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| Name: |
lotowner
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| Subject: |
GE's $0 Taxes
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Date:
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4/16/2010 9:07:25 PM
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NEW YORK (CNNMoney.com) -- General Electric filed more than 7,000 income tax returns in hundreds of global jurisdictions last year, but when push came to shove, the company owed the U.S. government a whopping bill of $0.
How'd it pull off that trick? By losing lots of money.
GE had plenty of earnings last year -- just not in the United States. For tax purposes, the company's U.S. operations lost $408 million, while its international businesses netted a $10.8 billion profit.
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| Name: |
water_watcher
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| Subject: |
GE's $0 Taxes
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Date:
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4/17/2010 8:28:12 AM
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more and more companies are doing this to avoid US taxation.
Now that 52% of working people also do not pay "income" taxes now and Obama things the other 48% should pay their "fair" share to make up for it ... another words penalize success and redistribute wealth .... you are going to see more high income people making moves to protect their hard earned dollars to escape the Obama socialism machine.
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| Name: |
water_watcher
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| Subject: |
that is why
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Date:
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4/17/2010 8:29:56 AM
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we need the "Fair Tax" ... which is mainly based on consumption not earnings. So if you spend here, illegals and all ... you are paying taxes.
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| Name: |
GoneFishin
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| Subject: |
Hey WW
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Date:
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4/17/2010 1:59:01 PM
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Once again the stars are in proper alignment and you and I agree on the need for a "Fair" tax.
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| Name: |
lakngulf
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| Subject: |
Hey WW
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Date:
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4/20/2010 10:18:40 AM
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I had previously thought that the "spending" tax only approach would greatly penalize the poorest amoung us. I have changed my mind. Do away with wage tax, investment income tax, property tax, and just tax what people buy.
Should there be any provisions for food, medicine, etc? Sad to say, if there are any tax waivers, the Congress will screw it up
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| Name: |
Lifer
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| Subject: |
Hey LNG
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Date:
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4/20/2010 5:55:14 PM
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You really should research the Fair Tax. It is the least regressive tax proposal of all time. It has been developed to the tune of 21 MILLION in research with some of the brightest minds in the country.
URL: ir Tax
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| Name: |
lakngulf
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| Subject: |
Hey LNG
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Date:
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4/21/2010 8:51:43 AM
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Looked at website briefly. Without me having to wade through it what are its 5 main points?
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| Name: |
Lifer
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| Subject: |
Hey LNG
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Date:
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4/21/2010 11:44:16 AM
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It is impossible to do it justice with bullet points, but ironically it a very simple system. It eleminates the IRS and all federal withholding, FICA etc. taxes. What you earn is what you keep (as far as the feds are concerned). Many if not all excise taxes will be elimated also. They are replaced with a 22% national INCLUSIVE RETAIL sales tax on goods and services. There is a 'prebate' system that prefunds the tax on everything up to the poverty level to EVERYONE.
Currently there is about 300-500 Billion spent every year with folks now jsut trying to comply with the current tax code. That is money that can now be rolled to the bottom line. Virtually everyone is already set up to pay sales taxes. With the new system everyone who handles it gets to keep .25% (think of the numbers WalMart posts and calculate what a turn around it will be for them).
Everyone who spends money will now be paying to support the government. All the folks who now live in the shadows and work 'off the books', all the criminals, all the illegal aliens, wait that was redundant, even the tourists, who spend money will now be paying to support the government.
The Fair Tax will be revenue neutral so everything will be funded 100%. ( I wonder how the current spending frenzy might have affected the percentages, but haven't bothered to look it up )
In order to fully understand how this system works you have to realize that 22-23% of the cost of EVERY item/service is a direct result of the current tax burden. This is a FACT. So once the current system is scrapped by repeal of the 16th Ammendment the cost of everything goes down by the 22-23%, then you add the FT back in. This keeps prices pretty much stable while your paycheck increases.
I have other things to do now but I hope you will be curios enough to research it on your own. It makes too much sense, so therefore we can NOT count on our current 'leaders' to support anything that takes away their power. They buy votes with 'refundable tax credits'. If you have specific questions I will try to answer them.
URL: Fair Tax Website
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