chuckles48 wrote:
-={ARCLIGHT}=- wrote:
For those unaccustomed to the loopholes and shelters of the corporate tax code, GE's success at avoiding taxes is nothing short of extraordinary. The company, led by Immelt, earned $14.2 billion in profits in 2010, but it paid not a penny in taxes because the bulk of those profits, some $9 billion, were offshore. In fact, GE got a $3.2 billion tax benefit.
Republicans block ending offshore jobs US tax breaksQuote:
U.S. Senate Republicans blocked a Democratic bill on Tuesday to end tax deductions enjoyed by companies that close their U.S. plants and move overseas.
With a largely party-line vote of 53-45, Democrats failed to muster the 60 votes needed to clear a Republican procedural hurdle against the measure, which would also give employers a tax break to hire new U.S. workers.
http://www.reuters.com/article/2010/09/28/usa-democrats-offshore-idUSN2821013620100928 At least chuckles is bring honest and telling the whole story...oh wait.
Quote:
Five members of the Senate Democratic caucus broke party ranks and opposed the bill, including Max Baucus, chairman of the tax-writing Finance Committee.
While most Democrats back ending tax preferences for multinational companies moving overseas, several have opposed tightening the rules, arguing they need to be examined within a broad overhaul of the tax code.
Republicans and business groups dismissed the bill as a political stunt that would increase taxes on companies and undermine job growth.
http://www.reuters.com/article/2010/09/ ... 3620100928 Typical