Record Profits = No Income Tax????

[LoungeMachine]

GE, Exxon Paid No U.S. Income Taxes in 2009 - ABC News (http://abcnews.go.com/Business/Tax/ge-exxon-paid-us-income-taxes-09/story?id=10300167)

As you work on your taxes this month, here's something to raise your hackles: Some of the world's biggest, most profitable corporations enjoy a far lower tax rate than you do--that is, if they pay taxes at all.

. None of ExxonMobil's income taxes were paid to the U.S. last year.

(Jessica Rinaldi/Reuters)The most egregious example is General Electric. Last year the conglomerate generated $10.3 billion in pretax income, but ended up owing nothing to Uncle Sam. In fact, it recorded a tax benefit of $1.1 billion.
Avoiding taxes is nothing new for General Electric. In 2008 its effective tax rate was 5.3%; in 2007 it was 15%. The marginal U.S. corporate rate is 35%.

How did this happen? It's complicated. GE's tax return is the largest the IRS deals with each year--some 24,000 pages if printed out. Its annual report filed with the Securities and Exchange Commission weighs in at more than 700 pages.

Inside you'll find that GE in effect consists of two divisions: General Electric Capital and everything else. The everything else--maker of engines, power plants, TV shows and the like--would have paid a 22% tax rate if it was a standalone company.

It's GE Capital that keeps the overall tax bill so low. Over the last two years, GE Capital has displayed an uncanny ability to lose lots of money in the U.S. (posting a $6.5 billion loss in 2009), and make lots of money overseas (a $4.3 billion gain). Not only do the U.S. losses balance out the overseas gains, but GE can defer taxes on that overseas income indefinitely. The timing of big deductions for depreciation in GE Capital's equipment leasing business also provides a tax benefit, as will loan losses left over from the credit crunch.

But it's the tax benefit of overseas operations that is the biggest reason why multinationals end up with lower tax rates than the rest of us. It only makes sense that multinationals "put costs in high-tax countries and profits in low-tax countries," says Scott Hodge, president of the Tax Foundation. Those low-tax countries are almost anywhere but the U.S. "When you add in state taxes, the U.S. has the highest tax burden among industrialized countries," says Hodge. In contrast, China's rate is just 25%; Ireland's is 12.5%.

Continued.......

:gulp:

[binnie]

It's pretty disgusting, isn't it?

The rich get richer, everyone else get's fucked - welcome to the moral bankrupcy of the Western world.

[BigBadBrian]

That's the US tax code for you. You can't put the blame on the companies for this. Write your Congressman if you don't like it. I did.

[Guitar Shark]

What color crayon did you use?

[LoungeMachine]

:lmao:

[Kristy]

That's the US tax code for you. You can't put the blame on the companies for this. Write your Congressman if you don't like it. I did.

Oh please. The only letter you ever wrote was to Penthouse who rejected it on your twisted homoerotic fantasies. Besides, if the US Tax Codes (of which you so vaguely speak) were ever to be changed you'd be the first little bitch to whine that this is was just another step in "socialism" and "socialist economic policies" or any other pseudo-intellectual jargon you could pull out of your ass (naturally copied and pasted from a website).

[Blackflag]

Oh please. The only letter you ever wrote was to Penthouse who rejected it on your twisted homoerotic fantasies.

Another great argument. Call him a hypocrite while you're at it. I've seen that tactic work well.

[LoungeMachine]

Another great argument. Call him a hypocrite while you're at it. I've seen that tactic work well.

Said the debate king of the forums.....

:lmao:

[Blackflag]

Somebody has to be.

[BigBadBrian]

Another great argument. Call him a hypocrite while you're at it. I've seen that tactic work well.

She can't bring it, Blackflag. None of the liberal/progressives can. Except one. He rarely posts, though.

[Diamondjimi]

Pretty sad.

Shit, we had a Prime Minister who avoided paying taxes in the country he ruled. At the same time his profitable company was receiving grants from our Govt.

CBC News Indepth: Paul Martin (http://www.cbc.ca/news/background/martin_paul/businessinterests.html)

[BigBadBrian]

Oh please. The only letter you ever wrote blah blah blah

Are you a lesbian? You come off as a lesbian. 'Fess up, cunt. :tongue0011:

[Kristy]

How the copy & paste op ed have fallen.

[Blackflag]

She can't bring it, Blackflag. None of the liberal/progressives can. Except one. He rarely posts, though.

Is it Takin Whiskey?

[Blaze]

UBS says IRS has 20 Swiss banks in its sights
By FRANK JORDANS (AP) – Mar 12, 2010
GENEVA — Embattled UBS AG has warned that Switzerland's financial industry is at risk unless lawmakers approve a tax treaty with the U.S., and that other Swiss banks may be next to face pressure from American regulators.
In a letter to parliamentarians, the banking company said the U.S. Internal Revenue Service has collected information on the cross-border activities of about 20 Swiss banks and may press for a crackdown on American tax evaders at these institutions as well.

