[Mr_250]

Originally Posted by mlassoff

General Electric Tax Rate 1.8 Percent Over Decade, Report Finds (UPDATE)

Why GE is somehow entitled to pay a lower tax rate (exponentially lower...) than my company is beyond me. GE avoids federal taxes together.

If you wonder why your tax bill is so high, maybe you should ask your exalted job creators why theirs is so low? It takes money to run the country.

I understand where you are coming from, but I also understand the flip side. Even with my own income I try and reduce my income tax liabilities. I used 401k, donations and owning property to help reduce what I pay.

Difference between US and THEM is they have smart accountants and attorneys who know how to play the game.

I know you own some sort of business, does the new data and processing service tax increase impact your business. I read that some company (unnamed) in Hartford could take a hit of $14m. I'm not familiar with what data and processing service means is the reason I'm asking.

[Mike 75]

Originally Posted by Mr_250

I understand where you are coming from, but I also understand the flip side. Even with my own income I try and reduce my income tax liabilities. I used 401k, donations and owning property to help reduce what I pay.

Difference between US and THEM is they have smart accountants and attorneys who know how to play the game.

I know you own some sort of business, does the new data and processing service tax increase impact your business. I read that some company (unnamed) in Hartford could take a hit of $14m. I'm not familiar with what data and processing service means is the reason I'm asking.

Don't forget the lobbyists.

[BPt111]

GE Planning to leave if CT raise taxes

GE Issues Statement On Potential Increase To Connecticut Taxes - NASDAQ.com

[Mr_250]

Originally Posted by BPt111

GE Planning to leave if CT raise taxes

GE Issues Statement On Potential Increase To Connecticut Taxes - NASDAQ.com

Aetna issues same threat.

They have to realize that these companies mean business.

[HumpDay]

Does the legislation understand that raising taxes is an awful idea? It slows everything down. It hurts hard working families and it's been crumbling the middle class for quite some time now. I know the governor said he won't raise taxes and since all the proposed new taxes aren't from him, he will do what he always does. Cherry picking statistics and using these random facts that don't back up his agenda. Take responsibility governor!

[mlassoff]

Originally Posted by Mr_250

I understand where you are coming from, but I also understand the flip side. Even with my own income I try and reduce my income tax liabilities. I used 401k, donations and owning property to help reduce what I pay.

Difference between US and THEM is they have smart accountants and attorneys who know how to play the game.

I know you own some sort of business, does the new data and processing service tax increase impact your business. I read that some company (unnamed) in Hartford could take a hit of $14m. I'm not familiar with what data and processing service means is the reason I'm asking.

We're not in data processing-- We're in media, so, thankfully, no.

We have pretty good accountants and I certainly take advantage to the tax breaks that are offered to someone who is self-employed with my income....

However, obviously, the tax breaks available to GE, et al, are much more generous.

So, now we're going let corporations run the state and decide when taxes can be raised? I thought that was up to our elected representatives....

[BobNJ1960]

mlassoff, Don't complain if taxes are raised and they leave. Corps are not hostages.

If taxes get raised repeatedly, someone else needs to do the job state reps obviously cannot do.

[mlassoff]

Originally Posted by BobNJ1960

mlassoff, Don't complain if taxes are raised and they leave. Corps are not hostages.

If taxes get raised repeatedly, someone else needs to do the job state reps obviously cannot do.

No- What I am complaining about is I pay taxes and they don't.

[Wilton2ParkAve]

Originally Posted by mlassoff

No- What I am complaining about is I pay taxes and they don't.

At what level don't they pay taxes? Their U.S. payroll is north of 10 billion (out of $72 billion in revenue) and their single largest expense in the cost of goods sold. Their products and services are also taxed at the time of purchase in most jurisdictions. Between the two we are talking about several billion dollars in federal revenue. Most of those employees are paying 20-30% federal tax rates. Same for dividend owners (don't get me started on the double taxation of dividends). They also pay several percent to the state of ct, which unlike federal taxes, has few deductions. It wouldn't surprise me if they pay a higher state corporate tax rate relative to their 2% federal rate. I'd pack it up if I were in their shoes.

[Mr_250]

None of this is final! It could change and get rid of all the new taxes.

Let's hope! I still have faith they will not pass this budget.