GE Filed 57,000-Page Tax Return, Paid No Taxes on $14 Billion in Profits

[PorkChopSandwiches]

General Electric, one of the largest corporations in America, filed a whopping 57,000-page federal tax return earlier this year but didn't pay taxes on $14 billion in profits. The return, which was filed electronically, would have been 19 feet high if printed out and stacked.


The fact that GE paid no taxes in 2010 was widely reported earlier this year, but the size of its tax return first came to light when House budget committee chairman Paul Ryan (R, Wisc.) made the case for corporate tax reform at a recent townhall meeting. "GE was able to utilize all of these various loopholes, all of these various deductions--it's legal," Ryan said. Nine billion dollars of GE's profits came overseas, outside the jurisdiction of U.S. tax law. GE wasn't taxed on $5 billion in U.S. profits because it utilized numerous deductions and tax credits, including tax breaks for investments in low-income housing, green energy, research and development, as well as depreciation of property.

http://coto2.files.wordpress.com/2009/09/cat-in-the-hat-wtf-is-this-shit1.jpg?w=216&h=299


"I asked the GE tax officer, 'How long was your tax form?'" Ryan said. "He said, 'Well, we file electronically, we don't measure in pages.'" Ryan asked for an estimate, which came back at a stunning 57,000 pages. When Ryan relayed the story at the townhall meeting in Janesville, there were audible gasps from the crowd.

Ken Kies, a tax lawyer who represents GE, confirmed to THE WEEKLY STANDARD the tax return would have been 57,000 pages had it been filed on paper. The size of GE's tax return has more than doubled in the last five years.

[Acid Trip]

Yet another reason we need a complete overhaul of the tax code.

[PorkChopSandwiches]

No no no, we just need to tax middle America more

[Muddy]

Or we could stop buying GE products?

[PorkChopSandwiches]

GE is doing what any smart business would do, its this fucked up tax code that allows them to do it.

[Muddy]

Yeah, you're right..

[Acid Trip]

Or we could stop buying GE products?

That's almost impossible right now. Here is what GE makes and most of it is for businesses:

Appliances, aviation engines, consumer electronics, electrical distribution equipment, energy products, a finance arm (consumer and business), healthcare equipment, lighting fixtures, oil and gas equipment, locomotive equipment, software, water treatment equipment, etc.

[Muddy]

We need to scrap the tax code and just make everyone pay a percentage... Rich, poor, company, whatever. No exceptions.

[PorkChopSandwiches]

Something needs to be done, this kind of thing is an outrage

[Loser]

999! :lol:

[Muddy]

999! :lol:

Can I get a large cheese to go?

[PorkChopSandwiches]

and a side of sexual harassment

[Loser]

Honestly though, it would solve all tax problems.

[PorkChopSandwiches]

I like the idea of it

[Muddy]

It's a great idea, but Herman's done..

[Acid Trip]

Getting rid of loopholes, deductions, credits, accounting gimmicks, etc etc makes too many powerful people mad.

Whether Cain sexually harassed those women or not is irrelevant because they succeeded in killing his tax reform idea. His reputation was permanently tarnished by the media blitz that ensued.

The IMF chief didn't rape that cleaning lady yet he lost his job and all credibility. If it worked once why not do it again.

[Godfather]

We need to scrap the tax code and just make everyone pay a percentage... Rich, poor, company, whatever. No exceptions.

No kidding. Maybe not quite so simplified, I understand some exemptions being a logical way to get businesses to do important thing they otherwise wouldn't.

But wow... 57,000 pages, zero dollars. They definitely need to get simplifying and stop letting billions fall through the cracks.

[FBD]

Getting rid of loopholes, deductions, credits, accounting gimmicks, etc etc makes too many powerful people mad.

Whether Cain sexually harassed those women or not is irrelevant because they succeeded in killing his tax reform idea. His reputation was permanently tarnished by the media blitz that ensued.

The IMF chief didn't rape that cleaning lady yet he lost his job and all credibility. If it worked once why not do it again.

crusade against PC. its a good foot forward :thumbsup:

[Muddy]

crusade against PC. its a good foot forward :thumbsup:

Your Republican buddys put all these loopholes in place for their rich campaign contributors....

[JoeyB]

Something needs to be done, this kind of thing is an outrage


No kidding. Maybe not quite so simplified, I understand some exemptions being a logical way to get businesses to do important thing they otherwise wouldn't.

But wow... 57,000 pages, zero dollars. They definitely need to get simplifying and stop letting billions fall through the cracks.

Why are you guys shocked? This isn't new information, nor are they the only corporation raking in billions but paying nothing.


Your Republican buddys put all these loopholes in place for their rich campaign contributors....

Jokes aside, that is actually true Muddy.

[Acid Trip]

Your Republican buddys put all these loopholes in place for their rich campaign contributors....

Yeah because ONLY Republicans do political favors with the tax code. It's been abused beyond recognition by both parties. Blaming one side is the idiotic blame game they want you to be in. You've taken the bait hook line and sinker.

