Friday, March 25, 2011

Well GE no taxes? What do you Know??

About a year ago I wrote on the blog that corporations in this country don't pay 28% taxes because they have floors of accounts finding ways to avoid them by loop holes.
I forgot which lunkhead attacked me with that is not true terry, do you just make this stuff up? I am an accountent and I KNOW.
Well now the truth! Ge has 975 employees in their Tax department. What are they doing making sure they pay their fair share? Oh oh No.
They paid ZERO taxes on 14.2 Billion. I guess I am not such an idiot afterall. What say you?
Let me repeat they paid ZERO. What a system. While the now unemployed drywaller, pays his taxes every year, and the Big Boys keep on taking and crying for more tax breaks. SHUT-UP


Baxter said...

"Corporations don't pay taxes - people do."

I'm the first to say that we need to raise taxes at the federal level - a lot. I don't think that going after corporations is the right approach. In fact, I'd treat dividends as an expense for tax purposes to avoid double taxation - and raise the tax rate on dividends back to that of ordinary income.

Corporate income taxes are ultimately paid by the consumer. Fortunes are spent avoiding taxes at the corporate level ("embedded costs"). Asset values and federal coffers would markedly increase if corporate taxes were taken to zero - and offset by higher taxes on individuals (raising the AMT would be particularly appropriate and efficient ).

Jim G. said...

Terry. GE is a business entity which provides jobs and services. Why exactly should GE pay any taxes? What benefit does GE receive except to help commerce?

Have you no thoughts except to punish success?

terry said...

I defer to Baxter, of course and would support Baxter's response. But my point remains "only small people pay taxes" as once said by Imelda Marcos. And Jim finally really why should GM pay taxes really? really are you kidding? Why should anyone pay taxes then? What do i recieve from the federal government that GE does not get. Have you gone completly off the reservation?