 | Obama's Favorite Corporation, GE, Pays no Corporate TaxesScotty Starnes | March 25, 2011 at 7:30 AM | Tags: corporate taxes, G.E., General Electric, Jeffrey Immelt, lobbyists, President Obama | Categories: Political Issues | URL: http://wp.me/pvnFC-4R6 |
The Obama regime and G.E. are closely associated. Jeff Immelt, GE's CEO, sits on several of Obama's boards and MSNBC is the parrot of the administration. None of the liberal media outlets have made a big deal about the conflict of interests. GE is Obama's Halliburton.
From the NYTimes:
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.
G.E. sounds like those 47% of Americans that pay no federal income but still receive a tax rebate each year.
That may be hard to fathom for the millions of American business owners and households now preparing their own returns, but low taxes are nothing new for G.E. The company has been cutting the percentage of its American profits paid to the Internal Revenue Service for years, resulting in a far lower rate than at most multinational companies.
Its extraordinary success is based on an aggressive strategy that mixes fierce lobbying for tax breaks and innovative accounting that enables it to concentrate its profits offshore. G.E.'s giant tax department, led by a bow-tied former Treasury official named John Samuels, is often referred to as the world's best tax law firm. Indeed, the company's slogan "Imagination at Work" fits this department well. The team includes former officials not just from the Treasury, but also from the I.R.S. and virtually all the tax-writing committees in Congress.
Sounds like the perfect team set up to scheme the system to duck paying taxes.
...Yet many companies say the current level is so high it hobbles them in competing with foreign rivals. Even as the government faces a mounting budget deficit, the talk in Washington is about lower rates. President Obama has said he is considering an overhaul of the corporate tax system, with an eye to lowering the top rate, ending some tax subsidies and loopholes and generating the same amount of revenue. He has designated G.E.'s chief executive, Jeffrey R. Immelt, as his liaison to the business community and as the chairman of the President's Council on Jobs and Competitiveness, and it is expected to discuss corporate taxes.
Can you say conflict of interest? I bet Immelt never lobbies Obama. No way. GE just benefits from all of Obama's green energy schemes. By the way, lowering taxes for corporations would be helping millionaires and billionaires. I thought Obama was against that?
"He understands what it takes for America to compete in the global economy," Mr. Obama said of Mr. Immelt, on his appointment in January, after touring a G.E. factory in upstate New York that makes turbines and generators for sale around the world.
He knows how to reduce the GE workforce and ship jobs overseas...on top of not paying taxes.
A review of company filings and Congressional records shows that one of the most striking advantages of General Electric is its ability to lobby for, win and take advantage of tax breaks.
They did buy Obama.
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