You realize that GE is run by a liberal with close knit ties to Obama right? If he was the upstanding liberal that all liberals claim to be he would have had his company pay their fair share of taxes.

[Muddy]

It's all Obamas fault, I meant...

[Acid Trip]

It's all Obamas fault, I meant...

It's not the fault of one side or the other, it's both sides. Is that really that hard to understand?

It's no wonder this country is turning into a shit hole. The evidence is everywhere but people blind with partisan rage.

[Muddy]

I am fucking ANGRY man....

[Hal-9000]

I wonder how much the GE tax preparer got paid?


That was like a gold medal performance in accounting...

[Acid Trip]

I wonder how much the GE tax preparer got paid?


That was like a gold medal performance in accounting...

An accountant makes about 80-100k here in Dallas. GE has an army of both accountants and tax lawyers. They spend huge amounts of money to make sure they pay no taxes.

[Hal-9000]

An accountant makes about 80-100k here in Dallas. GE has an army of both accountants and tax lawyers. They spend huge amounts of money to make sure they pay no taxes.

So you don't think they used the 40 buck version of Quick-Tax online?

[Acid Trip]

So you don't think they used the 40 buck version of Quick-Tax online?

:lol: Doubt it. How many IRS agents do you suppose it takes to go over that GE return? 10? 100?

[FBD]

More like, how much did GE spend on its entire accounting division, whose full time job it is to see what loopholes they can fit a 112" turbofan through.

What I want to know is, did they pay taxes on all the business they've done with Iran?

GE is the ultimate groupthink palace. I contracted for them for a while and it was PC hell, only those with the biggest smears of shit on their noses got anywhere.



Muddy :lol: I love it! Its just like nobody in the media paying any attention to the continued fannie & freddie bailouts, but all of a sudden we hear that Newt consulted for one of them and gave them advice, which they did not take, and its all over :lol: what a f'n joke.

My point dear mudster is that ALL of this cronyism has to go, it has no place in our republic. Everyone needs to be measured with the same ruler, the rules need to be applied the same no matter who you are.

We can all agree that aint f'n happening right now - who do you think is more apt to make that happen - the old guard Ds, the new transmogrified Progressive movement that calls itself the democrat party, the "establishment" Rs, who are every bit as inclined to keep the government gravy train well fed, or...*gasp* the tea party, who have mostly thumped the book of first values of the country?

[Hal-9000]

Is it even related to the parties anymore? Those with the zillions, will ensure that they stay in the zillions.And of course the uber wealthy dictate which party will go to the top and which policies to adopt or follow...

accurate?

[Acid Trip]

More like, how much did GE spend on its entire accounting division, whose full time job it is to see what loopholes they can fit a 112" turbofan through.

What I want to know is, did they pay taxes on all the business they've done with Iran?

GE is the ultimate groupthink palace. I contracted for them for a while and it was PC hell, only those with the biggest smears of shit on their noses got anywhere.



Muddy :lol: I love it! Its just like nobody in the media paying any attention to the continued fannie & freddie bailouts, but all of a sudden we hear that Newt consulted for one of them and gave them advice, which they did not take, and its all over :lol: what a f'n joke.

My point dear mudster is that ALL of this cronyism has to go, it has no place in our republic. Everyone needs to be measured with the same ruler, the rules need to be applied the same no matter who you are.

We can all agree that aint f'n happening right now - who do you think is more apt to make that happen - the old guard Ds, the new transmogrified Progressive movement that calls itself the democrat party, the "establishment" Rs, who are every bit as inclined to keep the government gravy train well fed, or...*gasp* the tea party, who have mostly thumped the book of first values of the country?

Just make me dictator for a few years and I'll fix it all.

[FBD]

Is it even related to the parties anymore? Those with the zillions, will ensure that they stay in the zillions.And of course the uber wealthy dictate which party will go to the top and which policies to adopt or follow...

accurate?

Nailin Palin drills another one - go read her article on the wall st journal today. A big part of the issue is, politicians get rich by being politicians and they are quite loathe to do anything that will limit the amount of gravy they help themselves to.

Consider the $174,000 and above measure being floated right now for elimination of tax deductions - who makes $174k a year?

...


the average congressman.

[Hal-9000]

I knew it :dance:

[Muddy]

More like, how much did GE spend on its entire accounting division, whose full time job it is to see what loopholes they can fit a 112" turbofan through.

What I want to know is, did they pay taxes on all the business they've done with Iran?

GE is the ultimate groupthink palace. I contracted for them for a while and it was PC hell, only those with the biggest smears of shit on their noses got anywhere.



Muddy :lol: I love it! Its just like nobody in the media paying any attention to the continued fannie & freddie bailouts, but all of a sudden we hear that Newt consulted for one of them and gave them advice, which they did not take, and its all over :lol: what a f'n joke.

