GE avoids taxes by hiding $108billion overseas
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GE avoids taxes by hiding $108billion overseas
The company with the most profits parked overseas is General Electric, according to a new Bloomberg analysis of 83 corporations.
GE said in a Feb. 26 regulatory filing that it was holding $108 billion in profits overseas as of the end of last year. That is up from $102 billion a year before. GE said in the filing that it reinvested most of these profits in foreign business operations and does not intend to bring those profits back to the U.S.
The practice of holding profits overseas has been highlighted as a strategy to avoid paying taxes. GE paid no U.S. taxes at all in 2010, according to The New York Times -- an allegation GE spokesman Seth Martin called "untrue" in an email to The Huffington Post Monday.
GE did not comment on the $108 billion in profits overseas.
http://www.huffingtonpost.com/2013/0...n_2852094.html
Tax reform
GE said in a Feb. 26 regulatory filing that it was holding $108 billion in profits overseas as of the end of last year. That is up from $102 billion a year before. GE said in the filing that it reinvested most of these profits in foreign business operations and does not intend to bring those profits back to the U.S.
The practice of holding profits overseas has been highlighted as a strategy to avoid paying taxes. GE paid no U.S. taxes at all in 2010, according to The New York Times -- an allegation GE spokesman Seth Martin called "untrue" in an email to The Huffington Post Monday.
GE did not comment on the $108 billion in profits overseas.
http://www.huffingtonpost.com/2013/0...n_2852094.html
Tax reform
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If you had the ability to spend your money in a way that would make you MORE money, by investing in capital (read: creating jobs for people who make stuff, and people who run your new stuff), WHY the F would you bring it to a place that would take 36% of your money for the privilege of letting you do the same thing there? Why would you NOT do business overseas to avoid paying taxes on PROFIT?
This is the sort of thing that happens when your country (my country) has the highest rate of corporate taxes in the world. So what is the solution? Fair tax!
This is the sort of thing that happens when your country (my country) has the highest rate of corporate taxes in the world. So what is the solution? Fair tax!