UBS urged parliament to approve an August treaty signed by the U.S. Treasury Department and Switzerland's executive Federal Council on improving cooperation in tax evasion matters.

"The risks are very considerable for the Swiss financial center and the economy as a whole if parliament were to withhold its approval," UBS said in the letter first reported Friday by Zurich daily Tages-Anzeiger and obtained by The Associated Press. The bank confirmed its authenticity.

The Swiss government is scrambling to salvage the treaty after a Swiss court ruled in January that parts of it were illegal. It has asked parliament to sign off on the deal, which would temper Switzerland's strict banking secrecy law to meet Washington's demands for greater access to files on suspected American tax cheats.

"Apart from UBS, many other Swiss banks were involved in cross-border business with American clients," the Zurich-based bank said, referring to offshore accounts for wealthy U.S. customers.

"The IRS has obtained information on about 20 Swiss banks" as part of a recent amnesty program, UBS said. "It is quite possible that the IRS wants to obtain information on other customers of these banks. Refusal by Switzerland to meet its obligations under international law could send a signal that would escalate these cases."

A spokesman for UBS declined to comment on which banks might be involved.
UBS also warned that Switzerland risked ending up on a blacklist of uncooperative tax havens if lawmakers refused to bless the deal, which was reached after months of tense negotiations between Washington and Bern.
Swiss companies doing business in the United States could then be subject to additional scrutiny by the IRS, it said.

Marlies Baenziger, a lawmaker for the center-left Green Party and member of the parliamentary finance committee, said the letter showed UBS was trying to intimidate parties into approving the treaty.

The nationalist Swiss People's Party, the country's largest, announced earlier this week it would oppose the deal in parliament.

U.S. authorities last year agreed to drop their demand for details of 50,000 of UBS' American clients, if the Swiss divulged the names of 4,450 believed to have been involved in large-scale tax evasion or fraud. In a separate deal, UBS paid a $780 million penalty as part of a deferred prosecution agreement that included disclosure of an additional 150 names.

UBS shares closed up 2 percent at 16.39 Swiss francs ($15.45) on the Zurich exchange.

Copyright © 2010 The Associated Press. All rights reserved.
The Associated Press: UBS says IRS has 20 Swiss banks in its sights (http://www.google.com/hostednews/ap/article/ALeqM5iLihrc5RVwatmyNUJIbTy1NhhL0wD9ED8SS80)

If anyone has any information about tax fraud above $2 million for businesses the IRS has provided resources for you.
I do not endorse this legal firm, however, they have provided an information source for those that might need legal help reporting IRS tax violation above $2 million. There are other sources and other assistance, please do your research.

http://www.tax-whistleblower.com/practiceareas/7623_Expense_detection_of_underpayments_and_fraud. pdf

Introduction to IRS Whistleblower Rewards Program

Congress has taken another drastic step to help the IRS in its initiative to catch taxpayers who are paying fewer taxes than they actually owe to the government. This recent step provides a substantial incentive to people to come forward and identify other persons, companies, trusts, partnerships, or other entities that are underpaying their taxes in any way, be it as a result of fraud, aggressive or uncertain tax positions, or even simple mistakes.

The incentive is an award to the person who comes forward to reveal an underpayment of tax to the IRS. The award can equal up to 30 percent of the amount of tax, interest, and penalties ultimately collected by the IRS. This program, as enacted by the Tax Relief and Health Care Act of 2006 (P.L. 109-432), places no cap on the dollar amount of the award, so the person who comes forward to identify a large underpayment of tax by another taxpayer stands to potentially collect millions of dollars of awards from the government for his or her efforts.
IRS Whistleblower Legal Statute | Tax Underpayment Reporting & Reward Lawyers | tax-whistleblower.com (http://www.tax-whistleblower.com/practiceareas/)


Whistleblower - Informant Award (http://www.irs.gov/compliance/article/0,,id=180171,00.html)

[LoungeMachine]

Are you a lesbian? You come off as a lesbian. 'Fess up, cunt. :tongue0011:

:rolleyes:

God you're pathetic at times.....

:gulp:

A mere shell of your former self......

[Guitar Shark]

I don't notice much of a difference.

[LoungeMachine]

I don't notice much of a difference.

The old Brie, up until the time he he went on his Op-Ed spam Jihad and high-tailed it outta here, at least put some effort into his "arguments"

Now he just relies on anti-obama rhetoric and the hopes BlackFlag finds him sexy.

:gulp:

[Blackflag]

I find all girls sexy. That is a chick, right? Are you?

[LoungeMachine]

I find all girls sexy. That is a chick, right?

Brian?

Yes, she's a chick.

You should so hook up.

:gulp:

Invite her to Yakima. Show her your '74 'stang up on blocks that you're rebuilding.

[Blackflag]

I notice you avoided the last question.


Confusion is natural. In some cases. I guess.

[Blackflag]

And holy shit, if there's one thing an eraser head like yourself doesn't want to call me out on, it's my cars. Clueless wonder.