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If You’re a Moocher, Common Sense Should Tell You Not to Kill all the Producers

Myer2 Wrote: Jan 14, 2013 1:23 PM

Who is the moocher? In 2010 GE paid zero taxes on profits of 14Billion dollars profit. That doesnt make them moochers I guess you would say it makes them smart tax avoiders. But that same year they took 3.1 Billion in Federal contracts and the government gave them a 3.2 Billion dollar tax credit and the federal Government also backed them with 160,000,000,000 in TARP support. Does that look like mooching?

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Daddio7 Wrote: Jan 14, 2013 2:25 PM

GE is a multinational company. That means they sell their products in foreign countries. Those profits are taxed in those countries. GE had losses and deductible expenses on US sales that caused a net loss for US sales. No profit, no tax due. If you want companies to pay taxes on foreign profits lobby your congressman to change US tax law.

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Myer2 Wrote: Jan 14, 2013 3:35 PM

GE had a US profit of 5 Billion in 2010. They did pay taxes other countries just not the US but since you believe people like Dan Mitchell who are bought and paid for by the Koch Brothers (who created the Cato Institute and have 3 seats on the Board) I am sure you buy the explanation that GE gave. You all hate welfare when its food stamps but somehow when its tax breaks and government contracts its fair share. The Koch brothers have taken more than 100mm in Defense Dept contracts. So they clearly like government handouts when they go to them.

That shouldnt be a surprise when you consider they made their original fortune by building oil refineries in the Soviet Union for Stalin

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If You’re a Moocher, Common Sense Should Tell You Not to Kill all the Producers

I have a serious question for readers. What’s worse, bailouts for government or bailouts for the private sector?

Yes, both are bad, but is it worse to bail out a bankrupt entitlement program, such as Social Security, or it is worse to bail out an industry, such as the financial sector?