U.S. loses AAA credit rating from S&P

Originally posted by Evanzsayz
Well I guess all the terrorists that said we will drag this battle out forever and will not defeat you on the battleground we will make you crumble from the inside, were telling the truth...looks like america is losing this war lol

Not because of terrorists...at least not foreign terrorists. It's the wreckless actions of the FED (Greenspan, Bernacke, etc), unnecessary tax breaks for companies/people who don't need them (without even stimulating the economy), and the ridiculous deregulation of the finance industry that brought you to this point.

And of course those stupidly expensive wars which were started without thinking for a second about an exit strategy or the broader consequences. You can thank the defense lobbyists for that, and the politicians who jumped when those very same lobbyists said "jump".

And i think what the bull # is, that they just keep on makin more money, im for sure these rich bastards are just tryin to f^ck us up some more, its really gonna turn into the survival of the fitest, be ready ppl, the time is coming, drop ur cocks and grab ur socks

I'm still confused as to why I had to pay taxes but corporations like G.E. didn't

I mean really...not one dime did GE pay?

Isn't it true that the Internal Revenue Service is a privately owned company
Isn't it true that the FDIC is a privately owned company

I think I'm getting sick

Originally posted by ThePublicEnemyNo1

I'm still confused as to why I had to pay taxes but corporations like G.E. didn't

I mean really...not one dime did GE pay?

Isn't it true that the Internal Revenue Service is a privately owned company

Isn't it true that the FDIC is a privately owned company

I think I'm getting sick

Let me help clarify this then for since you are confused.
GE did pay taxes.
The IRS is not a privately owned company
FDIC is not a privately owned company.

Feel better ?

Originally posted by gorgi

Originally posted by ThePublicEnemyNo1

I'm still confused as to why I had to pay taxes but corporations like G.E. didn't

I mean really...not one dime did GE pay?

Isn't it true that the Internal Revenue Service is a privately owned company

Isn't it true that the FDIC is a privately owned company

I think I'm getting sick

Let me help clarify this then for since you are confused.
GE did pay taxes.
The IRS is not a privately owned company
FDIC is not a privately owned company.

Feel better ?

Why are you confusing him further on purpose? GE made a $10.3b pre-tax profit in 2010, and paid...wait for it...waaaaaait for it...ZERO INCOME TAXES. Even worse, they got a $1.1b tax benefit. And if you think that was a single incident, in 2008, their effective tax rate was 5.3% (lol) and 15% in 2007. The corporate tax rate in the US is 35%...but yeah, everything's fine, right?

Before you say "but they create jobs"...no they didn't, they let more people go since 2007

Originally posted by MrXYZ

Originally posted by gorgi

Originally posted by ThePublicEnemyNo1

I'm still confused as to why I had to pay taxes but corporations like G.E. didn't

I mean really...not one dime did GE pay?

Isn't it true that the Internal Revenue Service is a privately owned company

Isn't it true that the FDIC is a privately owned company

I think I'm getting sick

Let me help clarify this then for since you are confused.
GE did pay taxes.
The IRS is not a privately owned company
FDIC is not a privately owned company.

Feel better ?

Why are you confusing him further on purpose? GE made a $10.3b pre-tax profit in 2010, and paid...wait for it...waaaaaait for it...ZERO INCOME TAXES. Even worse, they got a $1.1b tax benefit. And if you think that was a single incident, in 2008, their effective tax rate was 5.3% (lol) and 15% in 2007. The corporate tax rate in the US is 35%...but yeah, everything's fine, right?

Before you say "but they create jobs"...no they didn't, they let more people go since 2007

edit on 11-8-2011 by MrXYZ because: (no reason given)

Yes GE did pay taxes.

Did GE get a $3.2 billion tax refund? No.
Did GE pay U.S. income taxes in 2010? Yes, it paid estimated taxes for 2010 and made payments for previous years. Think of it as your having paid withholding taxes on your salary in 2010 and sending the IRS a check on April 15, 2010, covering your balance owed for 2009.
Will GE ultimately pay U.S. income taxes for 2010? After much to-ing and fro-ing — the company says it hasn’t completed its 2010 tax return — GE now says that it will.

Source

GE did pay taxes and if you did bother to actually do some research you would have already known this. Dont always blindly follow.

reply to post by gorgi


From the very same article you posted:

Samuels said at a tax forum in February that GE needs a tax system that will let it compete effectively with such giant, foreign-based multinationals as Mitsubishi, Siemens and Phillips. However, their effective tax rates for earnings purposes last year were 40 percent, 31 percent and 26 percent, respectively, compared with 7 percent for GE. (GE says its tax rate has been artificially low in past years and will rise.)

The company says it’s not getting any refund for 2010 — validating Outslay’s analysis. Its 2010 tax situation? “We expect to have a small U.S. income tax liability for 2010,” said Gary Sheffer, GE’s chief spokesman. How big is small? GE declined to say.

Another interesting fact, the numbers they handed over to the IRS don't match those in shareholder reports

Also, another tactic they use is to accrue losses in the US that were really generated abroad. Taht way, their tax burden is lower...all it takes is some creative accounting. Hell, they say they need this to compete with other multinational companies, and in the very same sentence admit that their tax rate is only around 25% of it's closest competitor. Hell, against another competitor, it's only 16%

And lastly, the government allows them to DEFER TAXES generated abroad INDEFINITELY!!

GE did pay taxes. Thats my whole point. Not whether its right or wrong but that the fact that they paid. You kept saying that they didnt pay. They did pay. Just letting you know that you should do some research and not listen to the talking points.

Originally posted by gorgi
GE did pay taxes. Thats my whole point. Not whether its right or wrong but that the fact that they paid. You kept saying that they didnt pay. They did pay. Just letting you know that you should do some research and not listen to the talking points.

Do you truly believe they pair their fair shared compared with average Joe?

You don't even know how much they paid because they won't declare it. All we know is that the results they declared to the IRS are significantly lower than what they told their shareholders

Moody´s review is due at the end of the month, I believe.

I think they´re practically forced to follow S&P or at least indicate that they´ll do so in the near future.

reply to post by gorgi


The word I should have used for the FDIC is independent, not private...thanks for the clarification.

With a 14 trillion dollar deficit its quite amazing the USA was able to maintain a triple A rating for so long. Then throw in the hypocritical republican tantrums to cut spending by cutting down on social security payments, eventhough republicans spend two to three times as much democrat administrations(provable by GAO documents), and what happened was nothing of a suprise. Just demoralizing and aggraviting for people who have maxed out their social security trust fund and now are threatened by the republicans.

Clinton was the last sensible president to balance the budget and did not need to borrow a dime. I agree we need to reduce the deficit but the question becomes what is the best tolerable option. The timing is really bad since people are suffering from unemployment and thus governement is unable to collect the appropriate taxes. George Bush Jr gave lots of tax breaks to the wealthy elite and combined with the banker bailouts, increase in beauracracy via the patriot act (including increased spending for counter-terrorism) and the foreign wars in iraq, afghanistan and libya we are in dire straights.

The government has no choice but to keep raising the debt ceiling for as long as it takes to get the economy back on track and all the other glitches worked out. To be honest I don't see us getting out of this global recession anytime soon since most of the policies do NOT make sense; no tariffs on imports and the illegal mexican immigration crisis are driving the wages way down and jobs are getting more and more scarce. Clearly something is wrong with the whole system; they want globalisation at all costs for reasons we can only speculate on.

wow nice job. gave u some stars