Shirina
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Post by Shirina on Mar 25, 2011 21:00:24 GMT -5
That's right, folks, GE - a company that posted $14.2 billion in profits last year, paid absolutely no taxes. Now, I find it interesting how many on this board have complained viciously and vociferously about the poor, many of whom are making less than $20k per year, not paying their "fair share" of taxes. Well, to me, at least, the idea of a company making $14.2 billion and paying nothing should be examined first before tearing after individuals who are barely making their rent. money.msn.com/top-stocks/post.aspx?post=d715c70d-f0d0-4474-8223-2949588e90f6>1=33002
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verrip1
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Post by verrip1 on Mar 25, 2011 21:31:26 GMT -5
Here are GE's financials. Looks like the above whining hits the top of the BS meter. moneycentral.msn.com/investor/invsub/results/statemnt.aspx?symbol=geLet's deal with the REAL financials, and not the lies above. GE paid $1.050 Billion bucks in income taxes. Another lie debunked. Over the previous 5 years, GE has paid $1.05B, -$1.148B, $1.102B, $4.155B, and $3.944B in income taxes. Naturally they paid less in the first recession TY of 2008, had a negative tax in disastrous TY 2009, and paid MORE THAN A BILLION DOLLARS IN INCOME TAXES IN TY 2010. These lies about corporate taxes pop up every year, until somebody actually looks at the financials and not the latest, stupid thinkprogress lie. Oh. BTW. Did I mention that the OP is a fooking lie? ?
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Shirina
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Post by Shirina on Mar 25, 2011 21:38:08 GMT -5
My source and your source are the same. Look at the links.
So why would the same source tell conflicting stories?
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verrip1
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Post by verrip1 on Mar 25, 2011 21:42:07 GMT -5
You don't know how to read financials. Game, set, match.
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Shirina
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Post by Shirina on Mar 25, 2011 21:47:53 GMT -5
That's not what I asked.
Why would the same source produce two conflicting stories?
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verrip1
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Post by verrip1 on Mar 25, 2011 21:50:29 GMT -5
Hey, don't ask me to prove your BS op-ed reference made in thinkprogress, NYT and some op-ed guy at MSFT.
Deal with reality. GE's financials show that your OP precept is BS.
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Post by privateinvestor on Mar 25, 2011 21:54:08 GMT -5
Wow and I thought my Topic: Food For Thought was the best one of the day???
Oh well there is always tomorrow..
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Tennesseer
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Post by Tennesseer on Mar 25, 2011 21:54:33 GMT -5
Tone it down verrip1.
Tennesseer/Moderator
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verrip1
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Post by verrip1 on Mar 25, 2011 21:58:39 GMT -5
Perhaps I should call them 'unintended mild discrepancies'? It goes with notice that intensity from the left goes ignored, while other intensities are openly criticized. Naturally, I shall follow your suggestions.
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Shirina
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Post by Shirina on Mar 25, 2011 22:42:48 GMT -5
Like I said ...
Our information comes from the same source.
Why would that occur?
I don't know where you're getting this "thinkprogress" nonsense from since that is not where I pulled the information.
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Value Buy
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Post by Value Buy on Mar 25, 2011 22:49:59 GMT -5
I do not know whether they paid any taxes or not. All I know is I bailed on that stock a year and a half ago, at a rather large loss. The Government also forced them to cut their dividend to like a penny a share a quarter. It is now something like maybe 5 cents a share per quarter. It had a lot to do with their insurance and banking divisions that incurred humongous losses in 2008 and 2009. Can't count out all the loose Communist/Socialist cannons at MSNBC sinking their profits either
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Post by privateinvestor on Mar 25, 2011 22:55:14 GMT -5
Here's my source for @60% of my data but the Food for Thought turned out to be a bummer: marines.dodlive.mil/
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hello fromWarsaw
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Post by hello fromWarsaw on Mar 25, 2011 23:37:52 GMT -5
How can every paper and news source and Jay Leno agree with Shirina? Is this another loudmouth/lawyer thing?
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Post by ed1066 on Mar 25, 2011 23:56:31 GMT -5
Tone it down verrip1. Tennesseer/Moderator Yeah, you're getting too close to telling the truth...
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Opti
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Post by Opti on Mar 26, 2011 0:06:55 GMT -5
Anyone have a link to more detailed financials? Is it possible its like the corporate equivalent of "47% of the people pay no taxes" when they are only talking about federal taxes?
There's no breakdown in verrip's link what part of income taxes is state and what is federal. An effective tax rate of 7% sounds high for just state taxes.
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Post by Mkitty is pro kitty on Mar 26, 2011 0:37:17 GMT -5
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hello fromWarsaw
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Post by hello fromWarsaw on Mar 26, 2011 1:20:35 GMT -5
Because corporations never lie !!
