GM (Government Motors) besides getting billions in bailout money was also granted a never-before-heard-of tax gift by President Barack Obama. By administration order, GM is allowed carry forward $48 billion in losses from the old GM to the new GM. This never happens except in Obama Land. The old GM stockholders and bondholders that were probably part of your 401k holdings were left with nothing. Stock in the new company went to the government and the auto union.

GM had a $6 billion profit but paid no federal taxes. The auto workers’ union members each got a huge profit-sharing check (to ensure that they vote Democratic) and the taxpayers paid for it. They still have $42 billion in credits to use up so GM probably will not pay federal taxes on their earnings for the next eight to 10 years. An Obama gift that keeps on giving to GM and taking from the people of this country. I thought Democrats wanted to get more taxes from big business?

 

John Forman

Albert Lea