Report: GM to get $14 billion domestic tax break

It looks like General Motors can skip to around $ 14000000000 value of taxes in Germany and other overseas 19000000000 $ in taxes thanks to a deal with the U.S. government. According to Edmunds, 2010 is the first year since 2004 that the company is operating in the black, and while most companies are made to pay taxes on their earnings, GM will be able to skip his tax return tab massive losses due to age. The companies are usually assigned a portion of future taxes based on their past losses, but the benefit is usually stripped off for an organization goes through bankruptcy.

This is not the case with GM, however. For reasons that are not entirely clear, the General managed to hang on his tax cuts, despite shedding at 30000000000 $ in debt during the bankruptcy proceedings. According to CNN Money, GMOs and the Treasury Department denied that the automaker has received no special deal, although Edmunds, GM reported that the break to reduce the perceived cost of the auto industry got bail.