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ugonow
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Post by ugonow on Mar 26, 2011 8:50:38 GMT -5
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Post by privateinvestor on Mar 26, 2011 9:10:39 GMT -5
Does the fact the CEO of GE Mr. Jeff Immelt is one of Obama's close and trusted advisors re: job creation have anything to do with GE's taxes??
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ugonow
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Post by ugonow on Mar 26, 2011 9:14:40 GMT -5
Obama gave GE tax waivers? That socialist communist marxist.....no,I did not read anything about it.
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Politically_Incorrect12
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Post by Politically_Incorrect12 on Mar 26, 2011 9:20:55 GMT -5
Then we might as well make it official and have 0% corporate taxes. I'm ok with that....
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Post by privateinvestor on Mar 26, 2011 9:27:58 GMT -5
Obama has another problem if you can believe it....his choice for the Chief Honcho for the Consumer Protection Bureau did not fair too well during her attempts to sell herself and her ideas before congress...so Obama may have to replace Ms Elizabeth Warren and get a serious cop on the job who is not just all rhetoric or else the lawlessness will continue..
Or maybe he can switch Jeff Immelt and Elizabeth's Warren's two positions in his administration...that might work...GE has given congressional members megabucks so Jeff can have any job he wants and Ms Warren has been known to keep her wallet in her purse too much I guess??
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Bluerobin
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Post by Bluerobin on Mar 26, 2011 9:57:44 GMT -5
We need an AMT for corporations.
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Post by ed1066 on Mar 26, 2011 10:47:53 GMT -5
Does anyone here understand that when corporations pay higher taxes, they pass it on to consumers and/or take it out of their employees' compensation? This is the difference between taxing individuals and taxing corporations. It's very simple;
Higher corporate taxes = higher prices and lower wages.
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Shirina
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Post by Shirina on Mar 26, 2011 10:51:38 GMT -5
So you admit, then, that these corporations are behaving in a greedy, unethical manner by doing this, yes?
It's the equivalent of passing a debt on to someone else.
It's not as though these corporations can't afford a tax increase. They just don't want to see their profit margins shrink. It's just become a game of hoarding.
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jkapp
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Post by jkapp on Mar 26, 2011 11:03:34 GMT -5
How much in taxes did its thousands of employees pay in 2010??? You know...with the money they were paid from GE.
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fairlycrazy23
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Post by fairlycrazy23 on Mar 26, 2011 11:10:04 GMT -5
So you admit, then, that these corporations are behaving in a greedy, unethical manner by doing this, yes? It's the equivalent of passing a debt on to someone else. It's not as though these corporations can't afford a tax increase. They just don't want to see their profit margins shrink. It's just become a game of hoarding. So everybody that sells a good or service behaves in a greedy, unethical manner, this would include nonprofits as well, because everybody that sells a good or service passes the costs on to the consumer, whether these costs are wages, raw materials, taxes or any other expense.
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handyman2
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Post by handyman2 on Mar 26, 2011 11:14:10 GMT -5
This situation is a great argument why tax reform is needed.
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fairlycrazy23
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Post by fairlycrazy23 on Mar 26, 2011 11:22:49 GMT -5
This situation is a great argument why tax reform is needed. Absolutely,Our corporate tax rate is the second highest in the world, these big multinational companies can lower there effective tax rates dramatically , but it takes an army of tax experts, accountants and lobbyists (not to mention outsourcing); none of this effort goes towards producing whatever it is the company produces.And it is the small and medium businesses that get stuck paying much higher rates because they can't afford an army of accountants and lobbyists. Companies should not rely on tax code to determine where and how they do business.
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Post by ed1066 on Mar 26, 2011 11:42:59 GMT -5
So you admit, then, that these corporations are behaving in a greedy, unethical manner by doing this, yes? It's the equivalent of passing a debt on to someone else. It's not as though these corporations can't afford a tax increase. They just don't want to see their profit margins shrink. It's just become a game of hoarding. If by "greedy, unethical manner" you mean maximizing the profits to the shareholders (as is their responsibility as a public company), then yes. You do understand that the lefty depiction of the greedy, mustache-twirling villian sitting on top of piles of gold bars is just a myth, right? Let's break it down by basic economics and business principles: These corporations have thousands of people, called "shareholders", who invest in the corporation's stock and are expecting to make profits on their investments. The way for corporations to do that is to make more money than they spend running the business. That's called "profit". If the corporation spends more than it makes, that's called "loss". These profits get paid out to shareholders in the form of "dividends". These dividends are the "return on investment" the shareholders want. If the corporation pays more taxes, they will either reduce the dividends they pay, or they will reduce their operating costs by shrinking their workforce or reducing the compensation of the workforce. They will not just throw up their hands and say "OK, we'll just have to work harder so we can pay the government more of our profits". The real world doesn't work that way, and raising taxes on corporations only results in two things, outsourcing or higher prices. Is that what you want?
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