" In the mid-1980s, President Ronald Reagan overhauled the tax system after learning that G.E. — a company for which he had once worked as a commercial pitchman — was among dozens of corporations that had used accounting gamesmanship to avoid paying any taxes. “I didn’t realize things had gotten that far out of line,” Mr. Reagan told the Treasury secretary, Donald T. Regan, according to Mr. Regan’... [more]
" In the mid-1980s, President Ronald Reagan overhauled the tax system after learning that G.E. — a company for which he had once worked as a commercial pitchman — was among dozens of corporations that had used accounting gamesmanship to avoid paying any taxes.
“I didn’t realize things had gotten that far out of line,” Mr. Reagan told the Treasury secretary, Donald T. Regan, according to Mr. Regan’s 1988 memoir. The president supported a change that closed loopholes and required G.E. to pay a far higher effective rate, up to 32.5 percent...."
from "G.E.’s Strategies Let It Avoid Taxes Altogether" @
http://www.nytimes.com/2011/03/25/business/economy/25tax.html?hp=&pagewanted=all[less]
Response by jason10006
about 15 years ago
Posts: 5257
Member since: Jan 2009
"...Since 2002, the company has eliminated a fifth of its work force in the United States while increasing overseas employment. In that time, G.E.’s accumulated offshore profits have risen to $92 billion from $15 billion...."
Go USA!!!! I mean, go away from USA!!!!
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Response by drdrd
about 15 years ago
Posts: 1905
Member since: Apr 2007
As I recall, the sainted President Reagan paid no taxes because he had his ranch in California which he was able to write off as a loss. He hardly sounds like a paragon of rectitude, the sainted Mr. Reagan.
These facts present quite a dilemna for conservatives. On the one hand you have Charlie Rangel appearing again to be crooked. On the other hand, the end result was a tax break for big business.
"...Since 2002, the company has eliminated a fifth of its work force in the United States while increasing overseas employment. In that time, G.E.’s accumulated offshore profits have risen to $92 billion from $15 billion...."
Go USA!!!! I mean, go away from USA!!!!
As I recall, the sainted President Reagan paid no taxes because he had his ranch in California which he was able to write off as a loss. He hardly sounds like a paragon of rectitude, the sainted Mr. Reagan.
http://www.theonion.com/articles/embarrassed-republicans-admit-theyve-been-thinking,19248/
These facts present quite a dilemna for conservatives. On the one hand you have Charlie Rangel appearing again to be crooked. On the other hand, the end result was a tax break for big business.