My point dear mudster is that ALL of this cronyism has to go, it has no place in our republic. Everyone needs to be measured with the same ruler, the rules need to be applied the same no matter who you are.

We can all agree that aint f'n happening right now - who do you think is more apt to make that happen - the old guard Ds, the new transmogrified Progressive movement that calls itself the democrat party, the "establishment" Rs, who are every bit as inclined to keep the government gravy train well fed, or...*gasp* the tea party, who have mostly thumped the book of first values of the country?


So we agree that both sides are stupid..?

[FBD]

I'll save "stupid" for the 8-10% that is Progressive America that believes its like 50% of america.

The majority of the others, corrupt bastards.

But of course, hate Palin and people like her who have gone after corrupt bastards :lol:

[Muddy]

I was going to edit and say 'self serving'...

[Acid Trip]

Nailin Palin drills another one - go read her article on the wall st journal today. A big part of the issue is, politicians get rich by being politicians and they are quite loathe to do anything that will limit the amount of gravy they help themselves to.

Consider the $174,000 and above measure being floated right now for elimination of tax deductions - who makes $174k a year?

...


the average congressman.

That Palin essay in the Wall Street Journal was so on point I couldn't believe she wrote it.

[Acid Trip]

Here is a well written piece on how elected officials have made themselves into the new ruling class (aka Monarchs beyond reproach).

http://spectator.org/archives/2010/07/16/americas-ruling-class-and-the/print

It's a long read but worth it.

[Teh One Who Knocks]

Yeah because ONLY Republicans do political favors with the tax code. It's been abused beyond recognition by both parties. Blaming one side is the idiotic blame game they want you to be in. You've taken the bait hook line and sinker.

You realize that GE is run by a liberal with close knit ties to Obama right? If he was the upstanding liberal that all liberals claim to be he would have had his company pay their fair share of taxes.

Quit bringing the facts into the argument...it's all the republicans fault and you know it :hand:

[Teh One Who Knocks]

I wonder who the CEO of GE is and I wonder if he's ever been to the White House recently :-k

[Deepsepia]

Yet another reason we need a complete overhaul of the tax code.

To overhaul it, we'd have to decide what we want.

Eliminating the corporate income tax makes a lot of sense, but you have to make up the revenue somewhere. So, where?

My sense of the mood in the country is that there'd be a pretty deep hostility to the kind of sales or VAT tax that would be needed.

[Acid Trip]

To overhaul it, we'd have to decide what we want.

Eliminating the corporate income tax makes a lot of sense, but you have to make up the revenue somewhere. So, where?

My sense of the mood in the country is that there'd be a pretty deep hostility to the kind of sales or VAT tax that would be needed.

But if we could get people to understand that a sales/VAT tax would replace all other taxes I think they would be more willing. Misinformation makes them think it's a tax being added on to the taxes they already pay.

[Deepsepia]

But if we could get people to understand . . .

As time goes on, my confidence in what we can "get people to understand" plumbs new depths. At this point, I think I'm confident that the American people know the cast of Glee.

Beyond that, it gets kinda dicey . . .



Voter: Mr Stevenson, every thinking man in America will vote for you

A.S: Yes, but I need a majority to win . . .

[DemonGeminiX]

As time goes on, my confidence in what we can "get people to understand" plumbs new depths. At this point, I think I'm confident that the American people know the cast of Glee.

Beyond that, it gets kinda dicey . . .

:hand:

The only thing I know about the cast of Glee is that the one chick isn't nearly half as hot as she and the media thinks she is and she has a really big nose.

[Muddy]

:hand:

The only thing I know about the cast of Glee is that the one chick isn't nearly half as hot as she and the media thinks she is and she has a really big nose.


I cant stand friggin Glee...

[DemonGeminiX]

I've never watched it. Don't think I'm ever going to.

[MrsM]

Just saying - if a company doesn't pay tax it usually means that they maximized the tax law and to do this usually means spending money. Spending money usually equates to buying goods or services which in turn mean more jobs for other companies. More jobs usually mean more people getting a pay cheque and the government gets it's tax through income tax and not corporate taxes.

Consider if these tax laws were changed... budgets get cut because the tax money is not coming from the profits - that is protected for the shareholders. So jobs are cut... Divisions buy less so demand is less and seconday companies need to lay staff off because the demand is reduced. More lost jobs...

Unemployed people need resouces, unemployment pay, welfare - so now the government is not getting income tax and needs to pay more for these people.

Just sayin - companies that don't pay tax is not always a bad thing

[PorkChopSandwiches]

I've never watched it. Don't think I'm ever going to.

I watched it a couple episodes in the beginning. Talk about pushing the gay agenda :roll: I had to take a shower after watching it.

[Acid Trip]

I've never watched it. Don't think I'm ever going to.

I've never watched it either. I knew it wasn't worth my time based solely off the title.

[Muddy]

I cant stand musicals.... and overly faggy men..

[PorkChopSandwiches]

I like my ghey pron full of singing....and gagging