The conclusions:
From 2008 through 2010, these 12 companies reported $171 billion in pretax U.S. profits. But as a group, their federal income taxes were negative: –$2.5 billion.
All but two of the dozen companies enjoyed at least one no-tax year over the 2008-10 period, despite reporting substantial pretax U.S. profits in those no-tax years.
Eight of the twelve companies reported net tax benefits over the full three-year period.
It’s old news that America’s biggest corporations pay little in taxes.
It’s been well documented that GE is a functional tax deadbeat. I don’t
think these big companies are cheating on their taxes. It’s the tax code that those same big companies (and their lobbyists) have written over the years.
IMHO two things are needed:
1) There has to be a minimum tax on current year corporate
profits. I don’t give a damn what paper losses these companies can
engineer from prior years. If they are in the green in a calendar year
they can reduce their tax obligation with deductions, but not below a minimum rate. I would suggest that the minimum be set at 10%.
Note:
I think there is not a snowballs chance in hell that a minimum current
year corporate tax could get passed. The opposition would be too great.
My fallback position is that there is never a possibility that a US company benefits from a negative tax rate. If a company has a loss carry forward let them carry the cost, not the country.
2) President Obama has to dump Jeff Immelt (GE CEO) as his economic adviser. This
fat cat of all fat cats is sitting on the President’s right hand side.
Jeff’s influence and power has been elevated as a result.
I see it differently. I see GE/Immelt as a predators. They’re not friends of this country. They’re the enemy.
We have to dump Obama in 2012, kids. And we have to make it clear that this is one of the main reasons.
Bruce,
Nice to see Big Blue on the list.
When a nations moral anchor starts to slip, its usually always by way of hubris. This loss of morality becomes all pervasive as it insidiously permeates the complete society, systemically.
This is permitted by all members of that society, who fear that they will "fall behind" if another member of that society gets ahead, by use of nefarious means, and if they don't employ the same tactic they will be 'left behind.'
This "loss of morals" rot in all things, is now entrenched. If not weeded out starting with basic home life values, learned while young, this nation will cease to exist. We have one generation.
Please, just let me have my toaster and my TV and my steel belted radials and leave me alone!
Pretty amazing that a guy takes the time to write up a blog on this looting subject, and the first four posts are negative snipes from trolls. Makes me think this trolling is deliberate sabatoge. Who are you people? Why are you in such a big hurry to cast negative dispersions on this writer? How do you manage to be first to the punch? This smacks of deliberate guerilla tactic to diminish the writer and his effort.
I don't see a smackdown for Bruce, just utter frustration at the situation.
If it is just frustration, knock the behavior off, it does nothing to help the cause of truth and light. I don't think that's what's going on here though.
GE had a great exhibit at the 64 NY World's Fair.
What astounds me is that few seem to realize that GE (and the other multinationals/banks) are the government now. Every branch of government does their bidding. They (literally) write the laws, determine how they will be enforced, and determine how they will be interpreted. The people of the United States have completely, and unequivocally lost sovereignty. A bloodless coup, but a coup nonetheless. The trappings of the old republic are kept around to confuse the ignorant masses, but there is no longer much pretense that things are otherwise.
I think it's time to accept that reality and move on with our lives, because democracy and freedom are unatainable in the face of almost limitless power.
Not so fast George.
We still have the second amendment, therefore, not game over.
Lets see how we react to the devaluation/collapse.
Silver short term top in at 37.50
Equites and oil dont look too hot either...
http://deadcatbouncing.blogspot.com/2011/06/silver-to-have-significant-downside.html
They are great white sharks, we are juicy fat little seals trapped in the reflecting pool.
“Better Things for Better Living” I think is the old GE advertisement.
Good post Bruce, it needs to be stated over and over. Corruption is wrong. GE in a power position is wrong. GE as a leach and non-tax payer is wrong. Obama is wrong. The destruction of the U.S. economy and the misery of the citizens is wrong. The “let them eat cake” mind set is wrong. The “soon to be at a theater or drive in your area” depression, is wrong.
The manipulative, sociopathic, elite has to be called out and pointed out.
I see it differently. I see GE/Immelt as a predators. They’re not friends of this country. They’re the enemy.
When did Bruce take the red pill?
This is a repost from 5 minutes ago on another thread, before I saw your comment Bruce, but I think it is fairly consistant.
Where are jobs going to come from? But seriously. We can't all work for the Post Office. We can't all go off and fight in foreign wars.
Is it really the Bernank's job to create jobs? What about the useless entity of boobs and incompetents known as Congress? Aren't those guys the legislators? Shouldn't they create the framework so that free enterprise can create jobs?
