News GM's 2015 tax bill

Discussion in 'The Howard Stern Show' started by playitagainfred, Apr 1, 2016.

  1. playitagainfred

    playitagainfred Well-Known Member

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    The Jackie chair likes this.
  2. Daveindiego

    Daveindiego Confirmed Internet Legend Gold

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    Looks like US is real business friendly.

    Thanks Obama!
     
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  3. Head Censor

    Head Censor Turgid Member VIP

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    The UAW thanks you for the generosity you've shown to their company.
     
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  4. YinzerMasshole

    YinzerMasshole VIP Extreme Gold

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    Hope they enjoyed their bailout.

    The new wall's going to fix everything, amirite?
     
  5. DiamondGoddess

    DiamondGoddess Born Ready for My Close-Up! Gold

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    I don't mind corporations paying less taxes, cuz they create jobs.
     
  6. Rupert Pupkin

    Rupert Pupkin That Ass is Attached to Daniela Lopez Gold

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    The Treasury Dept. permitted the New GM to retain billions in Net Operating Losses from the Old GM, so there is not much tax to pay for now.

    Read the complete article here > http://www.wsj.com/articles/SB10001424052970203609204574314180298525294

    GM’s Tax Shelter
    Another $16 billion not available to other car makers.
    Updated July 31, 2009 4:59 p.m. ET

    As everyone else’s taxes rise, one favored outfit may not have to pay federal taxes for years: General Motors. In another sweet deal from its benefactors on Pennsylvania Avenue, the government-owned car company is set to profit from billions of dollars in tax breaks not available to other businesses in the same predicament.

    The new GM will be allowed to claim a tax benefit from some $16 billion of net operating losses carried over from the old company, allowing it to avoid paying taxes on future profits, perhaps for years. The issue is a common accounting practice called “tax-loss carry forward,” under which businesses can write off losses against future profits for up to 20 years.

    The losses are considered important assets on any company’s balance sheet, but they typically don’t survive bankruptcy. Under a longstanding section of the tax code passed to prevent companies from buying other companies for the purpose of assuming their tax losses, a business that undergoes a change in ownership usually has to forfeit the old company’s net operating losses
     
  7. chapped

    chapped Well-Known Member

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  8. LaserT

    LaserT You have to have fun. Gold

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    GM's annual report shows General Motors of North America accounting for 98,000 of the 207,000 GM jobs worldwide. But 12,000 of these jobs are in Canada and 11,500 are in Mexico. Accordingly, GM has 74,500 jobs in the United States and 122,500 abroad, even after Obama’s touted surge in Detroit jobs. Almost two thirds of GM’s jobs are in other countries.

    GM’s outsourcing is not a slip. GM clearly states that foreign investment and outsourcing of jobs are an integral parts of its growth strategy.






    Thanks GM..:finger:
     
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  9. Wigward

    Wigward Well-Known Member

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    Not sure about Mexico but I'm certain a significant number of those workers in Canada are not tied to manufacturing. They operate over 400 dealerships across the country so that's a lot of sales people and mechanics on staff. Pretty difficult for Americans to fill those jobs unless they are willing to commute.
     
  10. LaserT

    LaserT You have to have fun. Gold

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    They'll commute if you pay them a right wage and cover their families. I see the difference in wages/coverage from US to out of country. Just my thoughts. :dontknow: