This Is What’s Wrong In America!
November 17, 2011, Submitted by: Ken Tweet
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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This is the way it’s always been. Those who have the money figure out how to keep the most money while the rest of us get hosed.
It would not be so much of a big deal if this company employed ONLY American workers. I heard that this company has 70% of their workforce overseas, this makes this company a treason type company in my opinion and probably in the opinion of many others. Just plain sick that the leaders would allow this Sh%^. The real problem though are the leaders of this country that they would sell out and ALLOW this to happen. Most leaders of this country, at least the ones that don’t have the best interest of the United States at heart are definitely not Americans, they are traitors.
@Be informed… welcome to the NWO
The politicians write up laws to give all kinds of tax breaks and credits to rich, billion dollar corporations, so they will help fund them when they get re-elected.
I read just after this news came out on GE, they closed down a plant in America and moved the operations over to China!
The politicians want to tax the poor and tax the middle class.
did you read that the IRS is more likely to audit someone making less than $25,000 a year, than someone making over a $1.000.000 a year? Can you believe that? I mean, what would someone owe if they made less than $25,000 a year? A couple of hundred dollars? And the IRS is going to go after them for it? You’d think it would be too costly to try and get 200 or so dollars.
Stop taxing the poor and middle class and start taxing rich, billion dollar corporations and super-rich billionairs!
Did you know that the top 100 richest people in America are worth over one trillion dollars? With that kind of money they can pretty much buy up all the property in America.
Pretty sonn in America, it’s going to be like the banana countries, where the 5 to 10% richest people own every thing-property, businesses, homes, and force people to work like dogs for minimun wages.