occupy wall street Archives

Nov 11, 20110

GE Paid Zero Taxes in 2010, Despite $14.2 Billion in Profits

by Grant McBundy

Categories: Business, Economy, Featured, Politics, Tax Policy

GE Paid Zero Taxes in 2010, Despite $14.2 Billion in Profits

GE’s accounting and lobbying prowess exemplifies the influence of corporations over government

Jack Donaghy, the irrepressible network executive of 30 Rock played by Alec Baldwin, may have moved to Kabletown last season, but it doesn’t sound like the real General Electric is doing too bad without him, especially in light of the news last March that GE paid zero taxes in 2010.

The top corporate marginal tax rate in the United States is 35%, nominally one of the highest in the world. And yet, thanks to corporate tax loopholes, GE paid absolutely nothing in taxes for 2010, making their effective tax rate the equivalent of zero. Not only did the company not pay taxes, they earned a $3.2 billion tax … Read more...

Occupy Wall Street Could Learn a Thing or Two from Tip O’Neill

The right wing Tea Party protests may ultimately pack more of a punch than Occupy Wall Street

Now that Occupy Wall Street is approaching the two month benchmark (and has even survived its first snowstorm), it has become common for pundits to draw comparisons between it and the Tea Party movement. Both were born of populist anger over the recession and government bailouts of U.S. banks and both have expressed that anger through showy protests that garnered considerable media attention.

Even our esteemed Vice President, never one to leave anything to subtlety, has made the connection between the two movements. Speaking of Occupy Wall Street he said, “Look, there’s a lot in common with the Tea Party. … Read more...