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Joined: Nov 2005
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Originally Posted By: JetStar
Too bad the right voted to continue subsidies for the most profitable industry in human history on Wednesday.

Does not compute.
A profitable industry have no need of subsidies.

Last edited by Arkh; 05/07/11 12:11 AM.

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Originally Posted By: Tasorin
The whole GE thing you have to be careful with, as to what you exactly mean.

Did GE get away without paying any taxes?

Absolutely not.

They paid every single cent of the Federal, State, and local income tax paid on wages. That means all the stuff that really counts like wage, FICA, SS, and workers comp. On top of any actual state that has a income tax as well. In addition GE paid every single cent of Sales tax in every single State it purchased goods, services, and municipal infrastructural.

What GE didn't have to pay anything on was the FEDERAL TAx LIABILITY! Just make sure you get it right. That tax liability is what is paid on revenues made inside the United States. What GE did is put all of its cost centers in the US, and place all of its revenue centers outside of the US. GE basically had a 2B USD revenue in the US last year, and with taking full right offs for all allowable itemization to the full legal amount was able to offset the FEDERAL TAX LIABILITY for that 2B USD.

The whole rub of it is that no revenue made outside of the US can be used inside of the US or it instantly becomes subject to those set of rules and taxes, which are stiff.

So what GE did was work the Corporate Tax System, which is what the CEO said they did right after this story came out. Don't blame them because our tax code is fucking broken. Be mad at the fucking tax code and the bureaucrats who refuse to fix it because they have been bought and paid for a Trillion times over.


I understand they paid taxes on goods and services. My point is the tax system, where they were able to write off the federal tax. If they want the big earners to pay more of their share, a flat tax would do that. I'm not sure why people are so surprised, when a company makes a lot of money that produces a product that's in such a high demand, where everyone with a gas engine has got to buy this product to get from point A to point B. When you have hundreds of millions of people buying your product, YOU ARE going to make a lot of money.

If GE made an electric car that was highly efficient and practical, and millions of people bought that vehicle. Then people would be hating on them as well. If YOU made a product where MILLIONS of people would buy it, would you be for the government taxing just YOU more because you make to much money in their eyes? The blame needs to be pointed back to ourselves (government) & OPEC. Speaking of OPEC, as you know they are made up of middle eastern countries. People that may say their our friends, but they really aren't. When we have someone else dictating what we pay for oil, then common sense should tell you that's not a good thing. Common sense would kick in and say "hey" we have a lot of our own oil. We have nearly 2 trillion barrels of SHALE oil alone that's not being tapped, as well as offshore and the oil we haven't tapped in the tundra of Alaska. Why are we setting ourselves up by relying on OPEC to dictate what we all pay, when we have all of these resources. It's just absolutley fucking retarded to keep up the status quo.

In the end neither the tax code or the way we get our oil will change. Unless everyone bands together and makes it change. If Obama wants to see more jobs, I could almost guarentee that if they loosened up and started giving more permits to drill offshore and open up SHALE oil. There would be more jobs, that alone could win him the re-election.


Last edited by Wolfgang; 05/07/11 08:50 AM.
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I like a global Tax System. Where when the Federal Government and State Government are giving you massive subsidies to set up your cost centers here in the US, that you ought to pay a damn flat tax rate on all Revenue created outside the US. Even if that flat tax was 5%, the US coffers would get tens of billions a year just by doing that. Consider it a flat penalty for moving manufacturing and work off shore to lower cost centers globally.


Don't make me have'ta Troll ya Bro!
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