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16th April 2010, 11:30 AM
GE: 7,000 tax returns, $0 U.S. tax bill

By Annalyn Censky, staff reporterApril 16, 2010: 11:52 AM ET

NEW YORK (CNNMoney.com) -- General Electric filed more than 7,000 income tax returns in hundreds of global jurisdictions last year, but when push came to shove, the company owed the U.S. government a whopping bill of $0.

GE had plenty of earnings last year -- just not in the United States. For tax purposes, the company's U.S. operations lost $408 million, while its international businesses netted a $10.8 billion profit.

That left GE (GE, Fortune 500) with no U.S. profit left for Uncle Sam to tax.

http://money.cnn.com/2010/04/16/news/companies/ge_7000_tax_returns/index.htm

:oo-->

BeefJerky
16th April 2010, 11:59 AM
Niiiiiiiiice. ;D

I need one of those CPA's. :oo-->

YukonCornelius
16th April 2010, 12:32 PM
WOW...WOW...just wow. Yet my mom who made less than $30,000 this year, because she doesn't "own" a house any more and can't claim any dependents because my dad does will be paying more than a corporation netting $10,000,000,000.

For fucks sake

MAGNES
17th April 2010, 02:11 PM
Excellent blog full of great links.
http://www.washingtonsblog.com/2010/04/after-getting-bailed-out-by-american.html

General Electric got bailed out by American taxpayers.

Specifically, it was given $139 billion in FDIC guarantees and support by the Federal Reserve for it's commercial paper (see this).

So you'd think that GE would return the favor by paying American taxes, right?

Wrong. GE paid no U.S. taxes for 2009.

more

Horn
17th April 2010, 02:25 PM
Guess they did that National Strike thing I was suggesting?

Saul Mine
17th April 2010, 04:12 PM
I think it's wonderful that people and companies don't support the antipresident.

I pay no attention to people who whine about the income taxes, because it's voluntary. If you don't like it, don't volunteer. Check "9" on your W-4 and don't file a return. Presto, you don't owe a tax.

7th trump
17th April 2010, 05:20 PM
I think it's wonderful that people and companies don't support the antipresident.

I pay no attention to people who whine about the income taxes, because it's voluntary. If you don't like it, don't volunteer. Check "9" on your W-4 and don't file a return. Presto, you don't owe a tax.

Checking 9 doesnt mean you dont owe any taxes.
If you check 9 on the w4 you better have 9 dependents to claim or you will still find yourself looking at a 3175 deficiency letter of owing back taxes plus penalties and possible fines. May not be next year or the year following, but it will catch up to you eventually.
Seen it happen too many times.

The only way out of paying taxes is to not participate in Social Security by never applying for a ssn therefore admitting you are a US citizen volunteering into that jurisdiction where your pay is defined as a statutory 26USC 3121(a) and a 3401(a) "wage".

Saul Mine
17th April 2010, 07:18 PM
I think it's wonderful that people and companies don't support the antipresident.

I pay no attention to people who whine about the income taxes, because it's voluntary. If you don't like it, don't volunteer. Check "9" on your W-4 and don't file a return. Presto, you don't owe a tax.

Checking 9 doesnt mean you dont owe any taxes.
If you check 9 on the w4 you better have 9 dependents to claim or you will still find yourself looking at a 3175 deficiency letter of owing back taxes plus penalties and possible fines. May not be next year or the year following, but it will catch up to you eventually.
Seen it happen too many times.

The only way out of paying taxes is to not participate in Social Security by never applying for a ssn therefore admitting you are a US citizen volunteering into that jurisdiction where your pay is defined as a statutory 26USC 3121(a) and a 3401(a) "wage".


If IRS sends you anything you send it back demanding they cite the law that gives them jurisdiction over you. According to 26USC (the internal revenue code) you are not a member of any group over which IRS has jurisdiction. Unless you are an officer of a corporation or an employee at any level of government. Then they own you.

7th trump
18th April 2010, 07:04 PM
I think it's wonderful that people and companies don't support the antipresident.

I pay no attention to people who whine about the income taxes, because it's voluntary. If you don't like it, don't volunteer. Check "9" on your W-4 and don't file a return. Presto, you don't owe a tax.

Checking 9 doesnt mean you dont owe any taxes.
If you check 9 on the w4 you better have 9 dependents to claim or you will still find yourself looking at a 3175 deficiency letter of owing back taxes plus penalties and possible fines. May not be next year or the year following, but it will catch up to you eventually.
Seen it happen too many times.

The only way out of paying taxes is to not participate in Social Security by never applying for a ssn therefore admitting you are a US citizen volunteering into that jurisdiction where your pay is defined as a statutory 26USC 3121(a) and a 3401(a) "wage".


If IRS sends you anything you send it back demanding they cite the law that gives them jurisdiction over you. According to 26USC (the internal revenue code) you are not a member of any group over which IRS has jurisdiction. Unless you are an officer of a corporation or an employee at any level of government. Then they own you.

You have no idea what a w4 does do you? Nor are you anybody who's spent time looking through Subtitle A and Subtitle C taxes codes.

1970 Silver Art
19th April 2010, 04:00 AM
WOW...WOW...just wow. Yet my mom who made less than $30,000 this year, because she doesn't "own" a house any more and can't claim any dependents because my dad does will be paying more than a corporation netting $10,000,000,000.

For f*cks sake


That sounds very fair to me. :sarc: :sarc: :sarc: :sarc: :sarc: Just kidding Yukon.

Seriously, that just sucks. Not everybody can afford all of those accountants that were needed to seek out every tax loophole that GE exploited. Even if GE had a U.S. tax bill and they had to pay U.S. taxes to the IRS, then all GE would do is to pass that tax along to the consumers in the form of higher costs of goods and services.

That is just one reason why the IRS tax code is nothing but crap that all taxpayers are forced to deal with.