Re: Shark Bite - GE Style

Hate to defend corporate america but some facts are in order:

http://www.theatlantic.com/business/archive/2011/03/did-ge-really-pay-no-us-taxes-in-2010/73178/



Mike F. 





________________________________
From: Lance McLain <[email protected]>
To: DADL-OT (Mailing List) <[email protected]>
Sent: Thu, June 2, 2011 10:30:51 AM
Subject: [DADL-OT] Shark Bite - GE Style

zero hedge - on a long enough timeline, the survival rate for everyone drops to 
zero 

June 2, 2011 10:26 AM 
by Bruce Krasting
Shark Bite - GE Style




Some ugly data from Citizens for Tax Justice on corporate taxes paid in America. 
A chart from the report (link-PDF). 





The conclusions:

From 2008 through 2010, these 12 companies reported $171 billion in pretax U.S. 
profits. But as a group, their federal income taxes were negative: –$2.5 
billion.

All but two of the dozen companies enjoyed at least one no-tax year over the 
2008-10 period, despite reporting substantial pretax U.S. profits in those 
no-tax years.

Eight of the twelve companies reported net tax benefits over the full three-year 
period.

It’s old news that America’s biggest corporations pay little in taxes. It’s been 
well documented that GE is a functional tax deadbeat. I don’t think these big 
companies are cheating on their taxes. It’s the tax code that those same big 
companies (and their lobbyists) have written over the years. 


IMHO two things are needed:

1) There has to be a minimum tax on current year corporate  profits. I don’t 
give a damn what paper losses these companies can engineer from prior years. If 
they are in the green in a calendar year they can reduce their tax obligation 
with deductions, but not below a minimum rate. I would suggest that the minimum 
be set at 10%. 


Note: I think there is not a snowballs chance in hell that a minimum current 
year corporate tax could get passed. The opposition would be too great. My 
fallback position is that there is never a possibility that a US company 
benefits from a negative tax rate. If a company has a loss carry forward let 
them carry the cost, not the country.


2) President Obama has to dump Jeff Immelt (GE CEO) as his economic adviser. 
This fat cat of all fat cats is sitting on the President’s right hand side. 
Jeff’s influence and power has been elevated as a result.

I see it differently. I see GE/Immelt as a predators. They’re not friends of 
this country. They’re the enemy.











Fat Cats Jeff Immelt President Obama


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