GM Could Be Free of Taxes for Years

As Jim says, let's balance the budget. Either GM was reclassified as a nonprofit organization when no one was looking or tax burdens are intended for a different group.

The tax benefit stems from so-called tax-loss carry-forwards and other provisions, which allow companies to use losses in prior years and costs related to pensions and other expenses to shield profits from U.S. taxes for up to 20 years. In GM's case, the losses stem from years prior to when GM entered bankruptcy.

Source: online.wsj.com