l****z
发帖数: 29846 | 1 GE Filed 57,000-Page Tax Return, Paid No Taxes on $14 Billion in Profits
1:11 PM, Nov 17, 2011 • By JOHN MCCORMACK
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General Electric, one of the largest corporations in America, filed a
whopping 57,000-page federal tax return earlier this year but didn't pay
taxes on $14 billion in profits. The return, which was filed electronically,
would have been 19 feet high if printed out and stacked.
GE
The fact that GE paid no taxes in 2010 was widely reported earlier this year
, but the size of its tax return first came to light when House budget
committee chairman Paul Ryan (R, Wisc.) made the case for corporate tax
reform at a recent townhall meeting. "GE was able to utilize all of these
various loopholes, all of these various deductions--it's legal," Ryan said.
Nine billion dollars of GE's profits came overseas, outside the jurisdiction
of U.S. tax law. GE wasn't taxed on $5 billion in U.S. profits because it
utilized numerous deductions and tax credits, including tax breaks for
investments in low-income housing, green energy, research and development,
as well as depreciation of property.
"I asked the GE tax officer, 'How long was your tax form?'" Ryan said. "He
said, 'Well, we file electronically, we don't measure in pages.'" Ryan asked
for an estimate, which came back at a stunning 57,000 pages. When Ryan
relayed the story at the townhall meeting in Janesville, there were audible
gasps from the crowd.
Ken Kies, a tax lawyer who represents GE, confirmed to THE WEEKLY STANDARD
the tax return would have been 57,000 pages had it been filed on paper. The
size of GE's tax return has more than doubled in the last five years.
Ryan used the data point to underscore the irrationality of the corporate
income tax code. He also contrasted GE with UPS to make the point that the
corporate income tax code doesn't make sense. "UPS paid a 34 percent
effective tax rate," while its biggest foreign competitor, DHL, paid a 24
percent tax rate, Ryan said.
The problems with the corporate taxes occur because "Republicans and
Democrats, both parties, sit in Congress and they're picking winners and
losers," Ryan said. The solution, according to the Wisconsin congressman: "
Get rid of those loopholes and lower tax rates by a corresponding amount.
Don't lose revenue, but for every loophole you pull out, and deny a company
from being able to get this little carveout, you can lower the rates so we
can be more competitive with our competitors overseas. We want to stem the
bleeding of jobs going overseas, of foreign companies buying U.S. companies
and taking headquarters overseas."
Ryan is hopeful that President Obama will work with Republicans on corporate
tax reform. "This is the one thing I think we've got some bipartisan
agreement on," he said | y****t
发帖数: 10233 | 2 这新闻要让屎坑崽每天读一遍.
好歹让这阿Q明白一点,自己在跟谁闹革命.
electronically,
year
【在 l****z 的大作中提到】
: GE Filed 57,000-Page Tax Return, Paid No Taxes on $14 Billion in Profits
: 1:11 PM, Nov 17, 2011 • By JOHN MCCORMACK
: Single Page Print Larger Text Smaller Text Alerts
: General Electric, one of the largest corporations in America, filed a
: whopping 57,000-page federal tax return earlier this year but didn't pay
: taxes on $14 billion in profits. The return, which was filed electronically,
: would have been 19 feet high if printed out and stacked.
: GE
: The fact that GE paid no taxes in 2010 was widely reported earlier this year
: , but the size of its tax return first came to light when House budget
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