. The biggest U.S. companies boosted their offshore cash hoards by 14 percent last year, according to a separate Bloomberg report. Apple, Microsoft and Google together have more than doubled their overseas holdings over the past two years. The drugmakers Merck and Johnson & Johnson each saved about $2 billion last year by shifting profits overseas, according to Bloomberg.

 

**KD in CT.....seems a grey area with tons of room for abuse**

Edited March 11, 2013 by Ryan L Billz

[Magox]

Which is why there has to be a complete overhaul of the US tax code. Lower the rates, close loopholes and provide some sort of incentive to repatriate those funds back home.

 

Key word, incentive.

[Maury Ballstein]

Joe Flacco and his 52% tax rate will get us back in the black

[IDBillzFan]

So it appears if one wants to get ahead in life you need to bend the rules to a degree.

 

You don't need to bend the rules. You just need to know them all. This would require you to hire a bunch of accountants and attorneys. It would also require you to raise a bunch of money so you could help elect the people who will put these rules in place for you. And if you're really good, you can not only have the president name you to one of his ridiculous councils, but also let you know where he plans on getting his oil in lieu of building the Keystone pipeline so you can set up shop and get some of that overseas business.

 

There will be many stories in years to come that will chronicle how Barack Obama was every bit the corrupt whore that other presidents have been...and some of the best stories will involve Jeffrey Immelt and GE.

[B-Man]

Really ?

 

I had to read it twice. An entire article on GE and CEO Jeff Immelt in the Puffington Host , and not what one mention of President Obama ?

 

Good thing I was sitting down................lol

 

 

As previous posters have pointed out, there has to be a complete overhaul of the tax system, something the majority of DC politicians do not really want.

 

and perhaps when there is a proposal, the media could hold off on their cliched "favors the rich" and "what about those who don't pay taxes" articles.

 

 

.

[meazza]

The companies have attributed a growing amount of their revenue to foreign sales, and they have assigned patents and licenses to foreign subsidiaries. Thanks to these practices, the U.S. is not only losing out on tax revenue, but it is also missing money kept overseas that will not be used to invest in the U.S. or pay dividends to shareholders.

It has become increasingly common for companies to move or keep their profits overseas. The biggest U.S. companies boosted their offshore cash hoards by 14 percent last year, according to a separate Bloomberg report. Apple, Microsoft and Google together have more than doubled their overseas holdings over the past two years. The drugmakers Merck and Johnson & Johnson each saved about $2 billion last year by shifting profits overseas, according to Bloomberg.

 

**KD in CT.....seems a grey area with tons of room for abuse**

 

Due to globalization countries are competing for tax revenues by lowering their rates and make it more profitable for companies to do business there.

 

No one is going to pay taxes out of the goodness of their heart.

[B-Large]

You don't need to bend the rules. You just need to know them all. This would require you to hire a bunch of accountants and attorneys. It would also require you to raise a bunch of money so you could help elect the people who will put these rules in place for you. And if you're really good, you can not only have the president name you to one of his ridiculous councils, but also let you know where he plans on getting his oil in lieu of building the Keystone pipeline so you can set up shop and get some of that overseas business.

 

There will be many stories in years to come that will chronicle how Barack Obama was every bit the corrupt whore that other presidents have been...and some of the best stories will involve Jeffrey Immelt and GE.

 

Imagine a Flat Tax that everybody pays 10% of income, or a Fair Tax that only taxes purchases. No more bitching about differential tax rates, no money wasted to have a CPA decipher the the 72K page tax code, no more stories about compaines stashing money..... one can only dream

[Magox]

Imagine a Flat Tax that everybody pays 10% of income, or a Fair Tax that only taxes purchases. No more bitching about differential tax rates, no money wasted to have a CPA decipher the the 72K page tax code, no more stories about compaines stashing money..... one can only dream

 

That would be considered to be highly regressive and you would be hard-pressed to get more than a handful of votes in support of it from the Democratic party. So the flat tax is something that we will most likely never ever see here in the U.S

Edited March 11, 2013 by Magox

[DC Tom]

http://www.huffingto..._n_2852094.html

 

 

So it appears if one wants to get ahead in life you need to bend the rules to a degree.

 

108 Billion dollars hid overseas to not pay taxes by GE? Solid move GE, guess your not interested in paying shanequas rent and grocery bills like the rest of us.

 

This burns my ass a little as I am backlogged and am paying close to 15k in taxes now as a everyday run of the mill broke ass.

 

if i am taking one in butt for taxes and what not then GE should as well..........shoutout to Merck and Johnson and Johnson as well it seems they know the "rules" as well.

 

I must have missed the part where any rules were being bent or anything being hidden.

