kalikshama -> RE: JOBS JOBS JOBS...and the GOP (5/12/2011 3:28:16 PM)
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Reduce corporate income taxes to the same level as Canada. We tax our corporations 35.9% to Canada's 16%. In theory. GE - $10.8 billion profit: $0 U.S. tax bill 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. ...GE is "indefinitely" deferring income tax payments on those profits, Eisele said. It may seem like accounting magic, but it's completely legit. GE isn't the only "Top 5" company on this year's Fortune 500 list that owed no income taxes. Bank of America (BAC, Fortune 500), which suffered major losses in 2009, included a tax benefit of $1.9 billion in its annual profit. "That's one way of escaping taxes," said Scott Hodge, president of the Tax Foundation. "Companies get to deduct their losses, so if there's no earnings, then they pay no income tax."
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