The Bernank does not write rules on taxation. The Congress does. The Bernank does not write rules facilitating US Transnational Corporations offshoring jobs. The Congress does. Isn't it time Congress started actually working on ways to make the US a place where jobs are created and not destroyed? Why do you vote for these guys if they are so incompetent? Any idiot would do a better job than many of the idiots in place. Maybe not lining his own pocket, granted it takes special talents for that. But helping the country get back on its feet.
And, with all due deference to our Chinese friends, they remain pretty fully employed. Who helped to create Chinese full employment and a robust and growing economy? The US consumer did, aided and abetted by debt created by the banks. That game is over. Bernanke can devalue the USD until there is revolution in the streets, because there will be revolution in the streets before that devaluation is sufficient to begin employing significant amounts of workers due to a leveling of the labor gradient with Asia. All the while, Transnational corporate profits rise. Are they paying tax on this money? If they have helped to create the massive government debt taken on to mollify the un and under employed masses here, by continually gutting jobs, don't they have an obligation to help support the situation they have created? Like GE in the 60s, dumping toxic chemicals wantonly into the Hudson River. Eventually they have to clean it up, don't they?
thank you bruce for saying what i've felt for a while. big corporations such as ge (and of course the fed) in the usa are the enemy. it took me a lifetime to figure it out.
I think he said Washington and the tax code is the problem. Big Corporations do what they are allowed to do. Blame the shareholders?
Bruce, # 1 sounds fair. GE can live with that I'm sure, at least before they buried themselves with financial services crap.
Ok, Ok but just leave my MRI as it is.
GE bought their tax breaks from their cronies in congress and executive branch. The judicial branch is bought and paid for to make sure that the law of the land is favorable to corporations and fuck the common people.
William, you are the most talented, and hardest working, political illustrator there is.
WB, do you know about the GE commercial from about 10 years ago when they bragged about the reactors they sold to TEPCO? In the end is has GE execs and TEPCO execs (actors) bowing to each other. It ran on Sunday mornings. I can't find it on You-tube naturally.
Good job Bruce for making people aware of this blatant corruption
+5... Yes, Bruce it is called systemic corruption... It pervades the society from the top ruling elite down...
BTW: President Barry Soetoro makes no decisions and appoints no one... He is told what to do and what to read off of the teleprompter...
Hope & Change = Yes We Can-Expand Every Bush Policy
Just the latest Puppet-in-Chief...
I guess those weren't Bush policies that Barry's masters are expanding on?
Quote the POTUS: "If you are not a friend you are our enemy"
GE/Immelt = Friend
US Citizens = Enemy
Could it be any clearer??
What will you do about it? Blog.
I'm going to write my Congressman a strongly worded letter. If I ever see Immelt personally, I'll give him a severe frowning that will shame him into seeing the harm that he is imposing onto the little people.
What will you do about it except to post stupid comments?
Bruce already took the first and most essential action; he told YOU about it.
Now the ball is in your court.
And what have you done, called your congressman maybe a senator?
Our government is a joke; calling those clowns is like phone porn and you get to pay every month in your paycheck whether you call and talk to the prepubescent page and get the form letters or not.
General Electric $14.2B Profits, Pays $0 in US Taxes http://goo.gl/cgg4O $39M Lobby http://goo.gl/rZLDY
all it takes is a Great Lobby and you can pay no Taxes!
Dont forget to vote republican! these people need tax cuts... and when you vote democrat.. they are going to give them bigger tax cuts becuase no one will see it coming ala' Lil Bush Part Duex in Technicolor.. and his no lobby in the White House.. so they meet across the street! LMFAO!
http://www.banktech.com/articles/229700093?cid=nl_bnk_daily
Top U.S. Lobbying Banks Got Biggest Bailouts
1. [PDF]
A Fistful of Dollars:Lobbying and the Financial Crisis; Financial ...
File Format: PDF/Adobe Acrobat - View as HTML
A Fistful of Dollars: Lobbying and the Financial Crisis by. Deniz Igan ...
www.imf.org/external/np/res/seminars/2009/arc/pdf/Mishra1.pdf
Corporations Own the Lobby!
The Lobby Owns the Government!
Law Enforcement works for the Duly Elected Lobby Whores!
“We the People” are Screwed!
PAY taxes, hell, dig deeper- they get Tax CREDITS! Either refunds or deductions against future years! And Obama KNOWS this- he is playing us for fools. He went to Harvard.
I did a spoof on carry forward tax credits the other day!
i'll re-post it.. give me a second to find it.
I did a spoof on carry forward tax credits the other day!
i'll re-post it.. give me a second to find it.
And post funny pictures.