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Old 07-22-2011, 07:30 AM  
mlyonsd mlyonsd is offline
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With GE making huge profits every quarter why don't dems close their loopholes?

July 22, 2011 BOSTON (Reuters) - General Electric Co reported a 21.6 percent rise in earnings, boosted by strong demand outside the United States for its heavy equipment including jet engines and electric turbines.

The largest U.S. conglomerate said on Friday that second-quarter profit attributable to common shareholders came to $3.69 billion, or 35 cents, compared with $3.03 billion, or 28 cents per share, a year earlier.


http://www.foxbusiness.com/industrie...es-21-percent/



Just curious why Obama and the dems want to penalize big oil but not GE? GE benefits from huge tax breaks.

I can only think of two reasons.

Dems want to play the hypocritical game of looking like they want more oil drilled while penalizing oil companies enough so they go elsewhere, or, GE really is one of Obama's puppeteers.
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Old 07-22-2011, 07:47 AM   #2
LOCOChief LOCOChief is offline
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I can only think of two reasons.

Dems want to play the hypocritical game of looking like they want more oil drilled while penalizing oil companies enough so they go elsewhere, or, GE really is one of Obama's puppeteers.[/quote]

Both are true.
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Old 07-22-2011, 12:07 PM   #3
Amnorix Amnorix is offline
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Doesn't GE avoid taxes by virtue of massive loss carryforwards? If so, those are perfectly legitimate, and will sooner or later be used up at which point they will be back to paying taxes.
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Old 07-22-2011, 12:12 PM   #4
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Never mind my prior post. Apparently it's far more than loss carryforward.

Also, this is completely disgusting.

Quote:
Originally Posted by NY Times
The shelters are so crucial to G.E.’s bottom line that when Congress threatened to let the most lucrative one expire in 2008, the company came out in full force. G.E. officials worked with dozens of financial companies to send letters to Congress and hired a bevy of outside lobbyists.

The head of its tax team, Mr. Samuels, met with Representative Charles B. Rangel, then chairman of the Ways and Means Committee, which would decide the fate of the tax break. As he sat with the committee’s staff members outside Mr. Rangel’s office, Mr. Samuels dropped to his knee and pretended to beg for the provision to be extended — a flourish made in jest, he said through a spokeswoman.

That day, Mr. Rangel reversed his opposition to the tax break, according to other Democrats on the committee.

The following month, Mr. Rangel and Mr. Immelt stood together at St. Nicholas Park in Harlem as G.E. announced that its foundation had awarded $30 million to New York City schools, including $11 million to benefit various schools in Mr. Rangel’s district. Joel I. Klein, then the schools chancellor, and Mayor Michael R. Bloomberg, who presided, said it was the largest gift ever to the city’s schools.
http://www.nytimes.com/2011/03/25/bu...pagewanted=all
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Old 07-22-2011, 01:36 PM   #5
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sounds like old fashioned politics are still alive and kicking...

and rangel is an old time politician...

there should be some way to stop this sort of thing...
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Old 07-22-2011, 01:38 PM   #6
mlyonsd mlyonsd is offline
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Quote:
Originally Posted by go bowe View Post
sounds like old fashioned politics are still alive and kicking...

and rangel is an old time politician...

there should be some way to stop this sort of thing...
I think it goes deeper. I only used the GE reference because it was handy. The same case could be made for any other corporation making money.

Why do the dems single out oil companies?
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Old 07-22-2011, 01:43 PM   #7
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Quote:
Originally Posted by mlyonsd View Post
I think it goes deeper. I only used the GE reference because it was handy. The same case could be made for any other corporation making money.

Why do the dems single out oil companies?
i dunno for sure, but isn't it politically easier to go after oil companies with huge profits while we pay through the nose for gas?

my preference would be to review all tax breaks of any significant amount and close them unless they directly impact national security...

all industries should be treated the same, but at this point, you have to start the process somewhere and oil companies are easy targets...
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Old 07-22-2011, 01:51 PM   #8
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Quote:
Originally Posted by go bowe View Post
i dunno for sure, but isn't it politically easier to go after oil companies with huge profits while we pay through the nose for gas?

my preference would be to review all tax breaks of any significant amount and close them unless they directly impact national security...

all industries should be treated the same, but at this point, you have to start the process somewhere and oil companies are easy targets...
I'm not asking what your preferences are mister. I'm asking why oil when other companies are making huge profits? Easier? That's it?
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Old 07-22-2011, 01:52 PM   #9
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Old 07-22-2011, 01:54 PM   #10
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Quote:
Originally Posted by mlyonsd View Post
I'm not asking what your preferences are mister. I'm asking why oil when other companies are making huge profits? Easier? That's it?
because we don't have a heart attack when we pay for their products like we do every time we fill up?

yep, politically easier i think...
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Old 07-22-2011, 02:23 PM   #11
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I looked up Charlie Rangel to see if he'd had the decency to retire. Apparently not. In reading his bio, however, I note that he served with the 2nd infantry in Korea, including most notably the Battle of Kunu-ri, and the running of the Gauntlet as the Americans tried to escape the trap laid down by the Chinese.

While that battle is less known here in America, it's worthy of comparison to Guadalcanal, the Battle of the Bulge, D-Day and any other famous battle. Obviously, battles that we don't win get downplayed, but that was one HELL of a fight.

So kudos to him for service, but yo, stop being an ethical disgrace and it's time to go.
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Old 07-22-2011, 03:18 PM   #12
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Remember when American Express was suddenly a bank?
This just flew over CP Federal Reserve and banking experts heads.
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Old 07-22-2011, 05:08 PM   #13
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Quote:
Originally Posted by go bowe View Post
because we don't have a heart attack when we pay for their products like we do every time we fill up?

yep, politically easier i think...
Bought any lightbulbs lately?
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Old 07-22-2011, 05:13 PM   #14
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Quote:
Originally Posted by Amnorix View Post
Doesn't GE avoid taxes by virtue of massive loss carryforwards? If so, those are perfectly legitimate, and will sooner or later be used up at which point they will be back to paying taxes.
It gets better. All mining in the US, every ounce of gold, silver, copper, platinum, paladium, every metric ton of coal not one penny is paid in royalties. By contrast oil and gas companies pay 12.5% royalties onshore and upwards of 37.5% in the deepwater offshore. Oil is about $100 per barrel=$12 to $37 in royalties (split between the fed and the staate...unless you're Louisiana). Gold is about $1600 per ounce. At a modest 25% royalty that comes out to $400 per ounce in royalties. The US mined 240 tonnes of gold in 2007 so...do the math yourselves.
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Old 07-22-2011, 10:34 PM   #15
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Why don't we close the loopholes for all businesses?
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