Posts Tagged ‘Zero taxes’

GE Filed 57,000-Page Tax Return, Paid No Taxes

November 18, 2011

General Electric, one of the largest corporations in America, filed a whopping 57,000-page federal tax return earlier this year but didn’t pay taxes on $14 billion in profits. The return, which was filed electronically, would have been 19 feet high if printed out and stacked.

Click on GE Paid No Taxes for the full article in the Weekly Standard.  [Hat tip to The Big Picture]

[11/19/11]  One thing that could be done about things like this is require public corporations to state their profits in the same way in their tax returns and in their reports to stockholders.

[11/22/11]  Click on G.E.’s Strategies Let It Avoid Taxes Altogether for a New York Times article explaining how General Electric organizes its business to avoid paying taxes.

U.S. corporate taxes generally have been going down.  The graph below shows corporate taxes as a fraction of corporate profits.

Click on Corporate Taxation in America for the source of the chart and comment by Kevin Drum of Mother Jones.