Tax News

The G.E. Tax Dodge

11:08 am EST March 25th, 2011 | Economy | 116 Comments

It’s simply insane that G.E. is able to duck out on its taxes while across America teachers and cops are forced to pay the price for Wall Street’s casino habit.

General Electric, the nation’s largest corporation, had a very good year in 2010.

The company reported worldwide profits of $14.2 billion, and said $5.1 billion of the total came from its operations in the United States.

Its American tax bill? None. In fact, G.E. claimed a tax benefit of $3.2 billion.

When it comes down to it, this is the fault of conservative economic theory embraced by both parties.

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Old Jimmy One Note

7:12 pm EST December 8th, 2009 | News | 16 Comments

As John points out and as any of us who have paid attention for five minutes knows, the GOP answer to everything — everything — is tax cuts. Tax cuts that don’t work. Tax cuts that help dig us into holes.

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The Real Duckies

10:42 am EST January 30th, 2009 | News | 13 Comments

I’ll get the conservative argument out of the way: “Class warfare!” Blah, blah, blah. Ok, now the actuality.

The income of the 400 wealthiest Americans swelled in 2006, soaring nearly 23 percent from the previous year, to an average of $263 million, according to data released Thursday by the Internal Revenue Service. Since 1996, this group has nearly doubled its share of all income earned in the United States.

The top 400 paid just more than $18 billion in federal income taxes in 2006, or an average of $45 million, on a record $105 billion in total income — the lowest effective tax rate in the 15 years since the agency began releasing such data.

And, of course, the Republican pseudo-alternative to the bailout bill was to give these people even more tax cuts. It hasn’t ever worked, but they’ve got a base to serve.

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