Friday, April 16, 2010

GE Paid No Taxes Last Year

With Tax Day being yesterday and having been forced by Uncle Sam to pay over $500 "back" to the US and NYS governments, I think that everyone will appreciate this article today. General Electric, one of the world's largest corporations and the owner of NBC paid no US taxes last year.

That's right. In fact, because they "lost" money, they were entitled to receive $1.1 billion from the US government through a tax credit. That's a tax rate of NEGATIVE 10.5%. This is no joke.

But what about the $10.8 billion profit overseas? GE is "indefinitely" deferring income tax payments on those profits, Eisele said.
It may seem like accounting magic, but it's completely legit.
GE isn't the only "Top 5" company on this year's Fortune 500 list that owed no income taxes. Bank of America (BACFortune 500), which suffered major losses in 2009, included a tax benefit of $1.9 billion in its annual profit.

What the hell are we doing? And just wait till they ask for a bailout.

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1 comment:

Jimmy's Wang said...

What the hell are we doing?

Not taking advantage of this awesome NEW viagra I've got!!!

Try it and you'll never need bailing out from anything EVER AGAIN!!