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General Electric Company Message Board

  • bdannye bdannye Feb 19, 2013 8:41 AM Flag

    wallstreet LOVES obama

     

    Hammered

    By Michael, on February 18th, 2013




    The federal income tax is a bad joke and it needs to be abolished. All over the nation, hard working American families are being absolutely crushed by oppressive levels of taxation, and our politicians are constantly coming up with new ways to extract money from all of us every single year. Meanwhile, many ultra-wealthy Americans and many of the most profitable corporations in the country pay little to nothing in taxes. In fact, as you will see below, there are dozens of very prominent corporations that make billions of dollars in profits and yet don't pay a dime in taxes. Tax avoidance has become a multi-billion dollar industry in the United States. Those that have the resources to "play the game" use shell companies, offshore tax havens and the thousands of loopholes in our tax code to minimize their tax burdens as much as possible. Meanwhile, the rest of us get absolutely hammered. This is fundamentally unfair. The federal income tax system is irreversibly broken at this point, and it is time to abolish it. If you think that the federal income tax system can be "fixed", then you probably have never studied it. Our tax code is nearly 4 million words long and it is absolutely riddled with thousands of loopholes that favor big corporations and the ultra-wealthy. We should come up with a better, fairer way to fund the government. The United States once prospered greatly without a federal income tax, and it could do so again.

    Many people simply do not believe that it is possible for corporations inside the United States to make billions of dollars in profits each year and not pay a dime in income taxes.

    Well, according to a report put out by Public Campaign, that is exactly what is happening. Posted below are numbers that come directly from their report. 30 large corporations are listed, and 29 of them had a tax burden for 2008 through 2010 that was less than zero even though they all made enormous profits. And all 30 of them spent more on lobbying than they did on taxes.

    The numbers that you are about to see are for 2008, 2009 and 2010 combined. For "taxes paid", please note that for 29 of the corporations a negative number is given. That means that the net tax liability for 2008 through 2010 was actually less than zero.

    After seeing these numbers, is there anyone out there that is still willing to claim that our tax system is "fair"?...

    General Electric
    U.S. Profits: $10,460,000,000
    Taxes Paid: ‐$4,737,000,000

    PG&E Corp.
    U.S. Profits: $4,855,000,000
    Taxes Paid: ‐$1,027,000,000

    Verizon Communications
    U.S. Profits: $32,518,000,000
    ­Taxes Paid: ‐$951,000,000

    Wells Fargo
    U.S. Profits: $49,370,000,000
    ­Taxes Paid: ‐$681,000,000

    American Electric Power
    U.S. Profits: $5,899,000,000
    ­Taxes Paid: ‐$545,000,000

    Pepco Holdings
    U.S. Profits: $882,000,000
    ­Taxes Paid: ‐$508,000,000

    Computer Sciences
    U.S. Profits: $1,666,000,000
    Taxes Paid: ‐$305,000,000

    CenterPoint Energy
    U.S. Profits: $1,931,000,000
    Taxes Paid: ‐$284,000,000

    NiSource
    U.S. Profits: $1,385,000,000
    ­Taxes Paid: ‐$227,000,000

    Duke Energy
    U.S. Profits: $5,475,000,000
    ­Taxes Paid: ‐$216,000,000

    Boeing
    U.S. Profits: $9,735,000,000
    Taxes Paid: ‐$178,000,000

    NextEra Energy
    U.S. Profits: $6,403,000,000
    ­Taxes Paid: ‐$139,000,000

    Consolidated Edison
    U.S. Profits: $4,263,000,000
    ­Taxes Paid: ‐$127,000,000

    Paccar
    U.S. Profits: $365,000,000
    ­Taxes Paid: ‐$112,000,000

    Integrys Energy Group
    U.S. Profits: $818,000,000
    Taxes Paid: ‐$92,000,000

    Wisconsin Energy
    U.S. Profits: $1,725,000,000
    Taxes Paid: ‐$85,000,000

    DuPont
    U.S. Profits: $2,124,000,000
    Taxes Paid: ‐$72,000,000

    Baxter International
    U.S. Profits: $926,000,000
    ­Taxes Paid: ‐$66,000,000

    Tenet Healthcare
    U.S. Profits: $415,000,000
    Taxes Paid: ‐$48,000,000

    Ryder System
    U.S. Profits: $627,000,000
    ­Taxes Paid: ‐$46,000,000

    El Paso
    U.S. Profits: $4,105,000,000
    ­Taxes Paid: ‐$41,000,000

    Honeywell International
    U.S. Profits: $4,903,000,000
    ­Taxes Paid: ‐$34,000,000

    CMS Energy
    U.S. Profits: $1,292,000,000
    ­Taxes Paid: ‐$29,000,000

    Con-­way
    U.S. Profits: $286,000,000
    Taxes Paid: ‐$26,000,000

    Navistar International
    U.S. Profits: $896,000,000
    ­Taxes Paid: ‐$18,000,000

    DTE Energy
    U.S. Profits: $2,551,000,000
    ­Taxes Paid: ‐$17,000,000

    Interpublic Group
    U.S. Profits: $571,000,000
    ­Taxes Paid: ‐$15,000,000

    Mattel
    U.S. Profits: $1,020,000,000
    ­Taxes Paid: ‐$9,000,000

    Corning
    U.S. Profits: $1,977,000,000
    ­Taxes Paid: ‐$4,000,000

    FedEx
    U.S. Profits: $4,247,000,000
    Taxes Paid: $37,000,000 (a rate of less than 1%)

    Total
    U.S. Profits: $163,691,000,000
    ­Taxes Paid: ‐$10,602,000,000

    Just look at that combined total again.

    Those 30 companies had combined profits of more than 163 billion dollars during those three years, and yet the combined net tax liability of those companies was negative 10.6 billion dollars.

    I wish I could make my taxes look like that.

    This topic is deleted.
 
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