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April 20th, 2010
06:00 PM ET

G.E. and Bank of America paid no federal income taxes last year

FROM CNN's Jack Cafferty:

As we reported in the Cafferty File last week - 47 percent of all U.S. households will pay no federal income taxes for last year… not a dime. They're in good company.

General Electric and Bank of America also managed to pay no income taxes to the federal government for 2009. That's right - not a single dime.

Here's how: Although GE earned lots of money last year - they did it overseas and not in the U.S.: General Electric's American operations lost about $400 million, while its international businesses netted nearly $11 billion in profit.

After deductions and adjustments - GE reported a negative 10.5 percent federal income tax rate... and wound up with a "tax benefit" of almost $1 billion.

When it comes to income tax payments on the overseas profits, they defer those "indefinitely."

Not bad… make $11 billion and get a tax benefit of a billion more. The rest of us need their accountants.

As for Bank of America - after major losses in 2009... it ended the year with a tax benefit of almost $2 billion.

Meanwhile - this country faces a staggering $12 trillion national debt... with skyrocketing deficits, estimated to top $1.6 trillion this year alone.

We are going bankrupt and Washington refuses to do anything meaningful about it.

But, don't worry, the big corporations are doing just fine. They own the politicians and the government as evidenced by these kinds of tax bills.

Here’s my question to you: Is it right that companies like General Electric and Bank of America paid no federal income taxes last year?

Interested to know which ones made it on air?

FULL POST


Filed under: Taxes
April 20th, 2010
05:00 PM ET

Illegal immigrants entering U.S. with criminal records

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(PHOTO CREDIT: GETTY IMAGES)

FROM CNN's Jack Cafferty:

The people of Arizona are fed up when it comes to illegal immigration. And they ought to be.

Almost one in five of those caught trying to enter the state illegally from Mexico has a criminal record.

It's one reason why Senators John McCain and John Kyl are calling for 3,000 National Guard troops to be deployed to Arizona's border with Mexico.

They also want federal funding for an additional 3,000 U.S. customs and border agents, a double-row border fence, increased mobile surveillance and hardship duty pay for border patrol agents.

But it's not the only reason... at least for McCain. Can you tell he's in danger of losing his Senate seat this November? Where have all the clowns in Washington been on this issue since 9/11? Virtually nothing has been done to secure the nation's borders... because Democrats want the Mexican vote and Republican donors want the illegal aliens to work for them.

President Obama insists his administration is committed to securing the borders and has taken "unprecedented" steps over the past 14 months. What a load.

The fact is it's unlikely anything will be done about illegal immigration now that we're in an election year for the reasons laid out above.

But Arizona is taking measures into its own hands. The state Senate has passed a tough immigration bill that would force police to arrest people who can't prove they're in the country legally.

Critics say it would lead to racial profiling. So what? The state's governor has five days to veto the bill or sign it into law.

Here’s my question to you: What should be done about border security if almost 20 percent of illegal immigrants entering Arizona from Mexico have criminal records?

Interested to know which ones made it on air?

FULL POST


Filed under: Mexico • U.S. Border Security