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GM Pays Zero Corporate Tax; UAW Gets Bonuses

Evil 1 2012/02/17 14:25:34


GM Pays Less Tax Than Buffett’s Secretary


General Motors reported year end earnings figures today. The company made about $9 billion dollars in 2011. How much of its "fair share" is GM paying in taxes? Zero. In fact, from GM's financial report, they actually received a "benefit" of $110 million for the year. The UAW benefited as well, as they are set to receive $7,000 per worker in profit sharing bonuses.


The sweet tax deal GM receives was set up by the Obama Administration as the company was granted a multi-billion dollar tax credit for loss carry-overs when they exited their bankruptcy proceeding. Normally, the company would not have received the tax credit but the bankruptcy process was anything but normal. Creditors were put in the back of the line to protect UAW interests and tax code was changed so that GM could profit for years without paying its fair share in taxes. President Obama now campaigns on the perceived success at GM and any help he can give to the company will result in additional votes come November. As taxpayers lose out, GM profits and shares the wealth with the politically favored UAW.

Read More: http://nlpc.org/stories/2012/02/16/gm-pays-less-ta...

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  • EllaBella 2012/02/17 16:20:04
    EllaBella
    I don't reallly understand what the problem is - don't you want corporations to operate without paying taxes - isn't that what allows them to hire more people and grow the economy?

    Also, I have profit sharing at my work, I don't belong to a union. What's your beef with profit sharing? Why shouldn't I share in the success of my office?
  • Evil 1 EllaBella 2012/02/17 16:49:13
    Evil 1
    The beef is the left is constantly crying about Corporations not paying any taxes yet when GM, which was bailed out by Obama makes a huge profit and doesn't pay any taxes they are silent. This is proof of their blatant hypocrisy. Furthermore Obama pretty gave control of GM to the UAW in the bailout and the UAW is a major contributor to Obama's campaign. Just more proof of cronyism at its best.

    As for profit sharing it is wonderful as long as all individuals share in it and it is fair. GM paid no taxes on their profits yet each UAW (who gained control of GM in the bailout) hourly worker is going to receive $7000.00 in profit sharing. Where is the outcry from the liberal/progressives about this? Seems they are ignoring these facts because it showcases how corrupt Obama and the unions are as well as their own hypocrisy. Furthermore the $7000.00 payment is even more unacceptable based on the fact that the day before it was announced GM announced they were suspending participation in salaried workers current retirement and putting them into 401K plans. So the salaried pesonnel are getting the short end of the stick while the UAW hourly employees make out like bandits. So the beef in all reality is corruption by the UAW and the liberal/progressive left and Obama's ignoring of and condoning the matter.
  • EllaBella Evil 1 2012/02/17 17:16:36
    EllaBella
    And those empoyees will be paying taxes on that $7000 - just like I pay on mine. And, if the salaried workers are unhappy they should go work somewhere else.

    What percentage of the American workforce belongs to the UAW? or any union for that matter? There's a lot of talk about how corrupt unions are; but I've never even met a union worker in my entire 44 years.
  • Evil 1 EllaBella 2012/02/17 18:32:24
    Evil 1
    This is your tax dollars supporting the corruption of the UAW. That is the problem. And when the UAW uses the control they were given to pay no taxes, handout bonuses to their hourly personnel and stiff the salaried it is blatant corruption. Anyone that condones actions such as this has no integrity or honesty. And as I previously stated. Obama and his supporters don't say a word about this but attack other companies (such as oil and natural gas) for their tax breaks. It is blatant hypocrisy and shows just how pathetic and shallow they are. It is the of 'do as I say not as I do' attitude. They should realize that if one corporation is given a pass then they should all be given a pass. But I would never expect them to understand this concept as it is fair and logical.
  • EllaBella Evil 1 2012/02/17 18:42:35
    EllaBella
    the UAW has less than one million members - active and retired

    I gather you are a salaried employee without overtime or profit sharing - if so, perhaps you should look for a different job.

    I'm more worried about my tax dollars supporting useless wars.
  • Evil 1 EllaBella 2012/02/17 20:38:15
    Evil 1
    I'm self employed and don't need to look for another job as I've done quite well. I'm worried about tax dollars being wasted by corrupt politicians for any reason and especially when it is to benefit a union that contributes to their campaign. And the number of those members does not justify the corruption and cronyism. Also in your first post you stated you don't belong to a union. After reading your remarks I have a feeling you are being less than truthful.
  • MichaelJ 2012/02/17 15:49:18
    MichaelJ
    +2
    WOW! The Washington game continues! Companies making billions in profit but owe no taxes? I don't think it's common for comany's to pay no taxes of profit, just the ones that contribute to the President's reelection campaign.

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