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Buddha
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Last seen: 3 years 1 month ago
Joined: Sep 8 2005 - 10:24am
Wow! I must be rich! Turns out, I pay more tax than General Electric!

Where's my lobbiest?

GE reported a 10.8 billion dollar profit but didn't pay a single cent in income tax.

Fortune magazine:

Corporations typically face a 35% federal income tax on their earnings. Thanks to its deductions and adjustments, GE reported an actual U.S. federal income tax rate of negative 10.5%. It got to add a "tax benefit" of $1.1 billion back into its reported earnings.

Nice.

Jim Tavegia
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Joined: Sep 1 2005 - 4:27pm
Re: Wow! I must be rich! Turns out, I pay more tax than General

Do you think their accounting firms make some nice green? Yup!

rvance
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Last seen: 1 year 3 months ago
Joined: Sep 8 2007 - 9:58am
Re: Wow! I must be rich! Turns out, I pay more tax than General

So they'd rather pay their accounting firms... never mind.

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