And because of losses in the US, they paid no taxes for 2009.

"GE had plenty of earnings last year — just not in the United States. For tax purposes, the company’s U.S. operations lost 8 million, while its international businesses netted a .8 billion profit.

That left GE (GE, Fortune 500) with no U.S. profit left for Uncle Sam to tax. Corporations typically face a 35% federal income tax on their earnings. Thanks to its deductions and adjustments, GE reported an actual U.S. federal income tax rate of negative 10.5%. It got to add a "tax benefit" of .1 billion back into its reported earnings."

http://money.cnn.com/2010/04/16/news/companies/ge_7000_tax_returns/index.htm?cnn=yes&hpt=T2

Regarding the GE Bailout: http://www.washingtonpost.com/wp-dyn/content/article/2009/06/28/AR2009062802955.html?hpid=topnews&sid=ST2009062803183

Both McCain and Obama will have to raise taxes to pay for programs for which the public is clamoring, whether those programs are universal health insurance, expanding the military, trying to retire the national debt, or simply trying to balance the budget.

McCain proposes to increase your tax exemption for children by something like 5/year. That’s it, if you have children you get something, otherwise not. This will increase the deficit.

McCain proposes a 00-00 "refundable" tax credit for the purchase of health insurance while apparently proposing, as I understand it, eliminating the deduction for employer provided health insurance. This is a tax increase for business to pay for a tax benefit to the public. This is, ostensibly deficit neutral.

McCain will cut the corporate tax rate from 35% to 25%. This is proposed to keep American companies on shore and to stimulate the economy. This will not keep companies on shore because the 10% tax savings on profits is miniscule compared to the as much as 80% operating cost savings of exploitation of cheap foreign labor. And since most corporations do not pay any taxes due to loopholes it is ridiculous. All that will happen is that those that are paying taxes domestically will pay less and increase the deficit.

All of this tinkering with tax cuts will result in a net tax increase because a higher percentage of the operation of government will be placed on your credit card.

Obama’s plan, a tax cut for the middle class, should be offset by rolling back the Bush 43 tax cuts for the wealthy. Curtailing tax loopholes for companies operating offshore will have far reaching effects including reducing the deficit. As far as funding for new programs goes, there is little doubt that these, like universal healthcare or improving public education and tuition programs, will go on your nation’s credit card.

What’s in it for me? After all, I’m paying for it.

Your taxes are going to go up with either Obama or McCain. For whom you vote, if that is your issue, depends entirely on how much they will go up and/or what you will get in return

This is my first year of tax filing as a retired person. So need some clarifications.
(i) Is PF payment to be shown as salary and then deduction claimed? Is it deduction or exclusion?
(ii) Is Super annuation annuity from LIC be considered salary? (I had one annuity payment from my last employment where I retired voluntarily at the age of 50; Subsequently I took up another salaried job. I have been including the annuity as salary income all along. Last year I crossed 60 years of age and truly retired and have two annuities. In one website I read annuities are exempt.
(iii) Post retirement I have been doing some marketing for a commission from a US company to promote their product in India. I have business expenses, but have no formal company. Is the commission from this to be taken as Salary or other income? I have some associated business costs such as internet, telephone, car, petrol, office rent, electricity etc. So should I take commission minus these expenses and project resultant amount as net business income.
(iv) This business income is from a US source in dollars. Service was rendered for the source inIndia. Commission was paid in forex. Does the forex earning make this a service export and get any tax benefit?
Thank you in anticipation

I currently have enough money saved for a house. Currently people tell me to borrow a mortgage. So I am earning interest at 6% now, but to get a 15 year mortgage
at 7.25%. Is this wise? In the long run I was told I would gain more tax benefit because I now get a tax deduction off the interest so instead of losing 7.25% , I am only paying 4.5% in interest assuming you are in the highest bracket because of the tax savings. Is this logic correct? And with new home I also get property depreciation because I have a home business? THanks for your help
dob-ulgco , that is true, but what are the benefits in numbers?

Also, are there brokers who can split their commission with the borrower? where can i get the lowest rate now for the mortgage