Oh, corporate America

You’re so silly:

A piece in today’s New York Times by David Kocieniewski outlines how G.E. skirted paying any taxes on $5.1 billion in profits in 2010–in addition to claiming a $3.2 billion tax credit.

Bank of America also is paying nothing.

U 2 CORPORATE AMERICA

Y?

17 Responses

  1. How much did you pay in taxes Michael?

  2. Corporate taxes are pointless anyway, its the consumer that ends up paying them.

  3. I paid several thousand and then got money back, a good chunk of which went to my student loans. That has increased my credit score, giving me a better standing to get a home loan down the road (and a car loan if my current 18 year old vehicle dies any time soon). The rest of the money has provided me with some security as I switched jobs and had no insurance for a short period. Overall, the money I and millions of other students received will go to paying down debt – mostly debt to the government – and ultimately opening up better avenues for future needed borrowing.

    GE, on the other hand, is doing just fine without the money it is wrongfully keeping from the government.

  4. Wrongfully how? From what I understand both of these companies not paying any taxes last year has a lot to do with the large ‘charges’ they have taken because of Obamacare. I should say were required to take.

    Do you think BOA paying a giant chunk of taxes to uncle sam to squander would help or hurt your future possibilities of getting a loan?

    Another issue would be the large losses both companies had from the little economic issue you might be aware of. You would much rather they did some lay offs I’m sure.

    And once again, the money doesn’t belong to the government, no one has kept anything from them.

  5. Considering that most of corporate America is actually sustained in one way or another by the United States government, I would say most of their money isn’t actually theirs.

  6. Yeah, the biggest form of welfare – corporate welfare. That is such fucking bullshit about charges for Obamacare.

    First of all, that is not what the healthcare reform is called, just what bigots and racists call it.

    Bank of America has not paid much taxes on profits for many years.

    There are far too many large corporations that get breaks on taxes that do not pay their share – and it has been going on for decades.

  7. Do either of you have any idea where wealth actually comes from?

    Again Bob, you don’t seem to understand that corporate taxes are like sales taxes, disproportionately paid by those who must spend most of their income. I would go so far as to say that corporate income taxes hurt the poor.

  8. Nice fiction, Nate. When dos the novel come out?

  9. Who pay corporate tax’s bob? Explain it to me.

    How is wealth created bob? I’ll give you a hint on that one, the government doesn’t create any wealth.

  10. Most business in the US is generated by small businesses. Companies under 50 employees generate the biggest slice and they pay their taxes, unlike the large corporations who get corporate welfare.

  11. That’s what I thought. You don’t really know.

    In the small business I’ve just started, it will be a very strange thing if I end up paying any taxes. Very strange indeed.

    Also most of these small business do not pay their ‘fair share’ of the 35% corporate income tax. Most of them don’t even file a corporate income return. Instead they file an individual return and pay far less than 35% that you call the fair share.

    Don’t forget that corporate taxes are paid on profits, not revenues, like you pay your income taxes. That’s an important distinction and one that often leads them to pay less than you would expect in taxes.

    I suppose you can define clearly this “corporate welfare”? At least and have it come out differently than “Michael welfare”? Because if you are going to say tax credits amount to welfare…

  12. So you agree with me, they pay taxes instead of nothing due to corporate welfare. I never mentioned 35%

  13. 35% is simply the corporate tax rate over $355,000.

    I’m not even sure I know what you are saying I agree with you on.

    Small businesses “cheat” as well is what I was saying. As most file as individuals instead of businesses to avoid higher rates.

    GE was forced to take a big charge for obamacare and had substantial losses in 2010. It’s not magical that they posted a profit and also had massive losses, which they are able to deduct from their tax liability. As all businesses do.

    We already have a high corporate tax rate compared to most of the industrial world, at least hen you add in state taxes. Lets go after those evil companies some more bob, see how many more flee our shores to greener tax fields, leaving more unemployed masses in their wake.

  14. Of course you didn’t understand what you Agee on when you take the standard Republican dogma line.

    Obama are? Don’t know what that is. Maybe you mean healthcare reform, passed by both houses of congress and signed into law by Obama.

    GE has been making profits for decades and rarely pYing taxes. Nothing new there. Want to see news art led from 1970s?

    Companies flee their jobs due to cheap labor overseas where they don’t pay living wages or hive benefits. It is usually called sweatshops. The Republican ‘solution’ to this is to fuck over US labor- it’s the party’s dogma.

  15. Obamacare, yes that’s what i was typing.

    You really need to find yourself a more solid footing in macroeconomics.

    It’s not republicans moving jobs over seas its companies trying to do what companies do, make money,create wealth.

    I’ll say it one more time and if you can’t understand it, than that’s really your own fault.

    Companies don’t pay taxes, consumers pay taxes in the form of higher prices and workers in lower wages or fewer jobs. The only thing business taxes do is hide more taxation from the consumer, the guy who actually buys the product or service.

    The government loves to hide taxes this way.

    You must hate the poor of the world if you are against sweatshops, hater.

  16. You must hate the poor of the world if you are against sweatshops, hater.

    Gibberish to the end. Sorry, no longer wish to read your dogma either.

  17. Sure Bob.

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