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March 19, 2012

Scofflaw corporations

Well it’s tax time again, and I’m just wondering when the Internal Revenue Service is going to arrest and jail General Electric and the other scofflaw corporations who haven’t paid taxes in years.

If they are indeed people, as our illustrious U.S. Supreme Court has decided, the corporations are no different from you and me. And if we had gone years without paying taxes, you and I would be in jail.

So what gives?

Jim Lullie

Holt, Mo.

 

 

Comments

WoodyKC

There are some key points that can be expanded on. The way companies pay little to no taxes is the same way the rich will never get a “real” raise in taxes. Every time someone increases taxes on the “rich” the middle class gets hit. One key reason is the complexity of the tax code, if you can afford tax lawyers, accountants, etc you can find all the loopholes needed. When you can’t inevitably you’ll get the real increase.

Overall I don’t have a problem with the end result of the current tax code based on the raw numbers, not percentages. BTW corporations don’t pay taxes, it’s simply and operating cost that is passed on to the consumer just like any other cost.

There are natural cycles in the economy as we have seen, but as the govt intervenes more it sure seems to screw more stuff up.

fanoftravel

JDog thanks,good response

JDog

fot, great question... and I have a reply that will credit neither:-)

Venture Capitalist were the backbone of the dot.com explosion that occurred during the Clinton administration, and neither Reagan or Clinton had a hand in that.
When technology evolves, capitalist will chase it, right or wrong, and never in our history has government policy(s) caused the evolution. Just look at Obama's "green" initiative, it's not working because the technology is not evolved enough and there is too little demand. Similarly, I would challenge anyone to show where a Reagan or Clinton policy caused the dot.com explosion.

Sometimes your the benefactor of events and sometimes your the horse's behind.

Fanoftravel

JDog I'm fine with that,let me bounce off another claim. There are those who want to credit Reagan polices with job growth in the Clinton years. Yet,during bush1's term only 2.5 million jobs were created,so by their thinking it took 4 years for Reagans policies to take effect for the success during the Clinton years.

JDog

fot, I'm cool with that as long as we also give Congress credit for balancing the budget back in 1996 - 2000.

You get my point. Too often some here want to give credit to either a President or Congress, and then switch and bestow blame the other way around.

Fanoftravel

JDog any congress

JDog

Okay, fair enough. So, who do we blame for these tax problems; the President or Congress?

Yes, I think there can be bullet-proof Congress's. In the instance of ObamaCare, money got in the way of a few Democrats or it would have passed without all the shenanigans.

Fanoftravel

JDog you seem to be echoing my point,how convenient for either side to blame who controls the congress or who is president. On the bullet proof congress,libermann,Dino Nelson(neb) and Dino Lincoln(arkansas),who I'm glad is no longer a senator. Do you really believe there is a "bullet-proof," cogress

JDog

fot, understood.

So, I presume you are angry that the Republican House has passed many budgets, but the Democrat Senate hasn't passed one!

And as a mere footnote, the Democrats held a bulletproof majority in the House and Senate for two years under Obama and did nothing to fix this!!! Hey, but they got ObamaCare passed.

I still think we should blame Bush:-(

Funny how some on the Left want to hail Clinton as a great President, but are quick to note the Republican majority in Congress when it is convenient. Pick your poison fot, and be true to one opinion.

fanoftravel

JDog I could be like some of the bloggers on this site who blame the Democrats for anything that went wrong from 2007-2009 you know a(Democratic congress)On that note I could say well Clinton had a gop congress,but you know that's not my style!!
Here's perhaps a reasonable source of revenue,that the gopers are working against,the IRS,in the most recent year available,2006,individuals and companies underpaid their taxes by 385 billion dollars after audits and enforcement efforts This years budget is less then 1.5 billion from Obama's request. So here's potentially hundreds of billions in lost tax revenues and the gop balks at Obama's request of an additional 1.5 billion in funding. But I'm sure the tea partiers would see this has a tax hike!!!

Smarter Than You

Biggest scofflaw; companies that utilize legal loopholes to reduce their tax burden or a federal government that has run up $10 trillion in deficits over the last two administrations ($5 trillion of it Bush over eight years, $5 trillion Obama in less than four)?

JDog

fot, your link says all of this started in the Clinton years!
So, that means we had two Democrat President and one Republican.

Therefore we should blame Bush and ignore Hope & Change.

Sure the sytem is broken, but who is going to fix it? A before you reply, simply raising the tax rate, as proposed by Obama, will not fix this problem.

fanoftravel

Here's a list of the top 28 fortune 500 companies,who not only didn't pay US federal taxes but received refunds,totaling almost 115 billion dollars from 2008-2010.
http://www.dailykos.com/story/2011/11/03/1032815/-30-Fortune-500-companies-paid-no-federal-income-taxes-over-last-3-nbsp-years

Gary

Jim will have to cite the case where the Supreme Court ruled that corporations are people. It wasn't Citizens United. I suspect that Jim has been reading talking points too much and court cases too little.

PhantomShadow

GE did what's legal. It may not be right, but it was legal.

JDog

So, the letter writer wants GE arrested for not paying taxes. Perhaps the letter writer could outline for us exactly which IRS laws/regulations GE has violated?

On the other hand, with a Volt and similar vehicles retailing at about $40k, that means GE would be spending about $1 billion for the 25k cars, and getting a $187,500,000 refund, (assuming all the cars qualify). BUT, the real story that’s being missed is the number of jobs that will benefit from GE’s purchase of 25l electric cars; including GE jobs.

Yeah, let’s arrest GE and shut them down. (something about forest and trees is coming to mind).

Kate

Hardly seems right . . . paying zero in taxes and getting money back. On the other hand, they'll have a fleet of Volts - and that's punishment enough in my opinion. ;)

whispering_to_kc

Corporations are people, my friend.

http://www.youtube.com/watch?v=KlPQkd_AA6c

Ge wants to buy 25000 electric vehicles for company use over the next 4 or 5 years. About half those 25k would be Volts. GE makes the charging stations for EVs which makes the whole thing partly a big exercise in self-interest.

There are strings with the $7500 tax credit. Perhaps BV can explain how a corporation that already pays no taxes will benefit from a further tax credit?

Bigvarmit

I would like to know when the people in the Obama administration will pay their back and current taxes? This would maybe make it possible to help the government. GE bought several hunded or thousand Chevy Volts, they got a tax credit of $7,500 per car. This isn't right either.

Kate

Did GE refuse to pay taxes legally owed?

 
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