GM Reports Record Profit of $9 Billion, Pays Zero Taxes, Hands Out $7K Bonus To Every UAW Member, Taxpayers Get Nothing…
Gross.
(NLPC) — General Motors reported year end earnings figures today. The company made about $9 billion dollars in 2011. How much of its “fair share” is GM paying in taxes? Zero. In fact, from GM’s financial report, they actually received a “benefit” of $110 million for the year. The UAW benefited as well, as they are set to receive $7,000 per worker in profit sharing bonuses.
The sweet tax deal GM receives was set up by the Obama Administration as the company was granted a multi-billion dollar tax credit for loss carry-overs when they exited their bankruptcy proceeding. Normally, the company would not have received the tax credit but the bankruptcy process was anything but normal. Creditors were put in the back of the line to protect UAW interests and tax code was changed so that GM could profit for years without paying its fair share in taxes. President Obama now campaigns on the perceived success at GM and any help he can give to the company will result in additional votes come November. As taxpayers lose out, GM profits and shares the wealth with the politically favored UAW.
Despite all the claims of sacrifices at the UAW, members continue to benefit as evidenced by the $7,000 profit sharing checks they will receive as a result of the wealth redistribution scheme orchestrated by the Obama Administration. Executives at GM seem to be doing pretty well also as they receive millions of dollars in stock options. For their part, the UAW has agreed to strongly support the President come election time. And the hypocrisy of GM’s tax deal is obvious as Obama makes claims that corporations need to pay their fair share. Crony corporations like GM and General Electric (which also is known to avoid taxes) are conveniently left out of the criticisms. Also on the favored list are wealthy purchasers of Chevy Volts who receive federal tax credits of $7500 to buy the cars. President Obama wants the rich buyers to have even more wealth redistributed to them in the form of higher credits, which he reportedly wants to raise to $10,000.
Posted by ZIP on Friday, February 17, 2012, at 12:23 pm | 
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Theives-all of them! If I didn’t need my car(a Chevy) for work, I would sell it this weekend. When will we get relief from the crony-capitalism in thsi country?
Caption Contest!
I’ll start:
“An..an..and right over there, that’s where my unicorn made a poopie! Nnnnyaaaay!”
I know many people that consider themselves patriots and still buy Obama motors. When the people are this stupid we are doomed.
Surely a case can be made against these thieves under Rico. This is organized crime operating out in the open with the support of the lamestream. Lots of perps.
This company was the ruin of many hard working shareholders as union thugs celebrate.
RICO.
This is a perfect example where Romney was correct… Let ‘em go through the bankruptcy route from the git go and let the process play itself out.
But nooooooo, O’bammy bails ‘em out, they still fail, taxpayers left holding the bag and the GM spendthrift tradition now can repeat itself.
Just freakin’ly unbelievable!
Just one more reason why there are no GM products in my driveway…
These unions are totaly corupt to their cores and they always support the demacRATS in every election
They weren’t nicknamed “Government Motors” for nothing!
Standard liberal (corrupt) government union feeding scheme.
There are rules of conduct even amount thieves and thugs.
When looking for a vehicle, GM never enters my thoughts (yes, I have owned many Chevys in my life). When renting a vehicle no GM product is exceptable. The stink of corruption of that deal will take decade or a lifetime to fade.
Not “gross”, Zip. Obscene.
Taxpayers getting screwed everyday without so much as a “I ‘ll call ya’”
My plan is working perfectly.
“They see me rollin’ (in my Volt), they hatin’…”
Obama successfully bought the UAW vote.
GM owed us 50 billion and they were given 45 billion in tax cuts. In other words, they are not going to pay the taxpayers back.
http://online.wsj.com/article/SB10001424052748704462704575590642149103202.html
http://www.examiner.com/washington-county-independent-in-minneapolis/gm-bankruptcy-is-robbery
It is not a “record profit” if you were not required to pay any taxes and you were not required to repay your operating debts. You cooked your books. This story is a complete fabrication.
Now we know why the press was inexplicably talking about how the auto industry “recovery” was so wonderful in the past few days. This bogus report was leaked to them just like the idea to bang on “contraception” was dictated to Stephanopolous by the DNC.
They can’t get away with this, this is America!!! Just watch, every newspaper and newsbroadcast will be talkin about this sham! Sundays Meet the depress will make it a priority story…………. and spin it around and around untill it seems that those lying subverts at the offices of the Republican Party made it up just to make Obullshit look bad. Have a great weekend.
If you work for this auto manufacture, you are an Anti-American stealing loser. SCUM
RICO violation of the first magnitude. Now if we just had an AG with cajones to enforce existing laws. If we just had true representation in congress. Dreams of THIS father. *sigh*…….Actually, I’m really pissed and telling everyone I come into contact with about what I see is being done to “we, the people” . It’s troubling to me to see the apathy that has infected so many people who are having to shoulder the financial addiction of our government. They really are convinced that nothing can be done to right this sinking ship. I intend to continue trying to reach as many ears, and open as many eyes, as possible, to be vocal and get involved in the electoral process. Educate and be heard. Reason will return when more people become involved.
Anyone who buys from obama motors is just as bad as obama .
If a chicken shit republican candidate won’t take this and run with it the spineless bastards don’t deserve to win……………vote Smokey in 12
What ever happened to the old battle cry, “Buy American”? Just go on and get to pushing your Ford or Dodge along and let me pass.