Wednesday, March 30, 2011

Revisiting old themes as always

Old issues never really go away, they just sort of hide for a while, then crop up at surprising (and sometimes inopportune) times. That's the case when it comes to corporate taxation, which I first attempted to tackle five months ago with respect to Google. At the time I said:
Bloomberg estimates that the total impact of Google's unpaid taxes has boosted its stock price by nearly $100 per share--about a 20% increase over what it would be absent preferential tax treatment. That increase is subsidized by U.S. taxpayers, and also disproportionately benefits the rich who own GOOG stock over the poor who don't. We need to crack down on this, and we need to do it now."
Well, um... strike one.


That's right, GE somehow paid no federal taxes whatsoever (in fact, they actually got a tax CREDIT) in 2010 despite reporting a $14 billion (yeah, that's right, $14 billion) profit to its shareholders. So, you know... yeah. I'm speechless. Anyone else wanna take a turn at ranting? I'm kinda tired of it.

[Rolling Stone]
(h/t reader Andrew)

Posted by at
Labels: , , ,

No comments:

Post a Comment

Subscribe to: Post Comments (Atom)