TV News LIES

Saturday, Nov 01st

Last update04:43:24 AM GMT

You are here News Economy GE Filed 57,000-Page Tax Return, Paid No Taxes on $14 Billion in Profits

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

E-mail Print PDF

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.

Ryan used the data point to underscore the irrationality of the corporate income tax code. He also contrasted GE with UPS to make the point that the corporate income tax code doesn't make sense. "UPS paid a 34 percent effective tax rate," while its biggest foreign competitor, DHL, paid a 24 percent tax rate, Ryan said.

The problems with the corporate taxes occur because "Republicans and Democrats, both parties, sit in Congress and they're picking winners and losers," Ryan said. The solution, according to the Wisconsin congressman: "Get rid of those loopholes and lower tax rates by a corresponding amount. Don't lose revenue, but for every loophole you pull out, and deny a company from being able to get this little carveout, you can lower the rates so we can be more competitive with our competitors overseas. We want to stem the bleeding of jobs going overseas, of foreign companies buying U.S. companies and taking headquarters overseas."

More...


Most Recent Related Stories...


One-Fifth of Detroit's Population Could Lose Their Homes

Detroiters to lose homesEvone Brown, a 55-year-old former machine operator, survives on $850 a month from retirement and disability...

Yellen says US experiencing widening inequality

Janet YellenFederal Reserve Chair Janet Yellen said Friday that the last several decades have seen the most...

Hundreds Give Up U.S. Passports After New Tax Rules Start

New tax lawsThe number of Americans renouncing U.S. citizenship increased 39 percent in the three months through September...

Banks accept derivatives rule change to end 'too big to fail' scenario

London financial districtThe $700 trillion financial derivatives industry has agreed to a fundamental rule change from January to...
 
America's # 1 Enemy
Tee Shirt
& Help Support TvNewsLIES.org!
TVNL Tee Shirt
 
TVNL TOTE BAG
Conserve our Planet
& Help Support TvNewsLIES.org!
 
Get your 9/11 & Media
Deception Dollars
& Help Support TvNewsLIES.org!
 
The Loaded Deck
The First & the Best!
The Media & Bush Admin Exposed!