GE's Tax-Break Guard Dogs - BusinessWeek
Transforming the most creative strategies of the tax team into law is another extensive operation. G.E. spends heavily on lobbying: more than $200 million over the last decade, according to the Center for Responsive Politics. Records filed with election officials show a significant portion of that money was devoted to tax legislation. G.E. has even turned setbacks into successes with Congressional help. After the World Trade Organization forced the United States to halt $5 billion a year in export subsidies to G.E. and other manufacturers, the company's lawyers and lobbyists became deeply involved in rewriting a portion of the corporate tax code, according to news reports after the 2002 decision and a Congressional staff member.
By the time the measure -- the American Jobs Creation Act -- was signed into law by President George W. Bush in 2004, it contained more than $13 billion a year in tax breaks for corporations, many very beneficial to G.E. One provision allowed companies to defer taxes on overseas profits from leasing planes to airlines. It was so generous -- and so tailored to G.E. and a handful of other companies -- that staff members on the House Ways and Means Committee publicly complained that G.E. would reap ''an overwhelming percentage'' of the estimated $100 million in annual tax savings.
BUT NOBODY PAYS THAT - At G.E. on Tax Day, Billions of Reasons to Smile - News; Series - NYTimes.com
yeah and my initial comment regarding disallowing business expense write offs is partly correct. his tax plan wouldn't allow deducting employee compensation as an expense. it's completely impossible to implement.
Something else to consider many states are not going to give up their sales tax so easy. If backed into a wall they would just raise state tax on things like 911 access, electric and water/waste.
One way or another the states are not going to submit and give all their revenue to President Cain. For sure it would end up costing much more for what is being advertised as costing less. Then we will get some lip service about how it actually ended up costing more only because states are going flat broke due to Obama's debt.
I think they should implement a 1000% tax on political donations. If you donate $1000 to any of these idiot windbags of any party then you owe the taxpayers an additional $10k. This would both raise additional tax revenue and help discourage the noise pollution emanating from election campaigns.
Ah yes the wealthy people who can afford to destroy their liver and buy new ones from poor dead people. Meanwhile the poor get to pay an extra insurance tax to cover the cost of the rich mans transplant surgery.
WhatisTaxed.com - List of taxes - Other taxes