How do you feel about the fact that GE (General Electric), an American multinational conglomerate corporation incorporated in Schenectady, New York and headquartered in Fairfield, Connecticut, the 6th largest firm in the U.S. as well as the 14th most profitable,
paid absolutely no taxes for 2010?
The following information is one example of what is wrong with (in) America today. How is it that one of the world’s largest corporations pay zero taxes while you and I are nickel-and-dimed (or worse) to death?!
GE Filed 57,000-Page Tax Return, Paid No Taxes on $14 Billion in Profits
GE filed a whopping 57,000-page federal tax return earlier this year but didn’t pay taxes. The return, which was filed electronically, would have been 19 feet high if printed out and stacked.
“GE was able to utilize all of these various loopholes, all of these various deductions–it’s legal,” Paul Ryan (R, Wisc.) 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.
“I asked the GE tax officer, ‘How long was your tax form?'” Ryan said. “He said, ‘Well, we file electronically, we don’t measure in pages.'” Ryan asked for an estimate, which came back at a stunning 57,000 pages. When Ryan relayed the story at the townhall meeting in Janesville, there were audible gasps from the crowd.
Source: the Weekly Standard
All I can say is, ‘This is sick’.
I know that the answer is not a simple one, but how about some sort of flat tax? That sounds simple enough…
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