tag:blogger.com,1999:blog-6685155377705481833.post1044636112928702475..comments2023-09-22T03:17:50.469-04:00Comments on Middle Class Political Economist: GE threatens to leave Connecticut UPDATEDKenneth Thomashttp://www.blogger.com/profile/05747704671007690674noreply@blogger.comBlogger6125tag:blogger.com,1999:blog-6685155377705481833.post-8144318929033884892015-06-11T12:23:32.925-04:002015-06-11T12:23:32.925-04:00A tax benefit cannot be "based on" a ref...A tax benefit cannot be "based on" a refundable tax credit. It can, however, <i>be</i> a refundable tax credit.<br /><br />A refund is what you get from the government based on your tax returns. A benefit is what you put on the tax return which may or may not result in a refund. Many people claim refundable tax credits without actually getting a refund. Others claim no refundable tax credits but <i>do</i> get a refund.<br /><br />I have tried using <b>bold</b> and <i>italics</i> here without success. Perhaps things have changed, or I did it wrong.jackhttp://novatownhall.comnoreply@blogger.comtag:blogger.com,1999:blog-6685155377705481833.post-75693093939096255722015-06-10T21:29:16.463-04:002015-06-10T21:29:16.463-04:00Ah, I see your point now. All I was trying to conv...Ah, I see your point now. All I was trying to convey was that they got money back rather than paid. If your tax benefit were based on a refundable tax credit, which term would you use?<br /><br />By long-standing Internet convention, using all caps is considered to be shouting. For emphasis, it's more common to use bold, italics, or underlining.Kenneth Thomashttps://www.blogger.com/profile/05747704671007690674noreply@blogger.comtag:blogger.com,1999:blog-6685155377705481833.post-66511822118012034722015-06-10T20:40:01.176-04:002015-06-10T20:40:01.176-04:00The "different story" is this:
YOU: &quo...The "different story" is this:<br />YOU: "tax REFUND of $3 billion"<br />ARTICLE: "tax BENEFIT of more than $3 billion"<br /><br />And who's shouting? What are you talking about?jackhttp://novatownhall.comnoreply@blogger.comtag:blogger.com,1999:blog-6685155377705481833.post-35283671041176913062015-06-10T12:32:26.349-04:002015-06-10T12:32:26.349-04:00jack, thanks for the link, but I don't see wha...jack, thanks for the link, but I don't see what "different story" you are talking about. It says worldwide profits were $14.2 billion, and it received tax benefits from the U.S. of $3 billion. The entire premise of the article is that GE is a hyper-aggressive tax avoider.<br /><br />As I have explained before, you need corporate income tax to make personal income tax works. Without CIT, people would incorporate their activities to avoid tax altogether. <br /><br />The U.S. already is a tax haven for foreigners. It is even still possible to set up untraceable corporations, though in fewer states than a few years ago.<br /><br />And please don't shout.Kenneth Thomashttps://www.blogger.com/profile/05747704671007690674noreply@blogger.comtag:blogger.com,1999:blog-6685155377705481833.post-46676529436570149112015-06-08T20:48:47.451-04:002015-06-08T20:48:47.451-04:00"The New York Times reports that GE made $14...."The New York Times reports that GE made $14.2 billion in 2010 and received a federal tax refund of $3 billion."<br /><br />Which would only mean that they OVERPAID their taxes by $3 billion over the course of that year, giving the government an interest-free loan.<br /><br />But that's not true, either. The very article you cite tells a different story: "According to the New York Times, in 2010 the company made $14.2 billion and even claimed a tax benefit of more than $3 billion."<br /><br />If you are going to quote the NYT, at least put the link to the NYT article, not another article that does not link to the source: http://www.nytimes.com/2011/03/25/business/economy/25tax.html<br /><br />But this just shows how insane it is to even have corporate income taxes. Just tax the money when it actually gets to the individuals -- tax the owners when they get dividends and capital gains, tax the bondholders when they get their interest payments, and tax the employees when they get paid.<br /><br />How 'bout WE become the world's tax haven, and bring some business here?jackhttp://novatownhall.comnoreply@blogger.comtag:blogger.com,1999:blog-6685155377705481833.post-61614215905038918442015-06-06T09:06:17.693-04:002015-06-06T09:06:17.693-04:00If the state of CT forces GE To move headquarter ...If the state of CT forces GE To move headquarter to another state due to a 6 year retro active headquarter tax increase all companies in our state should consider leaving.... But wait we have lost many any companies to New York and Texas and we are last in job creation.so common sense is not something out governor is know for.... And I voted for him.Tomashttps://www.blogger.com/profile/12966953524579001632noreply@blogger.com