Re: How to pull a GE and pay no taxes

 

BTW odin, I did do a few minutes of digging,

GE still has not completed it's 2010 taxes.

A couple articles stating GE got 3.8 billion back, is simply false GE says it
is not getting any tax back

GE has stated they expect to have a US income tax liability for 2010

It has also been some 25 years since a large tax overhaul when the corporate
tax rate was cut from 46% to 34%

I did see and have not dug into it further yet, that between '02 and '09 they
paid 5 billion in taxes, I know just a bit less than a billion  a year in tax
liability, but they did not comment on how much of the gross was overseas
money, that is not allowed to come here to benefit the us GE or it must be
taxed,  
so if we are going to start talking about those pennies, we better start
digging into Toyota, Honda, Harley, Kawasaki and every other company that has
operating companies based out of the US

got to run, might get some time later to dig more, but I'm still betting GE
pays dearly,  (trust me I wish GE would fold), My wife is employed by Siemens,
it would be nice if Siemens were number 1 <g>  (Which btw is now run be the EX
CEO of GE)

 On 4/12/2011 2:36 PM, notat@home.com wrote:

Actually Tom, I was referring to how someone who makes almost twice what
I make can pay less taxes than I do.  Here's something else I just
realized.  I pay a smaller percentage of my pay in SS taxes than someone
who makes half what I do because I only pay SS and Medicare taxes on a
portion of my income (you only pay SS and Medicare on the first $106k).
  Someone making $10mil a year is only paying SS taxes on 1% of their
income while I'm paying on just over 60% of mine and the majority of
Americans are paying it on 100% of their income.

Let's also look at what I'll get from SS when I retire compared to
someone who made right at the cut off limit.  I'll get more back than
someone who paid in approx the same as I did.

Can I afford to pay a larger percentage of my taxes than someone who
makes 30% of what I do (approx current median income)? Yes.  Do I?
Well, it depends on which taxes you are referring to (I pay a smaller
percentage of SS/Medicare taxes) and on how well I game the system, and
having a larger income gives me some advantage to game it.

My point again is that the current system isn't fair to those with lower
incomes.  Cutting taxes on the rich doesn't trickle down, it never has,
never will.  It's a myth.

--
Odinn
RCOS #7 SENS BS #154
2003 GeezerGlide w/140,000+ miles

Nothing but net to reply

 

actually you posted saying GE paid no taxes - so I did some digging,  they are
wrong.....


but  we still pay in far more than they do! I know this as we do it as well!
and I have been in the lower tax brackets before, II also have been in the tax
bracket where we got earned income credit (after my accident Karen's pay was
still pretty darn low with a family of 6)

(back to the ss)  we max out SS before the end of year, we will never collect
all the SS we paid in before we die!  I hate SS taxes, it should be abolished
so we can choose what to do with that money instead of being forced to do what
the gov thinks is best for us


I think your off right there, but I have not looked into it lately, I know
what my aunt collects now,  and she paid the max most of her life.

Now look at how much you will get compared to someone from India (or anywhere
for that matter) that is only required to work here 10years to collect SS -
yes that is right, if you are not a citizen and work here legally, all you
have to do is be here ten years to collect ss, that is why many do not want to
leave before ten years

WHY SHOULD WE HAVE TO, why SHOULD we have to pay a higher percentage per
dollar because we decided to better ourselves?    I know one thing for sure we
are far less of a tax burden on society than those in the lowest of tax
brackets!

it is that entitlement attitude that makes me want to puke!  again I will say,
I am glad my mom never raised me to expect others to pay my way, and trust me
I was raised poor right at the bottom for many many years, but also raised to
think anyone owes me anything
 

your really wrong!