GE Filed 57,000-Page Tax Return, Paid No Taxes on $14 Billion in Profits

General Electric, one of the largest corporations in America, filed a whopping 57,000-page federal tax return earlier this year but didn't pay taxes on $14 billion in profits. The return, which was filed electronically, would have been 19 feet high if printed out and stacked. The fact that GE paid no taxes in 2010 was widely reported earlier this year, but the size of its tax return first came to light when House budget committee chairman Paul Ryan (R, Wisc.) made the case for corporate tax reform at a recent townhall meeting. "GE was able to utilize all of these various loopholes, all of these various deductions--it's legal," Ryan 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, including tax breaks for investments in low-income housing, green energy, research and development, as well as depreciation of property.

Disgusting. I hate that it's legal, I hate that there are loopholes, and I hate that nothing will ever be done about it. I'm all for profits, I'm all for lower taxes too. What I do not support is a huge company, with 14 billion dollars in profits not paying a red cent (is that a phrase?). So that's 2 years in a row where GE has not paid taxes on top of huge profits. Is there anything we can do to fight this? Do you think that Republicans and Democrats could come together here and make some changes to the tax code?

Link

Well we tried getting Republicans to do it.....Ooops they failed. Well I guess we'll go with the almighty Democrats!!!....Wait they failed too. Hmmmm.....Who do you call.....Oh I know! Ron Paul and his almighty sidekicks The People.

reply to post by KySc5


I like the way you think and would like to subscribe to your newsletter.

I completely agree with the OP. This isn't a reason not to proceed, but the tax laws need to be written specifically in a way so that GE can't determine next year the tax will cost us x amount, so we will increase the prices on our goods by x, thereby passing the tax on to us consumers.

Great post....flagged and starred. I would like to see how much they paid the attorneys to prepare the return just as an aside. That is an insane amount to write off but it goes to show with the right legal team you can do anything. What if everyone in the US could utilize the same legal loopholes to get out of paying ANY taxes.....what would the government do? Maybe that is the real reason behind mandatory healthcare push from government.....

reply to post by Domo1


DISGUSTED is a term I would loosely use to express my feelings right now.

It's really time to cut the crap and straighten out tax loopholes. 18Billion in profits and pay 0 taxes is CRAP.

If you profit you should pay taxes. But if I were in a position of power I'd be willing to negotiate with companies.
I'd say 10% of your taxes you're not gonna get out of paying. However we could negotiate the other 20%. For example if they donated to or did stuff for the poor. Helping communities.. whatever.

But this really has to stop.

reply to post by Vasa Croe


I've got a lawyer and a CPA that get a fairly good paycheck from me and I never get out of paying taxes. That's what really irks me.

And only the small business pay all the tax.

And they wonder why people are protesting...

Hey, I've got an idea. NO income tax. How about the fed gets their money from tarriffs, sales, and corporate tax?

Oh wait... That was the original idea the founding fathers had...damn. Can't go back to the way things were supposed to be, now can we?

Gross, no pun intended. The unfortunate truth being that this occurs regularly, its a shame.

reply to post by Domo1


The only reason it's legal is because THEY made it legal for THEMSELVES ( not GE but those who lobby for big business and the law-passers )

We the people don't think that stuff should be legal.....

If only we mattered to them.

We should all declare our home lives as businesses and start paying ourselves every time we clean, do the bookkeeping of our bills, pay our bills, drive ourselves or others places, fix something, maintain the lawn, etc.
After all, when we aren't working for "the man", we're working for ourselves.
This way, whenever we have to buy anything for our "home business" such as light bulbs, cleaning supplies, etc., it would be tax exempt. My neighbor could come over every so often and purchase an egg from me for a quarter and I could buy a stamp off her.

Also, we should all, or rather those of us who have jobs outside of the home, need to declare ourselves tax exempt on the W-4 forms. They can be changed at any time and it only take a few minutes.

reply to post by Klassified


Income tax isn't even a proper amendment. It was never ratified. You don't, legally, even have to pay income tax in the US.

at least they paid a few thousand in paper and ink to print those 57,000 pages.

GE buys the laws. The paid their tax money to the lawmakers pockets and not to the people.
Seriously, we need to get them pitchforks and torches out

Originally posted by TheGrandWazoo
GE buys the laws. The paid their tax money to the lawmakers pockets and not to the people.
Seriously, we need to get them pitchforks and torches out

Good idea. Let's burn all the power plants and manufacturing facilities and everybody who works for GE in any way. That sounds like a plan.

Originally posted by LightAssassin
reply to post by Klassified

 

Income tax isn't even a proper amendment. It was never ratified. You don't, legally, even have to pay income tax in the US.

If you are a human being. However, if you are a person or a corporation, things are different

Originally posted by Blue Shift

Originally posted by TheGrandWazoo
GE buys the laws. The paid their tax money to the lawmakers pockets and not to the people.
Seriously, we need to get them pitchforks and torches out

Good idea. Let's burn all the power plants and manufacturing facilities and everybody who works for GE in any way. That sounds like a plan.

I meant go for the lawmakers, the representatives of the people, who clearly ain't representin'!

Originally posted by LightAssassin
reply to post by Klassified

 

Income tax isn't even a proper amendment. It was never ratified. You don't, legally, even have to pay income tax in the US.

Correct my friend.
A video everyone should see concerning taxes is "America: Freedom To Fascism." Though I'm sure many on ATS have already seen it.

Originally posted by Afterthought
We should all declare our home lives as businesses and start paying ourselves every time we clean, do the bookkeeping of our bills, pay our bills, drive ourselves or others places, fix something, maintain the lawn, etc.
After all, when we aren't working for "the man", we're working for ourselves.
This way, whenever we have to buy anything for our "home business" such as light bulbs, cleaning supplies, etc., it would be tax exempt. My neighbor could come over every so often and purchase an egg from me for a quarter and I could buy a stamp off her.

Also, we should all, or rather those of us who have jobs outside of the home, need to declare ourselves tax exempt on the W-4 forms. They can be changed at any time and it only take a few minutes.

edit on 17-11-2011 by Afterthought because: (no reason given)

Crazy as it sounds, THIS is the solution. The tax code is purposely made so confusing and abstruse that most people can't figure it out. It is filled with loopholes like Swiss cheese, and set up so that if you know all the loopholes, you can get out of all tax. You need to learn it YOURSELF, and not let lawyers or CPAs get involved. It is in their best interest to keep you paying.

Most people are too lazy to file a 1000 page return.