Saturday, March 26, 2011

True Corporate Welfare

 "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.

"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. [...]"(more here)

G.E.'s CEO, Jeffrey Immelt (Obama‚Äôs Pet CEO), is considered Barack Obama's favorite businessman and serves as the head of the president's Council on Jobs and Competitiveness.