Tax Payer Motors, No Taxes for Decades

[SurfaceUnits]

GM DOESN’T HAVE TO PAY TAXES

General Motors just got an amazing windfall. Thanks to massive financial losses in years past, it can use what’s called tax-loss carry-forwards to avoid paying income taxes for years. Specifically, GM will not have to pay taxes on the next $45 billion in net profits that it reports. That means GM may not have to pay income taxes for nearly a decade. But here’s an interesting side note. Those financial losses were racked up by the “old GM,” now known as Liquidation Motors. But the “new GM” will get the credits anyway because the IRS ruled last year that any company which received TARP funds can use those tax-loss carry-forwards

I guess it should really be known as Federal Reserve Motors, as the government ran out of taxpayer dollars a long time ago.

[cameraman]

Ford racked up its share of losses too. I wonder what the numbers are for it. Same for most of the airlines and think of the banks. It would be interesting, albeit depressing, to see a list of the top 500 corporations and where they stand on that issue.

I think it is safe to assume that Apple is paying its fair share of taxes.:D

[NismoZ]

Gosh, you mean the government really DOES pick winners and losers? I'm shocked! GM up 3% today, Ford down 3%. Go figure. And, Dhhaaaammmm, I only own 37% of GM now, not 61 %. Guess I lost.:shakehead

[NismoZ]

Yeah, and good ol' Apple....what did they have, a profit ratio about 5X that of the oil industry? Yup, the admins.' favorite word "obscene" comes to mind. Plenty of obscenity to go around. I guess there is good obscenity and then there is bad obscenity and people with zero accountability are the ones who get to decide:confused:

[SurfaceUnits]

Gosh, you mean the government really DOES pick winners and losers? I\\\'m shocked! GM up 3% today, Ford down 3%. Go figure. And, Dhhaaaammmm, I only own 37% of GM now, not 61 %. Guess I lost.:shakehead

what planet did your union rep come from: GM down to 33.?? the only up was in the first hour and then it fell from there. if it breaks 33 there is nothing propping it up. look at the charts ...sheesh

[NismoZ]

Oh, come on. The "I" I was referring to was the ownership status of GM for you AND me, the American taxpayer, not the share price.. I did use the % thingy not a $ sign. (Hot against unions, huh? Join the club!:D)

[SurfaceUnits]

Let me put it in terms the SEIU-Peoples Worker Party brain can understand. The rich people on Wall Street got richer and the powerful/rich people in DC got richer. The TARP receiving bankers got preferential underwriting privileges and will receive no less than $120,000,000.00 for their hard work. The DC clique receives tens of millions of dollar from wall street bankers and will get their cut from the excessive IPO payout. Remember when it was evil for wall street to make money.

[NismoZ]

Now I REALLY don't get it!:rofl:

[nrc]

Whenever someone says "party" and it doesn't involve adult beverages and music my finger starts hovering over the "Close" button.