Gipper
Well-Known Member
The "Crazy Train" continues to roll.
No doubt all those profits allow GE to continue buying lots of politicians so it will continue to get huge tax breaks. Reagan ended a lot of this BS, but money has a way of corrupting a huge unconstrained government.
And BO puts GE's CEO in charge of the hen house. Crazy, crazy, crazy....
No doubt all those profits allow GE to continue buying lots of politicians so it will continue to get huge tax breaks. Reagan ended a lot of this BS, but money has a way of corrupting a huge unconstrained government.
And BO puts GE's CEO in charge of the hen house. Crazy, crazy, crazy....
General Electric, the nation’s largest corporation, had a very good year in 2010.
Drew Angerer/The New York Times
A PRESIDENT’S BUSINESS LIAISON
In January, President Obama named Jeffrey R. Immelt, General Electric’s chief executive, to head the President’s Council on Jobs and Competitiveness. “He understands what it takes for America to compete in the global economy,” Mr. Obama said.
But Nobody Pays That
A Lobbying Powerhouse
Articles in this series will examine efforts by businesses to lower their taxes and the debate over how to improve the tax system.
The company reported worldwide profits of $14.2 billion, and said $5.1 billion of the total came from its operations in the United States.
Its American tax bill? None. In fact, G.E. claimed a tax benefit of $3.2 billion.
The assortment of tax breaks G.E. has won in Washington has provided a significant short-term gain for the company’s executives and shareholders. While the financial crisis led G.E. to post a loss in the United States in 2009, regulatory filings show that in the last five years, G.E. has accumulated $26 billion in American profits, and received a net tax benefit from the I.R.S. of $4.1 billion.
But critics say the use of so many shelters amounts to corporate welfare, allowing G.E. not just to avoid taxes on profitable overseas lending but also to amass tax credits and write-offs that can be used to reduce taxes on billions of dollars of profit from domestic manufacturing. They say that the assertive tax avoidance of multinationals like G.E. not only shortchanges the Treasury,
http://www.nytimes.com/2011/03/25/business/economy/25tax.html?pagewanted=1&_r=1&hp&adxnnlx=1301144523-extdINuEtF5TvNUCPFwkwg