General Electric kept $108 Billion overseas last year to avoid taxes

[You Win Perfect]

Along with a bunch more companies that do this also.

www.huffingtonpost.com

The company with the most profits parked overseas is General Electric, according to a new Bloomberg analysis of 83 corporations.

GE said in a Feb. 26 regulatory filing that it was holding $108 billion in profits overseas as of the end of last year. That is up from $102 billion a year before. GE said in the filing that it reinvested most of these profits in foreign business operations and does not intend to bring those profits back to the U.S.

The practice of holding profits overseas has been highlighted as a strategy to avoid paying taxes. GE paid no U.S. taxes at all in 2010, according to The New York Times -- an allegation GE spokesman Seth Martin called "untrue" in an email to The Huffington Post Monday.

GE did not comment on the $108 billion in profits overseas.

Sixty big U.S. companies analyzed by the Wall Street Journal kept on average more than 40 percent of their annual profits overseas last year. The companies have attributed a growing amount of their revenue to foreign sales, and they have assigned patents and licenses to foreign subsidiaries. Thanks to these practices, the U.S. is not only losing out on tax revenue, but it is also missing money kept overseas that will not be used to invest in the U.S. or pay dividends to shareholders.

It has become increasingly common for companies to move or keep their profits overseas. The biggest U.S. companies boosted their offshore cash hoards by 14 percent last year, according to a separate Bloomberg report. Apple, Microsoft and Google together have more than doubled their overseas holdings over the past two years. The drugmakers Merck and Johnson & Johnson each saved about $2 billion last year by shifting profits overseas, according to Bloomberg.

 

[Jello Biafra]

GE has been doing this for years. That is why it was such a hypocritically tone deaf move when Obama made GE CEO, Jeffery Imelt as the head of his economic advisory board.

 

[You Win Perfect]

GE has been doing this for years. That is why it was such a hypocritically tone deaf move when Obama made GE CEO, Jeffery Imelt as the head of his economic advisory board.

shyts disgusting

 

[FluffyCorleone]

I don't see the problem. People are acting like reducing your tax bill is a grossly evil thing to do.

 

[OH SOHH TRILL]

And its not like it's just chilling in a bank. They're largely reinvesting the money in foreign companies that are responsible for those profits.

 

[Dro_Pesci]

I don't see the problem. People are acting like reducing your tax bill is a grossly evil thing to do.

 

[You Win Perfect]

And its not like it's just chilling in a bank. They're largely reinvesting the money in foreign companies that are responsible for those profits.

Thanks to these practices, the U.S. is not only losing out on tax revenue, but it is also missing money kept overseas that will not be used to invest in the U.S. or pay dividends to shareholders.

 

[Camammal]

I don't see the problem. People are acting like reducing your tax bill is a grossly evil thing to do.

Any normal person would have been indicted for tax evasion for much less because we are not able to afford to legally avoid taxation. Its unfair, plain and simple. Lets not forget this is a company who got a $140b bailout from us who actually pay our taxes.

 

[FluffyCorleone]

How about typing out a complete sentence instead of posting a smiley. This is a forum -- a place for discussion.

 

[Dro_Pesci]

How about typing out a complete sentence instead of posting a smiley. This is a forum -- a place for discussion.

look at your usename

I dont owe you a gotdamn thing

 

[OH SOHH TRILL]

look at your usename

I dont owe you a gotdamn thing

 

[FluffyCorleone]

look at your usename

I dont owe you a gotdamn thing

Stop posting. You're not contributing anything to the discussion at hand.















































typical dumb nikka

 

[OH SOHH TRILL]

The first sentence you quoted has nothing to do with the second sentence you quoted. I understand that the US is missing out on the money. That doesn't change the fact that people don't really understand what these companies are doing with the money. Its not just sitting in a bank. Instead, they're revesting in foreign companies instead of bringing it back and investing in US companies.

 

[rapbeats]

GE has been doing this for years. That is why it was such a hypocritically tone deaf move when Obama made GE CEO, Jeffery Imelt as the head of his economic advisory board.

i agree but then ask yourself. who else wouldve been qualified that hasnt done something just as shady? the answer is..NO ONE.

 

[Domingo Halliburton]

What would you do? pay the 35% corporate tax rate or hide your money in the Caymans? I'd be doing the same shyt. if they want more money to come back to the US, lower the rates.