99 Percenters Crash GE's Party
One of America's largest corporations filed a 57,000 page tax form and paid no taxes (in 2010) according to Ken Kies, a tax lawyer who represents GE. Perhaps it's time to amend the corporate tax code and get rid of those crazy loopholes once and for all...
Although 2011 tax data has not been compiled and released in its entirety, this 120-year-old company generated $14.15 billion in net earnings last year – 22 percent more than they earned in 2010.
Bidding tax season farewell, the House budget committee aims to take a closer more speculative look at corporate income tax policies.
House budget committee chairman Paul Ryan – a Republican from Wisconsin – has made efforts to quaterback the process of corporate tax reform so that corporations may not be able to take advantage of all of the various loopholes and deductions that prevent them from paying taxes.
What GE does when they file their taxes is perfectly legal, and a lot of American citizens aren't happy about the fact that they often end up paying far more than one of America's biggest corporations. They argue that it is simply "not fair."
According to GE's 2010 tax forms, the company was not taxed on $5 billion it received 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.”
Ryan says this is possibly the one and only issue that there seems to be bipartisan agreement on so he is hopeful that Obama and the Democrats will work with his Republican party to find a solution to the current corporate tax system flaws.
GE will hold a shareholder meeting in Detroit today. At this meeting, a subgroup of the Occupy Wall Street movement plans to voice their demands that the time has come where the one percent must pay their fair share and be “a little more responsible,” said Christian Gary, organizer with Good Jobs Now in Detroit.
One protester delivered a delinquent tax bill to Jeff Immelt himself and told him to “pay your fair share!”
“If the taxpayers have given you money to create jobs, you’re not a job creator, you’re just spending our money,” said Dacia Gibbons of Good Jobs Now, while playing a game of tax dodge ball outside of the meeting.
Tax Dodge Ball, Photo: Genevieve Reilly / Fairfield Citizen
Complaints were aroused when a 2011 report leaked a claim that GE actually had an effective negative tax rate from 2008-2010. The company has denied this allegation.
The threatened protests come at a time when even the firmly capitalist have been turning on CEOs. Shareholders of Citigroup Inc stunned the bank's management last week when they rejected CEO Vikram Pandit's $14.8 million pay package at the company's annual meeting in Dallas.
While the vote was purely an advisory one, Chairman Richard Parsons called it "a serious matter" and said directors would meet with shareholder representatives.+6
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