GE make $5 billion in profits (in 2010, in the US alone) and pay no taxes

cnh

tonyb wrote: »

As I said earlier, I'm sure once you get below the poverty line, no taxes would be imposed. But that example I gave, at 40 g's a year, you make it sound like he couldn't afford to live on 36 g's after taxes. Lots of people do. If you are so inclined, you too can aspire to pay 1 million in taxes.

Don't follow you tony? Very few can 'aspire' to make enough to pay 1 million in taxes? And, unemployment, in real terms is probably twice the Gov'ts current figure. Where I live 40 Gs would be a LOT of money for a family to make? Are you saying that such individuals don't suffer hardship? Sure they can live on 36,000 barely...and their children 'will' 'do' suffer--I see it all the time.

There is also an unfounded assumption that those who make spectacular salaries do so 'meritocratically'? Something that is debatable considering how much graft and corruption we've seen with banks, Wall Street, and others?

Of course SOME do make it because of who they are and their abilities....but MANY do not and yet 'believe' that they did it 'themselves'. Their sense of 'entitlement' then often translates into a haughty superiority and disdain for the 'masses' and their plight.

On another note, as far as corps paying NO taxes.....aren't we pretty close to that already? What are ALL those lobbyists in congress trying to get--you think?

That's all folks! On to other things...


cnh

slk55amg

Sometimes!! Anybody recall the election of 2000? The "winner was selected, not elected.................................................

treitz3

It's also not only just the large Corporations that pay chump change in taxes. It can be the smaller ones as well. I will not speak [or type] beyond that, but I speak from experience with a company I folded up over a year ago.

slk55amg

tonyb wrote: »

Carmel....going out there next month. A visit to Napa, a drive down your way. Maybe Clint will have me for lunch. I can dream,can't I.

Go to his resturaunt, Mission Ranch, when he is in town , you can find him there almost every evening.................................

Jstas

slk55amg wrote: »

Sometimes!! Anybody recall the election of 2000? The "winner was selected, not elected.................................................

You're treading a very thin line in an already hot topic that's been civil so far. I suggest you shy away from such incendiary topics here because they are not well received by the powers that be. You can have your opinions no matter how right or wrong others think they are. But if you feel the need to express them, do so in a civil and respectful manner. If you can't there are plenty more places on the Internet to have your heated discussion about decade old politics. Otherwise, you'll not endear yourself here and your stay will be short lived and no fun at all.

Srsly, dude, seen it happen in the past multiple times. Just some friendly advice. No harm, no foul

tonyb

cnh wrote: »

Don't follow you tony? Very few can 'aspire' to make enough to pay 1 million in taxes? And, unemployment, in real terms is probably twice the Gov'ts current figure. Where I live 40 Gs would be a LOT of money for a family to make? Are you saying that such individuals don't suffer hardship? Sure they can live on 36,000 barely...and their children 'will' 'do' suffer--I see it all the time.

There is also an unfounded assumption that those who make spectacular salaries do so 'meritocratically'? Something that is debatable considering how much graft and corruption we've seen with banks, Wall Street, and others?

Of course SOME do make it because of who they are and their abilities....but MANY do not and yet 'believe' that they did it 'themselves'.

On another note, as far as corps paying NO taxes.....aren't we pretty close to that already. What are ALL those lobbyist in congress trying to get--you think?




cnh

Meh....I know what your saying, but thats life, we are not all created equal, we all don't share the same opportunities, the same brain power. To try an equal that out is playing Robin Hood.

nooshinjohn

tonyb wrote: »

The whole point of a flat tax is to do away with all the loop holes that enable big corps to get away with that. You make x amount, you pay x amount. I'm sure below the poverty line would have some exceptions.
Regardless, I see your anti corporation. Makes me wonder who you would work for if they went away ? Or are you a share the wealth type ?

This...

The way a flat tax has been proposed is that all income up to 25k would be free from any taxation. Income above that would be taxed at 10% up to 250k and all income above that would be at 15%. Such rates would then be set in stone, so to speak, needing a 2/3rds magority vote and/or a declaration of war to increase. A similar plan for corporate earnings would be something like up to 250k tax free, 250k to 5mil at 10% and everything above 5mill would be taxed at 15 to 18%, with no penalties for "repatriation" of income earned from outside the U.S. There would be no need to file taxes, find deductions or loopholes, or look into off-shore accounting firms to hide your cash.

The beauty of such a plan is the rates above would provide enough funding to the government to fund all current programs and liabilities(Obamacare excluded), and takes into account the needs of those that are at the bottom end of our economic system.

tonyb

slk55amg wrote: »

Go to his resturaunt, Mission Ranch, when he is in town , you can find him there almost every evening.................................

