Forum Post: GE Filed 57,000-Page Tax Return, Paid No Taxes on $14 Billion in Profits
Posted 12 years ago on Nov. 18, 2011, 11:10 a.m. EST by MonetizingDiscontent
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GE Filed 57,000-Page Tax Return, Paid No Taxes on $14 Billion in Profits
By JOHN MCCORMACK
General Electric, one of the largest corporations in America, filed a whopping 57,000-page federal tax return earlier this year but didn't pay taxes on $14 billion in profits. The return, which was filed electronically, would have been 19 feet high if printed out and stacked.
The fact that GE paid no taxes in 2010 was widely reported earlier this year, but the size of its tax return first came to light when House budget committee chairman Paul Ryan (R, Wisc.) made the case for corporate tax reform at a recent townhall meeting. http://www.youtube.com/mccormackjohntws#p/a/u/0/ZhNQ57eb180 ..."GE was able to utilize all of these various loopholes, all of these various deductions--it's legal," Ryan said. Nine billion dollars of GE's profits came overseas, outside the jurisdiction of U.S. tax law. GE wasn't taxed on $5 billion in U.S. profits because it utilized numerous deductions and tax credits, including tax breaks for investments in low-income housing, green energy, research and development, as well as depreciation of property.
Im not a marxist. The majority of dems and repubs are bipartisan when it comes to bailouts & funding more war, even while we are already drowning in debt. Whats the difference? they vote the same way on all the crucial issues. I care not what silly color you or any congressperson like to wear.
left & right social rhetoric distracts from the issue and from perpatrations of wallstreet money pimps. wrong is wrong and should be highlighted where Ever it is found in washington. Be it red, blue, or pink little polka dotted bikinis. We're all Americans, period.
$14 billion in profits for GE? Some Banks are paying their top men (criminals) more than that in bonuses.
Why don't you losers protest your corrupt marxist enabler who receives more from wall street than all repubs combined. Immelt(GE) is one of the chairman's puppeteers. Protest the unions who buy democrats. Your selective outrage is disgusting. You are a transparent wing of the dnc and you know it.
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OWS won't protest GE/Immelt, GM or Chrysler or any other favored corporations loyal to the Dems. The populist facade of this thing is long since gone.
Jeff Immelt, CEO of GE is Obama's top Economic adviser. http://www.nytimes.com/2011/01/22/business/economy/22immelt.html
Two points:
1.) GE is a publicly-traded company. The profit goes to their shareholders, who do pay tax on it.
2.) They got breaks for investments in low-income housing, green energy, etc. It sounds to me like they voluntarily gave up a pretty good-sized chunk of money for the benefit of the "99%".
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