GE's Fantastic Tax Deductions
Isn't GE saying that all of it's "tax treatments" are perfectly legal, like a man taking the word of his young date that she is "18 years old, honest...", even though both of them know that they are hearing exactly what they want to hear? In the man's case, he is paying all expenses for his date and GE paid a lot of the expenses for their tax deductions and rulings. But, is it legal? I would bet the man has a better chance of taking a legal hit than GE. It is these huge corporate giants that create fodder for the anarchists, the Marxists and the Socialists. None of us want to pay taxes. We all want someone else to pay them because what we are doing is GOOD for society, right? Show me ANYONE and I mean ANYONE that truly wants to pay taxes, to the point of taking no deductions and even paying a little more because it is a good thing. I will believe it when I see it. When I say no one wants to pay taxes, I mean it. If this was not true, then tax incentives would not work. Ask Charlie Rangel. He wrote the rules, but he didn't want to abide by them. As a small business owner, I used to want to make a tidy profit and have some money left over at the end of the year. I have since been schooled in the fact that a "profit" is your mortal enemy in business. Any money you make (especially as a S Corp, LLC or other non-C Corp entity) goes right to YOUR tax return and YOU have to pay the taxes whether you have the money or not. And if you do not have the money, you will have to pay more taxes to take the money out of your business to pay the taxes, with interest and penalty. Sweet. Gee (or is that GE?), I wish I could afford to buy a few tax loopholes from my favorite Congressman. Hey, let's have an AMT for corporations! Or better yet, just get rid of taxes on corporations all together (but this would really piss off a bunch of attorneys, tax accountants and some politicians, PLUS it would remove a huge advantage of being a BIG corporation.) Note: I am smart enough to know the Golden Rule: Those that have the gold, rule. But it makes me feel a little bit better by complaining about it.