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Thread: FIRST! (Taxes)

  1. #21
    Regular MASH's Avatar
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    Rectally violated again, this time with a pinch of ball gag and leather birdman mask thrown in for fun.

  2. #22
    Sir Spamalot Chalybos's Avatar
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    They took huge losses? Really?
    http://money.cnn.com/2010/07/16/news...rica/index.htm
    "On its face, the second quarter appeared to be a healthy one for the Charlotte, N.C.-based lender. It earned $3.1 billion, or 27 cents a share, besting analysts' forecasts for a profit of $2.3 billion, or 22 cents a share, according to Thomson Reuters."

    Yep. There's a bunch of other articles as well. Now, I'll give you that they made a sizable "goodwill" donation to the tune of some $10 billion, but ... why do I get the feeling that the $10 billion is writeoffs on money they were never going to see anyway? As in those toxic assets that we, as taxpayers, bought? They wouldn't do something like that, would they?


    Taxes done, just need to sign & mail. That's what's paying for the boy's summer camp.
    If the radiance of a thousand suns were to burst forth at once in the sky, that would be like the splendor of the Mighty One... I am become Death, the destroyer of worlds.

  3. #23
    Sir Spamalot Chalybos's Avatar
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    http://abcnews.go.com/Politics/gener...ry?id=13224558

    The top tax bracket for U.S. corporations stands at 35 percent, one of the highest rates in the world. So how is it possible that a giant of American business, General Electric, paid nothing in federal taxes last year, even as it made billions in profit? And should the CEO of GE, Jeffrey Immelt, be advising the president on business?

    For two years, President Obama has been talking about the need for corporate tax reform, declaring that the system is too complicated and that companies pay too much.

    "Simplify, eliminate loopholes, treat everybody fairly," Obama said in February.

    For those unaccustomed to the loopholes and shelters of the corporate tax code, GE's success at avoiding taxes is nothing short of extraordinary. The company, led by Immelt, earned $14.2 billion in profits in 2010, but it paid not a penny in taxes because the bulk of those profits, some $9 billion, were offshore. In fact, GE got a $3.2 billion tax benefit.



    I call bull****. Explain how they get away with that? GE isn't losing ****, so maybe you ought to start sending some of that ire you save for all things non-business towards the businesses that get away with financial rape. Flat tax on all income, or have them leave the country and let another company take their place. Survival of the fittest only works on a level playing field, after all, and if they ain't going to pay the ref, kick 'em out of the stadium. I'm sure they would be just fine dealing exclusively with China - most of their employees are already overseas anyway.
    Last edited by Chalybos; 03-28-2011 at 07:07 PM.
    If the radiance of a thousand suns were to burst forth at once in the sky, that would be like the splendor of the Mighty One... I am become Death, the destroyer of worlds.

  4. #24
    Regular batmanuel's Avatar
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    amen, brother chaly!

  5. #25
    Regular TheMan's Avatar
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    Quote Originally Posted by Chalybos View Post
    For those unaccustomed to the loopholes and shelters of the corporate tax code, GE's success at avoiding taxes is nothing short of extraordinary. The company, led by Immelt, earned $14.2 billion in profits in 2010, but it paid not a penny in taxes because the bulk of those profits, some $9 billion, were offshore. In fact, GE got a $3.2 billion tax benefit.
    60 Minutes just aired a report on this very thing. If a company earns profits offshore then they don't have to pay US taxes on it as long as the money stays overseas. If they tried to bring the money back to the US then it is taxed at 35%. This insures that the money will never come to the US and it wont help our economy at all.

    You can ***** and moan about them being tax dodgers all you want but if you were in their shoes, you would do exactly the same thing. If you or I had a company that earned a profit of $1 million dollars a year, there is no way that I would just hand over 350k of it to Uncle Sam. I am going to do everything possible to minimize my tax burden.

    When government is hostile towards business and businesses, the the business moves to a less hostile environment.
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    Irrelevant angry comment displaying my political leanings.

  6. #26
    Regular batmanuel's Avatar
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    Quote Originally Posted by TheMan View Post
    When government is hostile towards business and businesses, the the business moves to a less hostile environment.
    And when the government shuts down and fails to provide essential services because it is broke, and when jobs and business and money evaporate to other countries, there won't be anyone left in the country with a job to buy the goods and services in the country that these companies bent over.

    Maybe they think that by then they'll be making enough in their Asian subsidiaries to hire a private army to protect themselves from the hordes of starving people at the GE campus gates, until they can relocate?

