Wednesday, April 7, 2010

The Tax Man Cometh - but not for you if you are a corportation

There is a great hew and cry this time of year about how much income tax federal employees owe - $962 Million according to one source. As a fed, who pays his taxes every year, in full and on time, that irks me.

But not as much as this:

HOUSTON -- As you work on your taxes this month, here's something to raise your hackles: Some of the world's biggest, most profitable corporations enjoy a far lower tax rate than you do--that is, if they pay taxes at all.

The most egregious example is General Electric ( GE - news - people ). Last year the conglomerate generated $10.3 billion in pretax income, but ended up owing nothing to Uncle Sam. In fact, it recorded a tax benefit of $1.1 billion.

Yes, you read that right - the largest most profitable company in the U.S. was owed a refund by the IRS of $1.1 Billion.

So, what my fellow federal employees owe in taxes is less then what we GAVE BACK to G.E. But solving the Nation's revenue stream is best done on my back, not G.E.'s. Hum, yeah, right.

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