Over Last 10 Years, General Electric’s Effective Tax Rate Was 2.3 Percent
– From 2006 to 2011, GE’s net federal income taxes have been negative $2.7 billion, despite $39.2 billion in pretax U.S. profits over the six years.
– Over the past decade, GE’s effective federal income tax rate on its $81.2 billion in pretax U.S. profits has been at most 2.3 percent.
In the 10-year period CTJ examined, GE’s highest tax rate came in
2005, when it paid 27.5 percent, below the top tax rate in Obama’s
reform plan. Four times in that stretch, its tax rates was negative, most notably in 2010, when the company received more than $3 billion in tax refunds, giving it an effective rate of negative 64.2 percent (click the image to make it larger):
While GE is one of the worst offenders, it isn’t alone. The U.S. does
indeed have one of the world’s highest marginal corporate tax rates,
but the effective rate that corporations actually pay is much lower. In
2009, in fact, only Iceland had a lower effective rate, and only two countries collected less in revenue as a percent of GDP. As investor Warren Buffett noted on CNBC this morning, “It is a myth
that American corporations are paying 35 percent or anything like
it…Corporate taxes are not strangling American competitiveness.”
General Electric, one of the nation’s largest corporations, found itself
at the center of the corporate tax debate last year when the New York
Times discovered that it paid nothing in taxes, despite billions of dollars in profits. GE responded to the outcry by promising that its 2011 rate was “slated to return to more normal levels”
because of the recovery of GE Capital, its financial arm. But according
to an analysis from Citizens for Tax Justice, the company’s 2011
effective tax rate was just 11.3 percent.
Read More: http://www.thinkprogress.org/economy/2012/02/27/43...
http://www.nytimes.com/2011/0...
Revealed: The 30 corporations that spent more on lobbyists than they paid in federal taxes
http://www.dailymail.co.uk/ne...
GE spent $84 million, PG&E $79 million and Verizon Communications $52 million.
control of the Catholic church? I would like "assets" to include all
cash holdings, investments, property, valuable possessions, etc. I
would like "income" to include the yearly income of the Catholic
church, including donations by other countries, individuals,
institutions, etc. I would like to see the answer presented as an
itemized list of major church assets / income The tax on the worlds rich's organization is a big fat ZERO
Goldman Sachs $1,013,091
Harvard University $878,164
Microsoft Corp $852,167
Google Inc $814,540
JPMorgan Chase & Co $808,799
Citigroup Inc $736,771
Time Warner $624,618
Sidley Austin LLP $600,298
Stanford University $595,716
National Amusements Inc $563,798
WilmerHale LLP $550,668
Columbia University $547,852
Skadden, Arps et al $543,539
UBS AG $532,674
IBM Corp $532,372
General Electric $529,855
US Government $513,308
Morgan Stanley $512,232
Latham & Watkins $503,295
Only in your retarded dreams, a family of 5 making almost $60,000 in gross income is paying 0 percent in federal taxes.
When you deduct $3000 in the child tax credit for 3 children it lowers the tax on exactly $60,000 to $395. I said around $60,000. That exact amount is $55,650 for this family of five and then the tax is only $1 for that amount. That amount assumes the family gets nothing more in the way of deductions, exemptions, and credits that any other family gets regardless of income.
Look at what I posted 2 items below to chgonugget. It details how I came up with the number step by step.
We seem to be in agreement. Sorry for the confusion.
Here's your answer:
And I an not wrong.
Where's the legitimate tax forms? And if it's true, you can thank the Bush tax cuts for that.
We're going to test whether or not you are the man enough you claim to be. A link to the 1040 long form is below so you can follow along:
http://www.irs.gov/pub/irs-pd...
1) Line 2 is checked married filing jointly
2) Line 6 will have a total of 5 exemptions. One for each parent and three for the total number of children.
3) Enter $55,650 on line 7
4) On line 22, 37, and 38 also enter $55,650 as no other sources of income or adjusted gross income deductions apply. We are keeping it simple.
5) Line 40 will have $11,600 for the married filing jointly (line 2) standard deduction.
6) Line 41 will now be $44,050 when you subtract the standard deduction (line 40) from the AGI (line 38)
7) Line 42 will be $18,500 for the 5 exemptions listed on line 6.
8) Line 43, taxable income, is now $25,550.
9) Using the tax table and the column for Married Filing Jointly, the tax on $25,550 is $3,001 We not finished because the child tax credits must come off that number.
10) Line 51 and 54 will be $3000. That's $1000/chi...
We're going to test whether or not you are the man enough you claim to be. A link to the 1040 long form is below so you can follow along:
http://www.irs.gov/pub/irs-pd...
1) Line 2 is checked married filing jointly
2) Line 6 will have a total of 5 exemptions. One for each parent and three for the total number of children.
3) Enter $55,650 on line 7
4) On line 22, 37, and 38 also enter $55,650 as no other sources of income or adjusted gross income deductions apply. We are keeping it simple.
