Up | Corporate Rate Justification | The Numbers

General Electric 2004: 

Goods Sold: Gross                $ 55 Billion
Services Sold: Gross            $ 30 Billion
Federal Income Tax           $ 5.215 Billion unadjusted
                                          $ 3.661 Billion with adjustments & credits  

This works out to 6.14% of Gross sales unadjusted and 4.3% adjusted. The adjusted number is what was actually owed. 

Microsoft 2004: 

Gross Sales                           $ 37 Billion
Federal Income Tax               $ 4 Billion 

Percent of Gross Sales paid in Tax: 10.8% 

General Motors 2004: 

Gross Sales                           $ 194 Billion
Federal Income Tax               $ 0 

I have been a GM fan since I bought my first 1969 Camaro. We currently own three GM cars and wish them all the luck in the world. However, what success GM enjoys is largely because of the great economic engine that is the United States. A large manufacturing company such as GM places an enormous burden on government services and should share in its support. It is neither the government’s or others who pick up the slack’s fault that GM is unprofitable. This tax should be considered a cost of doing business and shouldn’t be dependent upon profitability.