Thanks for tip, he's one of my favs. Anything else out by you worth a stop ?

slk55amg

tonyb wrote: »

Thanks for tip, he's one of my favs. Anything else out by you worth a stop ?

Bif Sur for sure, however at the moment Highway 1 from Carmel is closed, due to piece of the highway falling into the ocean!! It is supposed to be repaired by the end of April.

slk55amg

Jstas wrote: »

You're treading a very thin line in an already hot topic that's been civil so far. I suggest you shy away from such incendiary topics here because they are not well received by the powers that be. You can have your opinions no matter how right or wrong others think they are. But if you feel the need to express them, do so in a civil and respectful manner. If you can't there are plenty more places on the Internet to have your heated discussion about decade old politics. Otherwise, you'll not endear yourself here and your stay will be short lived and no fun at all.

Srsly, dude, seen it happen in the past multiple times. Just some friendly advice. No harm, no foul

Thanks I am new here, I respect your advice and will follow it, thanks

dkg999

slk55amg wrote: »

Thanks I am new here, I respect your advice and will follow it, thanks

OMG, don't give him that kind of power, we've just trained him to get along with others :rolleyes:

GE has the business mass to hire the best to incorporate a low tax liability strategy into their overall business plan. I would do the same thing if I were in charge of that business, and if the owners of GE (ie the share holders) feel differently they can vote to change that.

If we are going to change the business tax codes, then change them to incentivize businesses in the desired behaviours. So tie tax rates to employment, revenue/cost allocations in the US, etc. I'm all for businesses not paying any taxes as long as the tax revenue is given up in exchange for the desired behaviours.

treitz3

^^^ Nice. ^^^

Jstas

dkg999 wrote: »

OMG, don't give him that kind of power, we've just trained him to get along with others :rolleyes:

Don't make me come over there.

slk55amg

Jstas wrote: »

Don't make me come over there.

I am new here, I don,t want to cause problems

madmax

I remember Glenn Beck talking about GE for weeks about them being some kind of evil companion with the present government. Don't remember what it was all about. In any case they should pay a fair and reasonable amount of tax, as should everyone.

slk55amg

as tempting as it is, I shall not comment on Mr. Beck

tonyb

dkg999 wrote: »

OMG, don't give him that kind of power, we've just trained him to get along with others :rolleyes:

GE has the business mass to hire the best to incorporate a low tax liability strategy into their overall business plan. I would do the same thing if I were in charge of that business, and if the owners of GE (ie the share holders) feel differently they can vote to change that.

If we are going to change the business tax codes, then change them to incentivize businesses in the desired behaviours. So tie tax rates to employment, revenue/cost allocations in the US, etc. I'm all for businesses not paying any taxes as long as the tax revenue is given up in exchange for the desired behaviours.

Thats a can of worms Doug best left shut. Once you start steering investment to oblige a political agenda, as we see now, bad things start to happen, as we also see now.

dkg999

Tony - the tax agenda needs to be depoliticized, and as you note that's not an easy thing to do. Focused goals like incentivizing employment, retention of jobs in the US, etc. would be the place to start.

tonyb

Oh, I agree on rewarding those who hire workers here, who invest in America. It's the breaks for agenda's that bug me. Green tech, for example.

[Deleted User]

It's ironic that, in all likelihood, a sizable portion of GE's profit comes from supplying the US military. I imagine just the navy alone is immense let alone all those air force jet engines. So, what pays for the military? Tax money. Of course that's probably part of the tax break, being a military supplier. The loopholes have loopholes.

Polkersince85

madmax wrote: »

I remember Glenn Beck talking about GE for weeks about them being some kind of evil companion with the present government. Don't remember what it was all about. In any case they should pay a fair and reasonable amount of tax, as should everyone.

Try tailored legislation to provide write offs for alternate energy research plus grants for the same.

I'm for the Fair Tax. Only pay if you spend it, everybody gets caught then.

slk55amg

I own lots of GE shares, less than2% of revenues come from the military, less than1% translates to the bottom line...................

[Deleted User]

Ah, I stand corrected. Actually I'm seated.
Where does the bulk of the profit come from?

slk55amg

A growing amount of profit comes from an ever expanding line of medical equipment, also GEcapital, now that all of the bad real estate has been wriiten off the last three years, tighter underwriting standards ( its about time) GE Capital is truly a " money machine".

[Deleted User]

I see, thanks!
Do they still make jet engines?

slk55amg

Yes they do, most of them go to commercial aviation.

F1nut

slk55amg wrote: »

as tempting as it is, I shall not comment on Mr. Beck

As tempting as it is, I shall not comment on your comment about not commenting on Mr. Beck.

kevhed72

Glen Beck is my hero.

slk55amg

No Comment

LessisNevermore

kevhed72 wrote: »

Glen Beck is my hero.

His act is right on par, and just as un-funny as Carrot Top.