Obama Lays-Out $1.5T in New Taxes

[mrplunkey]

i don't know the exact facts and circumstances of general electric's tax returns but, generally speaking, businesses large and small get big tax breaks for (among other things) spending large sums of money on research and development of products, processes, etc. that are aimed at making our lives easier, safer, cleaner, more energy efficient, etc...thus, relieving the government of a significant amount of responsibility...and the tax breaks are their reward for committing the time, money and effort required to accomplish those tasks...generally, the goverment only gives these kinds of tax breaks where they see that there is a need or where an initiative has been established (e.g., energy efficiency, carbon reduction, energy independence, etc.)...if we eliminate those tax breaks then it will wind up being the government's responsibility to do all the research and development, and that would catastrophic.

Let's allow businesses to expense 100% of R&D for tax purposes against the current year (or amortize it as they want to), even if FASB requires them to capitalize the investment over its useful life.

 

[digimon7068]

At GE (former GE'er here), we would have breakthroughs in our "tax technology", particularly during slow quarters. Here were the basic principles:

1) Use the latest-and-greatest global accounting techniques. Recognize income in the most favorable countries possible (since we had a presence everywhere, it wasn't difficult).

2) Take as many tax credits as possible. Usually these were niche benefits, ranging anywhere from environmental remediation (enviro-whacko credits),to "cleaner" jet engines to historical preservation credits.

3) Lobby for as many specific benefits as possible. The legislative magic was by far the least understood by me. I believe they just attached very specific riders to existing bills which in some cases, weren't related to the bill at all. I honestly don't know much about these.

4) Subsidies! The GE Power guys were jedi masters at this one. We (Medical Systems) got some for electronic health records, but GE Wind showed us how it's done in the big leagues.

5) Depreciation and amortization technology. We'd buy ~140 companies a year, and the accounting for those deals was pure black magic.

I was long gone before this last recession hit, but I believe the GE Capital guys got some massive bailout money too. GE is less reliant on Capital's performance than it used to be, but back in the day (~2000), GE Capital ruled the company.

and, the government (irs's) job is to audit companies and make sure that they are not abusing the tax code

 

[mrplunkey]

and, the government (irs's) job is to audit companies and make sure that they are not abusing the tax code

I get this weird feeling that GE isn't going to get audited by the Obama administration.

 

[robbiek426]

All this bullshit. We could all fix the problem if we didnt conform to party politics, at least not two party politics. I was an independant in the last election and have since found the libertarian party. I just want to be left alone by the fucking government. I am a big boy, I can handle my own shit. If someone else cant then fuck them, they need to grow up.

 

[Mr. dB]

Moneybrawl - The Extinction of Subway, Bill O'Reilly & the Super Rich - The Daily Show with Jon Stewart - 09/21/11 - Video Clip | Comedy Central

 

[mrplunkey]

Moneybrawl - The Extinction of Subway, Bill O'Reilly & the Super Rich - The Daily Show with Jon Stewart - 09/21/11 - Video Clip | Comedy Central

We should archive clips from the Daily Show to use as a means of comfort to people dependent on Social Security and Medicare when they go belly-up. Or do you think they won't be as funny then?

 

[Smokescreen]

Obama is absolutely the worst president we have ever had. He has done nothing but double the National debt, since he took office. Instead of cutting jobs and ditching programs that are not working such as the USPS our government just writes checks that no one will cash anymore to cover the debt.

Yeah but black people think he's the best shit since sliced bread. Black president my ass. He's only HALF black! What we need is someone REALLY black! Like Wesley Snipes black! LOL

 

[brownbrown]

If it's on income that's already been taxed, then a 25% (or 20% or 15%) double tax is insanely too high. We need to dispense with the ridiculous concept of taxing something that's already been taxed.

Um Like making a paycheck getting taxed with income tax and Federal taxes, then you get your money. Then you buy at the store and get taxed on the item you bought. then you sell what you bought and getting taxed on the income from said product again?

Your seeing opaque. And your arguement is invalid. People get double taxed on all the time. And so does the poor. But they dont get write-offs and loophooles to evade those taxes.
The concept of Taxing something that has already been taxed has been around since before all of us were around. But now it's so horrible? Taxes for the rich are the lowest they've been in a Generation. Cry your aligator tears to someone who doesnt know better.
Since the Rich have been getting lower taxes America has been progressivly suffering. The economic right here and now is not the result of politics from right here or now. It has been steady dismantling since the 50's.

 

[javaguru]

People could have poured their money into Australian or Swiss debt. Remember how an S&P downgrade would make Treasury rates shoot up to 10%?

Despite the rhetoric, were still the wealthiest country in the world and the safest bet in town. The bond market tells no lies.

Being the tallest dwarf doesn't make you a giant.....

 

[Mr. dB]

We should archive clips from the Daily Show to use as a means of comfort to people dependent on Social Security and Medicare when they go belly-up. Or do you think they won't be as funny then?

Gee, isn't Rick Perry gonna dismantle all those things as soon as he's sworn in in 2013?