[B-Man]

 

Santelli: Where the heck was Immelt on regulatory uncertainty two, three, four years ago?

 

In a letter to his shareholders on Monday, General Electric CEO Jeffrey Immelt warned that the

many incoming federal regulations and the accompanying “unprecedented” uncertainty could have an unfortunate impact on capital investment and the general American economy

.

 

You don’t say Jeff !

 

via

CNBC

:

“

The amount of regulation tends to grow during periods of financial strain and we are certainly seeing that in the U.S.,” Immelt said, “The number of ‘major regulations’—regulations with more than $100 million in impact—has exploded in the last few years. The result has been an additional burden on business. Until we solve for these constraints, it is hard to see that the U.S. will return to its full growth potential.”

Immelt called 2013 “another typical year in the Reset Era,” pointing to economic strength in emerging markets, including renewed growth and reform in China, while the U.S. is in “unprecedented territory” when it comes to fiscal uncertainty. He called that “a major source of volatility in corporate planning.” This uncertainty, he said, is “something I never thought I would see.”

 

But as CNBC host Rick Santelli wondered this morning, why didn’t we hear a little bit more emphasis about the negative effects coming from ObamaCare and Dodd-Frank when Immelt was acting as — oh, I don’t know — the chairman of President Obama’s specially-appointed Council on Jobs and Competitiveness? Paying lip service to ‘reducing regulatory barriers’ is all well and good, but those two regulatory-uncertainty-inducing behemoths managed to escape pretty well unscathed.

The other thing that gelled today is Jeff Immelt, our fearless leader of a bygone day. That’s just changed recently. On the big letter that he wrote to shareholders I would like to pull out one sentence, let’s put it on the screen: “…until we solve for these constraints, it is hard to see that the U.S. will return to its full growth potential.” Obviously they’re both talking roughly about the same thing. Here’s my problem. Where was everybody two or three or four years ago? Dodd-Frank passed in 2010. Mr. Immelt running one of the greatest companies on the planet in form of GE. Well, he was the Chair of the Jobs and Competitiveness group that the president had.

 

And he’s not the only big business executive who was conspicuously silent about it all, either. As for the op-ed Santelli mentions in the WSJ, it’s yet another testament to the many ways in which Dodd-Frank was the administration’s effort to look proactive on dismantling the excesses of the financial crisis, but really only compounding the problems in the process.

 

http://hotair.com/ar...four-years-ago/

Edited March 12, 2013 by B-Man

[Dean Cain]

Joe Flacco holds duel citizenship. And Joe Flacco incorporated himself while also self ordaining himself a "football god", as we all know religion pays no taxes.

[Alaska Darin]

http://www.huffingto..._n_2852094.html

 

 

So it appears if one wants to get ahead in life you need to bend the rules to a degree.

 

108 Billion dollars hid overseas to not pay taxes by GE? Solid move GE, guess your not interested in paying shanequas rent and grocery bills like the rest of us.

 

This burns my ass a little as I am backlogged and am paying close to 15k in taxes now as a everyday run of the mill broke ass.

 

if i am taking one in butt for taxes and what not then GE should as well..........shoutout to Merck and Johnson and Johnson as well it seems they know the "rules" as well.

What should "burn your ass a little" is that the United States doesn't have the friendliest tax policies in the world and essentially forces businesses to put their money elsewhere.

 

If you continue to add regulation and cost, you're going to lose revenue to places that don't. It's really that simple.

[Nanker]

Waaahhh! Why doesn't BO make them pay their fair share? Fargin' Republican obstructionists! [/s]

[KD in CA]

The companies have attributed a growing amount of their revenue to foreign sales, and they have assigned patents and licenses to foreign subsidiaries. Thanks to these practices, the U.S. is not only losing out on tax revenue, but it is also missing money kept overseas that will not be used to invest in the U.S. or pay dividends to shareholders.

It has become increasingly common for companies to move or keep their profits overseas. The biggest U.S. companies boosted their offshore cash hoards by 14 percent last year, according to a separate Bloomberg report. Apple, Microsoft and Google together have more than doubled their overseas holdings over the past two years. The drugmakers Merck and Johnson & Johnson each saved about $2 billion last year by shifting profits overseas, according to Bloomberg.

 

**KD in CT.....seems a grey area with tons of room for abuse**

 

There you go, growing amount of revenue due to foreign sales = growing amount of cash in foreign bank accounts. Not really all that hard to understand. Of course they are 'keeping their profits overseas'. They EARNED those profits overseas and they ALREADY paid taxes on them overseas. Why should they pay taxes AGAIN to the US on the same earnings?

