Major corporation with $18B in sales and $619MM in profits will pay zero tax in 2010

[_GTech]

If I was paying X million in taxes and wanted to get a tax cut, you can bet with the billions I have in my pocket, it's gonna happen! Welcome to American politics, where you can buy almost anything, even justice, and especially the IRS...

Money talks and suckers walk... How's those gas prices?

 

[her209]

Never mind... already been posted by chowderhead.

 

[jhu]

Are there not companies that pay all that and income tax too?

At our (small) company, the profits all go straight to employees, so all profits get taxed as individual income rather than collectively as corporate income.

 

[Schadenfroh]

GE laughs at Whirlpool and its earnings.
http://www.nytimes.com/2011/03/25/b....html?pagewanted=1&_r=1&src=ISMR_HP_LO_MST_FB

Dailytech posted an article on this recently.
http://www.dailytech.com/GE+14B+USD...st+Year+Gets+32B+Tax+Benefit/article21230.htm

This is unbelievable, our tax system is so screwed up.

 

[bfdd]

lol... keep voting those people in though. that'll change things!

 

[Throckmorton]

Zero INCOME Tax.

They've paid in plenty of Social Security Tax (Employer Portion), Unemployment Tax, Other Employer Local Tax, Untold amount of "Fees", Franchise Tax, Property Tax, and collected Sales Tax.

LOL. And yet the right says that the poor pay "no taxes" even though they pay Social Security, unemployment, Medicare, sales tax....

 

[bfdd]

LOL. And yet the right says that the poor pay "no taxes" even though they pay Social Security, unemployment, Medicare, sales tax....

owned

 

[Icepick]

This is disgusting. Someone should go to prison over this. Can we PLEASE get some people into office who have the balls to collect taxes from the wealthy and the large corporations?

 

[Icepick]

It's the government's responsibility to collect taxes, not whirlpools to hand over it's own legitimate earnings because of the government's inability to close loopholes.

Any tax reform that takes place right now, even if it's horrific, will be an improvement on the gigantic clusterfuck that is our tax code. I accept the premise necessary to pass Obamacare (namely the "DO SOMETHING, ANYTHING" premise) when it comes to the tax code.

Agreed. This is my position as well.

 

[_GTech]

lol... keep voting those people in though. that'll change things!

If you don't think the voting system is rigged you are obviously not educated.

=========================================

The power of the corporation has been to earn, spend, and then pay taxes, it's been that way forever.

So why should this news be shocking, or why even complain about it? It's not like more taxes will solve the issues, the government has already proven that more money will only result in more spending and useless programs.

 

[Fern]

LOL. And yet the right says that the poor pay "no taxes" even though they pay Social Security, unemployment, Medicare, sales tax....

For many, the Earned Income Credit is just a refund of their SS (which includes Medicare). Employees don't pay unemployment, only the employer does.

OK, they pay sales tax.

Fern

 

[PeshakJang]

GE laughs at Whirlpool and its earnings.
http://www.nytimes.com/2011/03/25/b....html?pagewanted=1&_r=1&src=ISMR_HP_LO_MST_FB

14.2 billion in profits with 5.1 billion in the US - total American tax = 0. In the last five years, G.E. has accumulated $26 billion in American profits, and received a net tax benefit from the I.R.S. of $4.1 billion.
All companies need to do is hire former Treasury officials, IRS agents and people who wrote the tax laws to do their taxes.

It's a good thing Obama is taking it to GE!.....

Honestly though... I don't recall Bush being so blatant about his cock-sucking of American business as Obama has been recently.

I think he's gotten to the point where he finally figured out that there are enough brain-dead fucking idiots on the left that believe anything he says, to the point where he can basically do anything he wants... since he isn't getting reelected anyway.

 

[PeshakJang]

OK, they pay sales tax.

Fern

To their local government.

 

[dmcowen674]

GE laughs at Whirlpool and its earnings.
http://www.nytimes.com/2011/03/25/b....html?pagewanted=1&_r=1&src=ISMR_HP_LO_MST_FB

14.2 billion in profits with 5.1 billion in the US - total American tax = 0.

In the last five years, G.E. has accumulated $26 billion in American profits, and received a net tax benefit from the I.R.S. of $4.1 billion.

All companies need to do is hire former Treasury officials, IRS agents and people who wrote the tax laws to do their taxes.

All this has pushed down the corporate share of the nation’s tax receipts — from 30 percent of all federal revenue in the mid-1950s to 6.6 percent in 2009.

Don't worry, they don't need to pay more or any taxes at all, American tax payers need to.

I'm sure there won't be any negative comment from the radical rich righties on here that are part of this raping of the U.S.

 

[umbrella39]

Look a couple posts up for the GOP response.

 

[majob1112]

LOL. And yet the right says that the poor pay "no taxes" even though they pay Social Security, unemployment, Medicare, sales tax....

Payroll tax doesn't go towards the social services the poor suck down like water. It's essentially withheld income to be given to back to them as time and circumstances dictate. Social Security and Medicare will be given back to them when they retire. Unemployment will be collected if they lose their jobs. Sales tax is nearly an optional tax as necessities like unprepared food are not subject to sales tax. Only luxury items have sales tax attached to them. When it comes to paying for roads, police and fire departments, schools, and the post, the poor don't even donate a drop in the bucket.

 

[ollie78]

This is disgusting. Someone should go to prison over this. Can we PLEASE get some people into office who have the balls to collect taxes from the wealthy and the large corporations?

Simplify the tax code. Probably the one thing in regulation where less is more.