GM can avoid federal taxes on $50 billion of profits: report - General Motors Co (GM.UL) will not have to pay U.S. federal taxes on up to $50 billion of profits for as long as 20 years, The Wall Street Journal reported on Tuesday, citing people familiar with the matter.
With the standard federal corporate tax rate at 35 percent, that tax break could save GM $17.5 billion, not factoring in tax deductions, the Journal reported.
Under the Troubled Asset Relief Program, $50 billion of losses that GM racked up before its government-funded bankruptcy can be used to offset its future tax liabilities, the Journal reported.
With the standard federal corporate tax rate at 35 percent, that tax break could save GM $17.5 billion, not factoring in tax deductions, the Journal reported.
Under the Troubled Asset Relief Program, $50 billion of losses that GM racked up before its government-funded bankruptcy can be used to offset its future tax liabilities, the Journal reported.
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