 

Stop being a lemming by believing propaganda bullsh-- that is littered with words like "hoards" or bogus 'examples' of how much someone "saved" in taxes, or math that calculates US paid federal taxes divided by Global revenues. (btw, I love how liberals dispute the 47% claim by pointing out how people pay FICA but refuse to acknowledge the billions paid by corporate entities in state, local and federal payroll taxes). Nobody "saved" anything in taxes -- they paid what they owed.

 

Does it also 'burn your ass' when a company moves out of NYS because of the absurd local tax laws and relocates to Texas or Florida? Would you be happier if that happened on a global level and J&J said "!@#$ it, we're relocating our entire company to another country"?

 

Please stop being foolish enough to buy into this crap that is only designed to influence the votes of ignorant people.

[Maury Ballstein]

It seems like I am getting my ass burned PPP style by a few of you.....thanks for the feedback.

 

Bored at work, saw the link figured it would be a decent PPP style topic, some are buying in to the "bending of the rules" others think its just overseas revenue. IMO it's a grey area that is probably getting exploited to a degree.

 

I live in Virginia, so the NYS tax laws in regards to companies relocating doesn't mean a ton to me although i do wish the best for all of you who are not scared to put in your 40 hours a week at a decent job and don't want to see people lose their jobs over tax laws/policies.

 

In Virginia it's a right to work state and a commonwealth so the employers have all the power here and the worker has zero rights (unless they were fired for being gay or jewish/arab/etc)

 

My votes not going to be influenced as IMO all of political hill is one big sham.

[KD in CA]

It seems like I am getting my ass burned PPP style by a few of you.....thanks for the feedback.

 

Bored at work, saw the link figured it would be a decent PPP style topic, some are buying in to the "bending of the rules" others think its just overseas revenue. IMO it's a grey area that is probably getting exploited to a degree.

 

I live in Virginia, so the NYS tax laws in regards to companies relocating doesn't mean a ton to me although i do wish the best for all of you who are not scared to put in your 40 hours a week at a decent job and don't want to see people lose their jobs over tax laws/policies.

It is a good topic and one worth repeating occassionally; especially given the current administration's efforts to demonize and extort businesses at every level as of means of further consolidating federal governmernt power. Sadly, they get away with it because people don't put forth the effort to read and understand what they are being told and so they usually fail to see the bullsh--- they are being told for what it is.

 

In Virginia it's a right to work state and a commonwealth so the employers have all the power here and the worker has zero rights (unless they were fired for being gay or jewish/arab/etc)

Again with a ridiculous characterization you have picked up from the media propaganda. "The worker has zero rights"?? Really? You don't have the right to quit your job and get another one if you want? You don't have the right to be covered by hundreds of federal and state employment laws? Your employer doesn't offer you health coverage or allow you to take time off? Really??

 

What other 'rights' do you think you deserve? That your employer should be forced to pay you forever no matter how poorly you perform your job or no matter what changes in business conditions occur? Is that how you think more jobs are going to be created?

[Maury Ballstein]

It is a good topic and one worth repeating occassionally; especially given the current administration's efforts to demonize and extort businesses at every level as of means of further consolidating federal governmernt power. Sadly, they get away with it because people don't put forth the effort to read and understand what they are being told and so they usually fail to see the bullsh--- they are being told for what it is.

 

 

Again with a ridiculous characterization you have picked up from the media propaganda. "The worker has zero rights"?? Really? You don't have the right to quit your job and get another one if you want? You don't have the right to be covered by hundreds of federal and state employment laws? Your employer doesn't offer you health coverage or allow you to take time off? Really??

 

What other 'rights' do you think you deserve? That your employer should be forced to pay you forever no matter how poorly you perform your job or no matter what changes in business conditions occur? Is that how you think more jobs are going to be created?

 

I haven't picked up Jack from the media propaganda......... I have been terminated in the past wrongfully and after pursuing some sort of legal avenues the only questions that the lawyer will ask is "are you gay or jewish" if not then theres nothing i can do as this is a RIGHT TO WORK STATE

 

Everyone should be canned for poor performance but theres a little more to it than that. I am in a decent place now but have lost 2 jobs for uber questionable reasons that would not have happened in non RIGHT TO WORK states.

 

GEICO and HSBC ftr.... if you want me to name names.

[Jauronimo]

I haven't picked up Jack from the media propaganda......... I have been terminated in the past wrongfully and after pursuing some sort of legal avenues the only questions that the lawyer will ask is "are you gay or jewish" if not then theres nothing i can do as this is a RIGHT TO WORK STATE

 

Everyone should be canned for poor performance but theres a little more to it than that. I am in a decent place now but have lost 2 jobs for uber questionable reasons that would not have happened in non RIGHT TO WORK states.

 

GEICO and HSBC ftr.... if you want me to name names.

Such as?