Comment: Re:General Electric (Score 1) 676
GE did not pay zero taxes. That's just bad reporting from the NY Times.
That link does little to refute what the parent posted. The article refutes Elizabeth Warren's claim that GE paid "nothing – zero – in taxes", not the parents assertion that they paid no corporate income taxes. The article does have a quote from a GE spokesman that says they paid a small amount of corporate income tax, but there is no data to back that up. FTFA: 'GE chief spokesman Gary Sheffer told Pro Publica: “We expect to have a small U.S. income tax liability for 2010.” How much? The company wouldn’t say.' When pressed on how much they paid in taxes to the US they refused to break down the numbers, only giving worldwide tax numbers. I don't necessarily believe that GE dodges all tax liability in the US but I don't think they are paying their fair share. The article says they paid 7% total worldwide taxes in 2010, that's a lower rate than I pay in sales taxes alone. Their total tax for property, income, excise taxes and a bundle of other things is at a lower rate than pretty much any single tax that I pay. This problem is certainly not confined to GE, most corporations pay a much lower rate than their nominal corporate tax rate. The article says "Again, the company has clearly been aggressive in reducing its tax burden through various tax credits and deductions created by the federal government" but what it doesn't mention is that those various tax credits are a result of lobbying by these corporations (and in some cases, the lobbyists wrote the bill). It's just another example of how the powerful are able to game the system while the less powerful end up footing the bill for the system. The powerful receive benefits from this system that is incommensurate to the amount they pay.