Bill Whittle explains. (7 minutes)
This is not to mention his record on abortion – the most pro-abortion President ever. Or the election of hardline Muslim extremists in Egypt.
The man is a catastrophic failure.
Tag Archives: General Motors
Obama-connected General Electric paid no taxes on $14 billion profit
From the Weekly Standard, a possible explanation of why GE CEO Jeffrey Immelt is tightly linked to Barack Obama.
Excerpt:
General Electric, one of the largest corporations in America, filed a whopping 57,000-page federal tax return earlier this year but didn’t pay taxes on $14 billion in profits. The return, which was filed electronically, would have been 19 feet high if printed out and stacked.
The fact that GE paid no taxes in 2010 was widely reported earlier this year, but the size of its tax return first came to light when House budget committee chairman Paul Ryan (R, Wisc.) made the case for corporate tax reform at a recent townhall meeting. “GE was able to utilize all of these various loopholes, all of these various deductions–it’s legal,” Ryan said. Nine billion dollars of GE’s profits came overseas, outside the jurisdiction of U.S. tax law. GE wasn’t taxed on $5 billion in U.S. profits because it utilized numerous deductions and tax credits, including tax breaks for investments in low-income housing, green energy, research and development, as well as depreciation of property.
“I asked the GE tax officer, ‘How long was your tax form?'” Ryan said. “He said, ‘Well, we file electronically, we don’t measure in pages.'” Ryan asked for an estimate, which came back at a stunning 57,000 pages. When Ryan relayed the story at the townhall meeting in Janesville, there were audible gasps from the crowd.
Meanwhile, Obama’s General Motors bailout is going to cost taxpayers at least $23.6 billion dollars.
Excerpt:
The Treasury Department dramatically boosted its estimate of losses from its $85 billion auto industry bailout by more than $9 billion in the face of General Motors Co.’s steep stock decline.
In its monthly report to Congress, the Treasury Department now says it expects to lose $23.6 billion, up from its previous estimate of $14.33 billion.
The Treasury now pegs the cost of the bailout of GM, Chrysler Group LLC and the auto finance companies at $79.6 billion. It no longer includes $5 billion it set aside to guarantee payments to auto suppliers in 2009.
Obama’s millionaires and billionaires get another bailout and taxpayers get the bill.
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New York Times admits that GM repaid its bailout loans with TARP loan money
Story here in the radically-leftist New York Times. (H/T Hot Air)
Excerpt:
AS we inch closer to a clearer understanding of the products and practices that unleashed the credit crisis of 2008, it’s becoming apparent that those seeking the whole truth are still outnumbered by those aiming to obscure it. This is the case not only on Wall Street but also in Washington.
Truth seekers the nation over, therefore, are indebted to Senator Charles E. Grassley, Republican of Iowa, who in recent days uncovered what he called a government-enabled “TARP money shuffle.” It relates to General Motors, which on April 21 paid the balance of its $6.7 billion loan under the Troubled Asset Relief Program.
G.M. trumpeted its escape from the program as evidence that it had turned the corner in its operations. “G.M. is able to repay the taxpayers in full, with interest, ahead of schedule, because more customers are buying vehicles like the Chevrolet Malibu and Buick LaCrosse,” boasted Edward E. Whitacre Jr., its chief executive.
G.M. also crowed about its loan repayment in a national television ad and the United States Treasury also marked the moment with a press release: “We are encouraged that G.M. has repaid its debt well ahead of schedule and confident that the company is on a strong path to viability,” said Timothy F. Geithner, the Treasury secretary.
Taxpayers are naturally eager for news about bailout repayments. But what neither G.M. nor the Treasury disclosed was that the company simply used other funds held by the Treasury to pay off its original loan.
This is what you get when you appoint a tax-cheat to be the Treasury Secretary.
Here’s what we need to understand about government bailouts. There should never be any such thing as a government bailout. GM and these other bailed-out companies made bad decisions that put them at a competitive disadvantage with respect to their competitors. The Obama administration bailed out these failing companies with money from other hard-working individuals and successful companies, including small businesses. The Obama administration did this for political gain with its favored special interest groups, e.g. – unionized labor, wall street bankers and GSE executives. Those are the groups that got Obama elected, and he paid them back with “bailouts”. Government has no right to get involved with bailing out their buddies with my money and your money.
I remember when people use to complain about profit margins of 8% in some big corporations when Bush was President. But at least they earned that money by selling things that people needed and freely chose to buy. They did operate on a government-backed expense account. Sometimes I wonder whether all of these problems are caused because we elect spoiled-brat, silver-spoon liberals who spent their entire lives getting into trouble and then begging their parents, (and grandparents, in Obama’s case), for bailout money. Maybe they are just making policy based on their experiences in making irresponsible choices and then being bailed out by their parents?
WINTERY KNIGHT 