Forums - GE's success at avoiding taxes is nothing short of extraordinary

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-- GE's success at avoiding taxes is nothing short of extraordinary (http://www.elitetrader.com/vb/showthread.php?threadid=227389)

Posted by nutmeg on 09-20-11 12:21 AM:

GE's success at avoiding taxes is nothing short of extraordinary

If G.E. hires 1000 people to prepare its returns to avoid paying taxes, where does the government get the money from to pay somebody at the IRS to make sure those 1000 people filled out G.E.s tax forms right?

Posted by oldtime on 09-20-11 12:56 AM:

another good example to show how raising taxes creates jobs

Posted by AKUMATOTENSHI on 09-20-11 05:36 AM:

Most nation states don't reaalize that. HQ and RD centers can be moved with the push of a few buttons. The leadership created this mess let them deal with it. The best thing an individual do is follow suit and leave non bussiness friendly non states. The leadership won't change and you can't fight. Time for a mass exodus. GE and other "multi-nationals don't care how they make money as long as it keeps on keeping the funnel full. Tax aviodance strategies that involve changing location work because international law prevents a nation state from repatriating the money. If corperation X sees an oportunity to save tax money by relocating HQ to a non native country why would they stay and play nice the shareholders just want dividends and an increase in share price. Corperations drive by a profit model must follow the path of least resistance.

Welcome to Neo Fuedalism,

Akuma

BTW: GLD vs USD will be interesting one. Short the Euro!!!!!!

Posted by mgookin on 09-20-11 05:42 AM:

Re: GE's success at avoiding taxes is nothing short of extraordinary

Quote from nutmeg:

If G.E. hires 1000 people to prepare its returns to avoid paying taxes, where does the government get the money from to pay somebody at the IRS to make sure those 1000 people filled out G.E.s tax forms right?

First they had to hire the 1,000 lobbyists to bribe the politicians to molest the tax code.

Posted by achilles28 on 09-20-11 07:27 AM:

It costs ~450 Billion dollars to comply with the tax code, anually.

That's over 3% GDP, just to keep up with the onerous regulations foisted upon the economy by the IRS.

The tax code was essentially written for the rich who can afford to exploit the loopholes your average joe-schmoe or mom and pop can't. Color of law.

It's a joke. A game.

Posted by AKUMATOTENSHI on 09-20-11 02:56 PM:

You got it. I grew up around a New York lawyer and even they pull their hair out trying to keep up with the code. If it gets to the level of anticipatory moves made by bussiness entities to stay ahead of the nonsense, end the game In my opinion off shore is the only way to go. A simplified code would allocate more resources toward progresss.
2012 is going to be a flash point politcally. The bereaucracy is becoming too high maintenance. Arbitrary regulation only makes the system less credible. Just look how many people driving around while talking on thier cell phones. I get alot of customers who don't feel they need to pay the sales tax in the locale. People take care of themselves and shrug their shoulders when confronted by rules and laws. The "Color of Law" should be crystal clear.

Welcome to Neo Feudalsim,

Akuma

Thinking about long the (SPY 500)

Posted by FightTheFuture on 09-20-11 03:23 PM:

Quote from AKUMATOTENSHI:

You got it. I grew up around a New York lawyer and even they pull their hair out trying to keep up with the code.....

I was looking for a tax related question months ago and came across some poor woman's question on a forum on one of the "simpler" tax questions that she asked several local CPA's about. She got a completely different response from each as to what to do. She didn't know what to do so turned to online forums for anonymous opinions.

Posted by EMRGLOBAL on 09-20-11 03:33 PM:

CPA's in general are idiots.

You have to find one who specializes in the area that you need help in. This tends to cost money.

Tax codes change and many CPA's just miss new rules.

If one is smart, they would review all of what the "CPA" does for them as the same with Lawyers"

Owning my own companies has taught me to "re-read" and learn what the CPA and Lawyers are doing.

You will find that many are clueless and make huge mistakes.

Problem is for most folks, they yield to the "Decisions" by CPA's and Lawyers because of their "Titles". Bad move and it will cost you serious money when you have to correct their mistakes.

So, live by the rule...."Trust but verify".

__________________
"Socialism in general has a record of failure so blatant, that only an "intellectual" could ignore or evade it"...Thomas Sowell

Posted by EMRGLOBAL on 09-20-11 03:35 PM:

as to bitching about GE.

Vote out the scumbags who allowed GE to move off shore, create all that wealth and not pay any taxes.

Also vote out the scumbags who Tax off shore holdings and income when it is brought back into the US.

Both fucking rules are stupid.

__________________
"Socialism in general has a record of failure so blatant, that only an "intellectual" could ignore or evade it"...Thomas Sowell

Posted by Bob111 on 09-20-11 03:36 PM:

Quote from FightTheFuture:

I was looking for a tax related question months ago and came across some poor woman's question on a forum on one of the "simpler" tax questions that she asked several local CPA's about. She got a completely different response from each as to what to do. She didn't know what to do so turned to online forums for anonymous opinions.

that's nothing..on many tax related questions IRS reps response will be-talk to your laywer and\or cpa. irs employees can't provide an answer on their own code! how fucked up that is? same for IRS code itself-in many cases you will see same thing-please consult to cpa.
when tax code was created -it was like 600 pages. now it's over 70K pages!

Posted by Hansel H on 09-20-11 05:26 PM:

Quote from AKUMATOTENSHI:

Most nation states don't reaalize that. HQ and RD centers can be moved with the push of a few buttons. The leadership created this mess let them deal with it. The best thing an individual do is follow suit and leave non bussiness friendly non states. The leadership won't change and you can't fight. Time for a mass exodus. GE and other "multi-nationals don't care how they make money as long as it keeps on keeping the funnel full. Tax aviodance strategies that involve changing location work because international law prevents a nation state from repatriating the money. If corperation X sees an oportunity to save tax money by relocating HQ to a non native country why would they stay and play nice the shareholders just want dividends and an increase in share price. Corperations drive by a profit model must follow the path of least resistance.

Welcome to Neo Fuedalism,

Akuma

BTW: GLD vs USD will be interesting one. Short the Euro!!!!!!

All true..

There`s far too much international financial entanglement. The corporations have done a snow job on the people in selling this idea that globalism is unavoidable and necessary. It isn`t.

While the US still has the muscle to assert its will the American people had better regain control of their government and demand protection from traitorous corporations.

__________________
Hans

Posted by achilles28 on 09-20-11 05:45 PM:

The tax code is literally designed to ensnare the average taxpayer, while giiving a free-pass to the rich.

Posted by krazykarl on 09-20-11 06:42 PM:

Quote from oldtime:

another good example to show how raising taxes creates jobs

you win the internet.

__________________
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