GM Raking in Billions; Not Paying a Dime in Fed Income Taxes
The good news is that GM is paying taxes worldwide. The bad news is it's apparently not paying a dime in federal income taxes in the U.S.
In other words, Warren Buffet's secretary paid more taxes than General Motors.
The Detroit News reports that the auto giant, which just posted a $1 billion profit for the first quarter of 2012, has legally dodged paying federal income taxes since jumping out of bankruptcy.
How's that happening?
The News reports that the Treasury Department has let GM offset any of its profits -- $13 billion since 2009 -- with $18 billion in losses from the old GM days.
GM spokesman said the automaker has paid state income taxes.