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United States News
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Title: GM's Tax Break Worth as Much as $45 Billion: Filing
Source: ABC news
URL Source: http://abcnews.go.com/Business/wireStory?id=12045168
Published: Nov 4, 2010
Author: Reuters
Post Date: 2010-11-04 17:34:48 by WhiteSands
Keywords: None
Views: 1630
Comments: 7

DETROIT (Reuters) - General Motors Co can get a tax break of up to $45 billion as part of its U.S. government-financed restructuring, documents filed with federal regulators earlier this year showed.

The Wall Street Journal earlier reported that GM would not have to pay federal taxes on up to $50 billion in profits. A later version of this story revised this figure to about $45 billion. This figure also includes $18.88 billion of carry-forwards, according to the automaker's annual filing from April. Under the Troubled Asset Relief Program, losses racked up by GM before its government-funded bankruptcy can be used to offset its future tax liabilities. (Reporting by Deepa Seetharaman, editing by Gerald E. McCormick)

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#1. To: WhiteSands (#0)

Wait a second, a socialist government is giving tax breaks to companies? Seriously?


On January 3, 2011 the GOP assumes responsibility for deficit spending.

go65  posted on  2010-11-04   17:36:10 ET  Reply   Trace   Private Reply  


#2. To: go65 (#1)

Wait a second, a socialist government is giving tax breaks to companies? Seriously?

Liberals admit tax breaks to Union controlled Corps is the way to strengthen them.

-----------------------------------------------------------
Barrack Hussein Obama
President of the United States of America said that some Americans ; "They can come for the ride, but they gotta sit in back."

WhiteSands  posted on  2010-11-04   17:52:14 ET  Reply   Trace   Private Reply  


#3. To: WhiteSands (#0)

General Motors Co can get a tax break of up to $45 billion as part of its U.S. government-financed restructuring

Why is this fair to Ford or all of the foreign auto companies who manufacture products in America?


"To compel a man to furnish contributions of money for the propagation of opinions which he disbelieves is sinful and tyrannical." -- Thomas Jefferson

jwpegler  posted on  2010-11-04   18:16:08 ET  Reply   Trace   Private Reply  


#4. To: jwpegler (#3)

Not fair , but bigger is their stated belief that tax cuts do help businesses.

-----------------------------------------------------------
Barrack Hussein Obama
President of the United States of America said that some Americans ; "They can come for the ride, but they gotta sit in back."

WhiteSands  posted on  2010-11-04   18:17:24 ET  Reply   Trace   Private Reply  


#5. To: go65 (#1)

"Wait a second, a socialist government is giving tax breaks to companies? Seriously?"

Yeah, buddy, it's called "FASCISM", using political clout and taxpayer bennies to pick winners and losers in the marketplace. Look a little closer and you'll see its just a payoff to the Unions...who in turn pay off the RAT-Masters in dues and votes.

Seriously...MUD

"Devolve Power Outta the Federal Leviathan and Back to the States,
Localities, and Individuals as Prescribed in the US Constitution."

Mudboy Slim  posted on  2010-11-04   18:42:18 ET  Reply   Trace   Private Reply  


#6. To: jwpegler (#3)

Why is this fair to Ford or all of the foreign auto companies who manufacture products in America?

Do you know what kind of breaks Ford gets (in addition to government-backed loans)?

There is also this, from September, 2009:

In a move to safeguard billions of dollars in tax assets, the board of Ford Motor Co. has adopted a poison-pill plan to preserve the carmaker's net operating losses (NOLs). The tax benefit preservation plan, announced on Friday, allows Ford to thwart a technical change of ownership, which under federal law would cause the company to forfeit $19 billion in deferred tax benefits.

Indeed, the tax assets Ford is protecting can be used to offset $19 billion in future taxable income up to two decades into the future — thereby reducing its potential federal income-tax bill for the years it puts the NOLs to use.

http://www.cfo.com/article.cfm/14439940


On January 3, 2011 the GOP assumes responsibility for deficit spending.

go65  posted on  2010-11-04   18:57:40 ET  Reply   Trace   Private Reply  


#7. To: WhiteSands (#0)

But wait another second...

I thought the corporations ultimately 'didn't pay taxes' anyway, the people who purchase their products and services do.

At least that is the line spewed when the issue is 'tax cuts' for the corporations.

Never swear "allegiance" to anything other than the 'right to change your mind'!

Brian S  posted on  2010-11-04   20:08:20 ET  Reply   Trace   Private Reply  


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