Ya gotta love GE: 14 billion in corporate profits, zero in federal taxes, and bitching about the 35% top tax rate. No wonder they have the largest tax avoidance [did you say ‘evasion’ ?] department in the world.
That’s just it. The corporate tax rate is 35% and the government wonders why their revenue intake from corporations suck.
These loopholes were hidden in the 7000 page tax code (ever wonder why it takes a 7000 page document to collect taxes in the U.S.?) by politicians looking to reward their campaign contributors and various other buddies.
I guarantee you if we had a 15% corporate tax rate with no loopholes the government would collect more revenue than it does with a 35% corporate tax rate full of holes!
It isn’t just GE, and that absurd pointing to the 35% rate, when the actual is 6%- but USUALLY much less than 6%- especially with “small corporate entities” paying far more than big guys. Also, most corporations also do NOT PAY property or other local taxes, due to “deals” to keep them “in town”. Standard practice is a local deal for a Spanish company to locate a facility here, NO property tax for 15 years on a facility with a life expectancy of 12 - 15 years. Plus, taxpayers are PAYING THEM to build the plant- even if they don’t ever build it!!
phlegmatic about 13 years ago
Ya gotta love GE: 14 billion in corporate profits, zero in federal taxes, and bitching about the 35% top tax rate. No wonder they have the largest tax avoidance [did you say ‘evasion’ ?] department in the world.
dshepard about 13 years ago
That’s just it. The corporate tax rate is 35% and the government wonders why their revenue intake from corporations suck.
These loopholes were hidden in the 7000 page tax code (ever wonder why it takes a 7000 page document to collect taxes in the U.S.?) by politicians looking to reward their campaign contributors and various other buddies.
I guarantee you if we had a 15% corporate tax rate with no loopholes the government would collect more revenue than it does with a 35% corporate tax rate full of holes!
WarBush about 13 years ago
NO CORPORATION PAYS 35% IN THIS COUNTRY THANKS TO THE LOOP HOLES IN OUR TAX SYSTEM DANNIT!!!!!
Stop perpetrating this lie.
Bluejayz about 13 years ago
The IRS has reported that the average rate ACTUALLY PAID by US corporations is 6.8%. Stop lying about a 35% rate.
riley05 about 13 years ago
phlegmatic, you weren’t quite accurate when you said, “zero in federal taxes”.
G.E. actually got billions in tax credits, which is far better than “zero”.
Dtroutma about 13 years ago
It isn’t just GE, and that absurd pointing to the 35% rate, when the actual is 6%- but USUALLY much less than 6%- especially with “small corporate entities” paying far more than big guys. Also, most corporations also do NOT PAY property or other local taxes, due to “deals” to keep them “in town”. Standard practice is a local deal for a Spanish company to locate a facility here, NO property tax for 15 years on a facility with a life expectancy of 12 - 15 years. Plus, taxpayers are PAYING THEM to build the plant- even if they don’t ever build it!!
Motivemagus about 13 years ago
GE got a -60% tax rate – WE paid THEM.
riley05 about 13 years ago
Well, Radish, I don’t see “Fair and Balanced” Faux News campaigning to reduce your taxes!