Tag Archives | Taxes

GE Files 7,000 Tax Returns Globally, Ends Up With A $0 U.S. Tax Bill

General ElectricAnnalyn Censky writes on CNNMoney:

General Electric filed more than 7,000 income tax returns in hundreds of global jurisdictions last year, but when push came to shove, the company owed the U.S. government a whopping bill of $0.

How’d it pull off that trick? By losing lots of money.

GE had plenty of earnings last year — just not in the United States. For tax purposes, the company’s U.S. operations lost $408 million, while its international businesses netted a $10.8 billion profit.

That left GE with no U.S. profit left for Uncle Sam to tax. Corporations typically face a 35% federal income tax on their earnings. Thanks to its deductions and adjustments, GE reported an actual U.S. federal income tax rate of negative 10.5%. It got to add a “tax benefit” of $1.1 billion back into its reported earnings.

“This is the first time in at least decades that GE has reported negative U.S.

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More Than 53% of Your Tax Payment Goes to the Military

Atomic BombI think this 53 percent number is debatable, but I don’t doubt that the U.S. government’s (i.e. the taxpayer’s) greatest expense is the military. Dave Lindorff writes on Common Dreams:

If you’re like me, now that we’re in the week that federal income taxes are due, you are finally starting to collect your records and prepare for the ordeal. Either way, whether you are a procrastinator like me, or have already finished and know how much you have paid to the government, it is a good time to stop and consider how much of your money goes to pay for our bloated and largely useless and pointless military.

The budget for the 2011 fiscal year, which has to be voted by Congress by this Oct. 1, looks to be about $3 trillion, not counting the funds collected for Social Security (since the Vietnam War, the government has included the Social Security Trust Fund in the budget as a way to make the cost of America’s imperial military adventures seem smaller in comparison to the total cost of government).

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Nationwide Tax Day Protests

tdtplogoThe Tea Party movement will do something today that pretty much all Americans identify with: they’re protesting taxes, an activity as all-American as … well you can name your own favorite American pastime. Glenn Harlan Reynolds reports for the Wall Street Journal:

Today American taxpayers in more than 300 locations in all 50 states will hold rallies — dubbed “tea parties” — to protest higher taxes and out-of-control government spending. There is no political party behind these rallies, no grand right-wing conspiracy, not even a 501(c) group like MoveOn.org.

So who’s behind the Tax Day tea parties? Ordinary folks who are using the power of the Internet to organize. For a number of years, techno-geeks have been organizing “flash crowds” — groups of people, coordinated by text or cellphone, who converge on a particular location and then do something silly, like the pillow fights that popped up in 50 cities earlier this month.

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Assessing the QDR and 2011 Defense Budget

By Gordon Adams at the Bulletin of the Atomic Scientists:

The new Quadrennial Defense Review (QDR) and the fiscal year 2011 defense budget request have arrived. Unfortunately, they miss the mark: The QDR vastly expands the military’s missions, and the budget responds in kind by expanding for the fourteenth consecutive year.

Defense Secretary Robert Gates argued that the two documents were “shaped by a bracing dose of realism” with regard to risk and resources. I respectfully disagree. The QDR’s risk assessment piles on missions like a short-order cook stacks pancakes at IHOP, setting no priorities between near-term challenges and long-term requirements. And the budget continues to accommodate such a limitless agenda. The bottom line: This lack of discipline will broaden the country’s defense requirements and expand military spending in ways that will make establishing budget and mission discipline in the future even more difficult.


http://www.defense.gov/specials/unifiedcommand/images/unified-command_world-map.jpg

The lack of budget discipline deconstructed.

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A History of American Tax Revolts (Photos)

Newsweek presents:

Boston Tea Party

Nobody likes taxes. But some people really don’t like taxes. Joseph Stack, a software engineer in a long-running feud with the Internal Revenue Service, crashed his small airplane into an Austin, Texas, office building that housed nearly 200 IRS workers on Feb. 18, 2010. Stack and a man believed to be an IRS employee were killed in the crash. The Austin attack is just the latest in a long history of protests against the government’s power to tax. Before the United States even existed, patriots staged the Boston Tea Party in protest of the British crown’s taxation of the Colonies.

See the photos and read the stories of the history of tax revolt in America on Newsweek

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Wesley Snipes, Joe Stack and the Growth of the Tax Resistance Movement

Federal tax authorities spend a lot of time trying to convince Americans like IRS attacker Joe Stack that paying taxes is part of one’s civic duty. But resistance – though not violence – is downright American, say tax protesters like Wesley Snipes. Patrick Johnson reports for the Christian Science Monitor:

Commenting on the suicide plane attack on an IRS office building in Austin, Texas, by tax resister Joe Stack, actor and tax protester Wesley Snipes shrugged his shoulders and said: “I think [tax revolt] was an issue even for the early colonists and the British, so what’s new?”

The Boston Tea Party. The Whiskey Rebellion. The Sagebrush Rebellion.

Since its very founding, the US has been awash in sometimes violent anti-tax movements, giving way to a strain, amid ever broader federal reach, of a particularly pervasive, and more individualistic, form of rebellion in the late 20th century: The tax-resistance, or tax-denial, phenomenon.

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The United Nations’ Global Tax Plan

Flag_of_WHORemembering, please, that this story is coming from FOX News, could these proposed taxes really be the beginning of one world governance?

A member of a World Health Organization (WHO) panel of experts that is pondering new global taxes on e-mails, alcohol, tobacco, airline travel and consumer bank transactions, has charged that she was given only selective information at group meetings, that deliberations were rushed and that group was “manipulated” by the international pharmaceuticals industry.

All of her charges were strongly denied by the head of WHO’s Expert Working Group on Research and Development Financing (EWG), a 25-member panel of medical experts, academics and health care bureaucrats which is due to present a 98-page report in Geneva on Monday, after 14 months of deliberations on “new and innovative sources of funding” to reshape the global medical industry.

A copy of the executive summary of the report was obtained by Fox News on January 15 — the same day, as it happens, that the EWG’s dissident member first aired her charges in a letter to members of WHO’s 34-member supervisory Executive Board.

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Pentagon Spends More on War Than All 50 States Combined Spend To Operate

PentagonSherwood Ross writes on the Intelligence Daily:

The U.S. spends more for war annually than all state governments combined spend for the health, education, welfare, and safety of 308 million Americans.

Joseph Henchman, director of state projects for the Tax Foundation of Washington, D.C., says the states collected a total of $781 billion in taxes in 2008.

For a rough comparison, according to Wikipedia data, the total budget for what the Pentagon calls “defense” in fiscal year 2010 will be at least $880 billion and could possibly top $1 trillion. That’s more than all the state governments collect.

Henchman says all American local governments combined (cities, counties, etc.) collect about $500 billion in taxes. Add that to total state tax take and you get over $1.3 trillion. This means Uncle Sam’s Pentagon is sopping up nearly as much money as all state, county, city, and other governmental units spend to run the country.

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