Why America Won't Raise Taxes...

[GoodWitch58]

It's on my buy list for my next books a million visit.

I have read the first few chapters and it's interesting...a different approach to the subject. His interview about it with Charlie Rose was informative.

 

[Matt J]

Do you really believe GE paid zero tax?

I only know what has been reported, I haven't reviewed their tax returns. But I certainly think it is within the realm of possibility that GE paid no income tax last year.

Not only did they not pay taxes, they actually got a refund due to the wind and renewable energy research and manufacturing.

 

[cooper]

How much did ge pay in Medicare and social security taxes on behalf of it's employees? How much in property taxes and sales tax did it pay to the communities where it's plants are located? Would we really be better off further raising the price to do business in america?

 

[idlewind]

How much did ge pay in Medicare and social security taxes on behalf of it's employees? How much in property taxes and sales tax did it pay to the communities where it's plants are located? Would we really be better off further raising the price to do business in america?

We would be better off with everyone paying their fair share. Cut the top rate to 10% with no deductions, at least then everyone would contribute.

 

[poppy]

Just another right wing fabrication and distortion of the facts I am sure

The truth about GE's tax bill - FORTUNE Features - Fortune on CNNMoney.com

The truth about GE's tax bill

Did GE get a $3.2 billion tax refund? No.

Did GE pay U.S. income taxes in 2010? Yes, it paid estimated taxes for 2010, and also made payments for previous years. Think of it as your having paid withholding taxes on your salary in 2010, and sending the IRS a check on April 15, 2010, covering your balance owed for 2009.

GE's 2010 financial statements reported a $3.25 billion U.S. "current tax benefit," which is where the Times, which declined comment, got its $3.2 billion "tax benefit" number. But a company's "current tax" number has nothing to do with what it actually pays in taxes for a given year. "Current tax benefit" and "current tax expense" are so-called financial reporting numbers, used to calculate the profits a company reports to shareholders.
They have nothing to do with what a company sends to (or receives from) the IRS. "Any correlation between the 'current tax expense' and the current tax payable is likely coincidental," says a leading tax authority, Ed Outslay, Deloitte/Michael Licata professor of accounting at Michigan State University's business school.

Read the entire article, It's ok to seek additional information from more than one source.

 

[idlewind]

The truth about GE's tax bill - FORTUNE Features - Fortune on CNNMoney.com

The truth about GE's tax bill






Read the entire article, It's ok to seek additional information from more than one source.

You mean the New York Times got the facts of a story wrong? That bastion of fair and balanced reporting made an error? Say it ain't so.

 

[poppy]

You mean the New York Times got the facts of a story wrong? That bastion of fair and balanced reporting made an error? Say it ain't so.

I'm sure they have been wrong a number of times. Unlike Fox news viewers not everyone blindly defends their one source of Kool-Aid.

 

[TNJed]

All of this is simply the downfall of fiat currency. I don't say that flippantly, but that is what it boils down to. I hear 'both sides' in the media talk about the cost of certain issues, taxes, pensions, healthcare, shutdowns, etc. It's all born from our currency which isn't actually money, it's a debt NOTE. Until we have SOUND money instead of NOTES, this will only get worse. There is no math which makes fiat work. It's a ponzi. You think it's bad now? It will only continue to get worse.

I am not recommending Mike Maloney's subscription site. I don't have any subscriptions myself. The internet is an amazing library. However, here is a new video from Mike which explains very well how most people use the wrong measuring stick of a dollar when trying to place value. The dollar, AKA Federal Reserve Note, is not a fixed instrument but rather continuously falls in value relative to everything else. This is why it takes two incomes now to produce what one did a few decades ago. And since all other currencies of the world peg to the dollar in one way or another, the world is in trouble.

Yes I am a proponent of silver/gold and anything else tangible as a store of value. ZERO COUNTER-PARTY RISK IS THE NAME OF THE GAME IN FRAUDULENT AND INFLATIONARY TIMES. If you have 'extra money' just sitting in an account please don't store it in a form where the government is the custodian who will debase at will for their own survival. Be your own central bank and get a core of precious metals for the long haul. Five-ten years from now you can buy all the rental property you want for dollars on the ounce. What?

YouTube - Gold & Silver-When To Sell? Real Estate-When To Buy? Mike Maloney

I last recommended silver at ~$27 a few months ago. I have a last of $40.40