    Don't get me wrong, I am against over-taxation, but it's absurd to think that a company that does that much business in the US paid zero taxes. **** 'em, let someone else fix our appliances, make our medical appliances and every other bazillion businesses they're in... GE is #4 on the largest US company list according to Forbes... and paid no taxes?

    For the Lazy:
    1. Wal-Mart
    2. Exxon Mobil
    3. Chevron
    4. GE
    5. Bank of America

    I wonder what each paid in taxes and what the total is?

    That said, I have not done my taxes yet. And given this, I want to open a Swiss bank account and hide my assets... oh wait, our .gov went after individuals who tried to hide their loot in Swiss banks... but this is ok? Bah.

  7. #27
    Regular Vygramul's Avatar
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    The thing about corporate taxes is that, in large part, those costs are passed to the consumer. As a result, there's a sweet-spot for corporate taxes and it's pretty low. AAM is right about it being smoke and mirrors, and while we should simplify the tax code (which won't happen), there are more important tax issues to be resolved.

    The 800-lb gorilla in the room is the deficit, and AAM and MASH and SEM are going to have to face the fact that taxes are going to HAVE to go up, and go up substantially, even with a Tea-Partier wet-dream cuts on spending (which also won't happen - even Ron Paul has earmarks), or our generation will be the most senior to watch it all go to hell in a handbasket, and it ain't going to be pretty for us as retirees, even those of us with good investment strategies.
    Experience declares that man is the only animal which devours his own kind; for I can apply no milder term to the governments of Europe, and to the general prey of the rich on the poor.

  8. #28
    Regular LilPuppy's Avatar
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    Quote Originally Posted by Vygramul View Post
    The 800-lb gorilla in the room is the deficit, and AAM and MASH and SEM are going to have to face the fact that taxes are going to HAVE to go up, and go up substantially,.
    gotta agree there...late 80's our deficiet was huge (for our population) and our conservative government implemented a Goods & Services tax (our dreaded GST) at a rate of %8 on everything even consulting etc. Since it was our conservative government that did this and the next election the liberals promised to remove it and with that they suckered me into voting liberal for the first and only time in my life...of course they didn't (expressed my opinion to Primeminister Chretian personally to him once.. the P.M. gets a membership at the golf course I worked at) but they used it and other huge cuts (mostly to our military ) to get a surplus..which the conservatives spent like drunken sailors (but still voting for them)

    why do you think all these foriegn celebraties move to the states? They pay no where near the taxes that they would back home...remember a Jagger interview from the sixties when he was asked and he said he gets to keep %90 more money than living in Britian.

    Vyg. your avatar I lol'd...watched Goodfella's last night...that was a painting Pesci's mom painted (in the movie)
    "science flies man to the moon....religion flies man into buildings"

  9. #29
    Regular ANGRYAFRICANMAN's Avatar
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    Quote Originally Posted by Vygramul View Post
    The thing about corporate taxes is that, in large part, those costs are passed to the consumer. As a result, there's a sweet-spot for corporate taxes and it's pretty low. AAM is right about it being smoke and mirrors, and while we should simplify the tax code (which won't happen), there are more important tax issues to be resolved.

    The 800-lb gorilla in the room is the deficit, and AAM and MASH and SEM are going to have to face the fact that taxes are going to HAVE to go up, and go up substantially, even with a Tea-Partier wet-dream cuts on spending (which also won't happen - even Ron Paul has earmarks), or our generation will be the most senior to watch it all go to hell in a handbasket, and it ain't going to be pretty for us as retirees, even those of us with good investment strategies.
    We all agree the 800 lb gorilla is the deficit. But the libs answer is to raise taxes and grow government. To deny this is a flat out lie Vyg. Just look at the Obama budget. What a joke. I don't mind if taxes go up as long as the size of government shrinks. I need to see the light at the end of the tunnel if your going to raise my taxes. Sorry Vyg I am not a big guvment guy like you are. I have worked in government my entire life and I can say one thing. Government is the 800 lb gorilla in the room not taxes. Trim that *****!
    An extremely credible source has called my office and told me that Barack Obama’s birth certificate is a fraud

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  10. #30
    Regular Vygramul's Avatar
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    Quote Originally Posted by LilPuppy View Post
    Vyg. your avatar I lol'd...watched Goodfella's last night...that was a painting Pesci's mom painted (in the movie)
    That is not a coincidence.
    Experience declares that man is the only animal which devours his own kind; for I can apply no milder term to the governments of Europe, and to the general prey of the rich on the poor.

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