5) Line 40 will have $11,600 for the married filing jointly (line 2) standard deduction.
6) Line 41 will now be $44,050 when you subtract the standard deduction (line 40) from the AGI (line 38)
7) Line 42 will be $18,500 for the 5 exemptions listed on line 6.
8) Line 43, taxable income, is now $25,550.
9) Using the tax table and the column for Married Filing Jointly, the tax on $25,550 is $3,001 We not finished because the child tax credits must come off that number.
10) Line 51 and 54 will be $3000. That's $1000/child x 3 children. Credits are different from deduction/exemptions in that they directly reduce the amount of tax not just the amount on which tax is figured.
11) Line 55 and 61 will be $1. That's the tax of $3001 from the tax tables on $25,550 taxable income minus a $3000 credit.
That means that family will pay only $1 in federal income taxes assuming they have no other deductions outside the basic ones all filer get regardless of income level and have been around BEFORE Bush was President. It also means you can't blame him.
It proves you are wrong and I am waiting to see if you are man enough to admit it.
By the way, those in the 1% aren't eligible for the child tax credit. I can prove that too but like the $60,000 claim I doubt you would be man enough to admit you are wrong about that, too. Looking at the instructions for line 51 in the 1040 Instructions booklet would show you that.
http://www.gpo.gov/fdsys/pkg/...
If the law is not changed, the maximum amount will return to $500 per-child in 2013.
And you think the rich don't take advantage of like tax credits and deductions? They take advantage of nonrefundable investment tax credits, State tax credits, Renewable Energy/Investment Tax Credit, deduction for loss on sale, exchange, capital, or abandonment of both business and non-business income producing assets, Personal deductions,Foreign tax credit, business credits, and I can go on?
"...those in the 1% aren't eligible for the child tax credit."
And they shouldn't. Is that class warfare?
"I can prove that too..."
Then do it already, genius. I asked to provide that at least three times already.
already.
You don't get any credit just because you have a certain amount of money. It's not food stamps or welfare. Something has to be done to qualify for those credits.
You're backtracking now. Your claim wasn't whether they should or shouldn't as that is a difference issue. YOU claimed they received that credit and, once again, I proved you wrong. If you want to discuss whether they should or not, I'll be glad to do that but the issue was whether or nor they got. You said they did and you were WRONG.
You claimed that a family of 5 DID pay income taxes if they made around $60,000. I said I could prove to you they didn't and I proved it. You, as expected, won't be a man and admit you're wrong but go off on some tangent about other things. I also proved that those in the top income brackets don't get the child tax credit which you claimed they got. BE A MAN and admit your error. I doubt you actually went through the tax form and put in the number I gave proving the claim I made. That way you can still, through ignorance, make your claim. At some point, ignorance becomes plain 'ole stupid in your case.
E taxes even if they take advantage if the chid tax credits, period.
For starters, you've failed to distinguish between gross and taxable income (the $60,000 family only has $40,400 in taxable income, according to the CBPP) and by ignoring the child tax credit, which benefits wealthier families more than poorer ones. The family making $60,000 would actually pay about $8,043 in payroll and income taxes.
I distinguished in my post the term gross income and taxable income. You apparently didn't read it or you would have seen it.
It shows you really don't know what you are talking about if you think that a gross income of $60,000 has a taxable income of $40,000. Through the standard deduction of $11,600 and 5 exemptions worth $18,500, their taxable income is already less than $30,000. These aren't my numbers. They are the numbers from the 1040 form.
I have already shown that families considered wealthy don't get the child tax credit. Something you have completely ignored is the Earned Income Credit which allows families that qualify to actually get back more in a return than they had taken out in taxes.
The discussion isn't about payroll taxes as everyone pays them at the same rate. Not even a comparison when talking about income taxes.
Here's my challenge to you. If you are a man, you will accept it. If you don't, it tells me you are just another left wing idiot that can't handle the truth and needs to STFU before making himself look even more foolish.
Earned Income and adjusted gross income (AGI) MUST each be less than:
$43,998 ($49,078 married filing jointly) with three or more qualifying children
$40,964 ($46,044 married filing jointly) with two qualifying children
$36,052 ($41,132 married filing jointly) with one qualifying child
$13,660 ($18,740 married filing jointly) with no qualifying children
Where do you see you can get a child tax credit if you make 60K GROSS?
Tax Year 2011 maximum credit:
$5,751 with three or more qualifying children
$5,112 with two qualifying children
$3,094 with one qualifying child
$464 with no qualifying children
http://www.irs.gov/individual...
Investment income cannot be greater than $3,100.
"The discussion isn't about payroll taxes as everyone pays them at the same rate. Not even a comparison when talking about income taxes. "
who said it was?
Do the form for determining if the child tax credit applies in the 1040 instructions and you will find they qualify for $3000.
You brought up payroll taxes in an income tax discussion.
Still haven't done the 1040 form I see. Probably won't.