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GE is a special case. Their tax department has been compared to the big four accounting firms as the unspoken big 5. They pay their tax staff very well and tru
by camz 15y ago
GE is a special case. Their tax department has been compared to the big four accounting firms as the unspoken big 5.
They pay their tax staff very well and truly are some of the best in the field within every tax specialty.
But it's unfair to single out John. I'm sure given the opportunity you'd attempt to maximize your profit. It's quoted from judge Learned Hand of New York, one of the most respected legal minds that it is your legal right and American duty to tax plan.
The code is set this way obviously due to politics but also because the American people value jobs over taxes. We would rather have high employment that additional Corp tax revenue.
- yummyfajitas 15y agoGE is also a special case because they are using a loss carryforward. GE Capital lost billions in 2008 and 2009 which means GE's profit averaged over the past few years is close to zero. This allows them to pay yearly taxes as if they made little profit. This is actually a good thing - it avoids disproportionately taxing companies with volatile incomes.