GM could get a $45B tax break
Taxpayers' final gift to the bailed-out automaker could be billions of dollars in tax-free profits.
The Wall Street Journal reports that GM would not have to pay federal taxes on up to $45 billion in profits, an amount that includes more than $18 billion of carry-forwards.
This means losses the automaker incurred before its government-funded bankruptcy can offset future tax liabilities under the Troubled Asset Relief Program.
Read the Journal's full report here.
Gee, no wonder democrats say that republicans are the party of big business...................no messing around with 16% cap. gains taxes...............just start by completely negating all bankruptcy laws and rules, then lend twice as much money as there is capital to act as collateral, .......but do that @ "0%" interest.......with no timeline for payback, spice that up with a taxpayer gift of cash for clunkers and NOW the dessert of 45 billion dollars of TAX FREE PROFITS!
Nice of the federal government to not send in the marines to kill all of the personnel of FORD, that would be the only concession toward anything even resembling a fair marketplace!
ZERO INCREASE FOR SOCIAL SECURITY FOLKS AND 45 BILLION PAID AGAIN BY THE TAXPAYER FOR GM, WHAT A DEAL KARL MAX WOULD BE PROUD
GM has had enough help already...time to give a break to a company which deserves to be saved and helped!
We hear those on the right talking about how U.S. businesses are at a tax disadvantage to foreign companies. What they fail to tell you is after the companies have taken advantage of all the tax loop holes their tax rate is better than or equal to the foreign companies.
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