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March 24, 2011

Gigantic US Corporation With Extensive Ties To Greedy Corporatist Republicans Obama And The Democrats Paid ZERO In Taxes Last Year

GE, they bring good tax strategies to life!

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.

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 bespectacled, 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.

Via Nathan Wurtzel (a good follow on Twitter, even if he is a Yankee fan) who reminds us that until earlier this year GE owned the pro-tax MSNBC. Well, pro tax for the little people, not them. Big difference.

As for the Obama-GE ties, here you go. Oh and GE CEO Jeff Immelt is head of Obama's Council on Jobs and Competitiveness.

Yes, you can argue the economics of business taxes (corporations don't pay taxes, they collect them and they should definitely be lower) but it's the unmitigated chutzpah of Obama cozening up to a company that's not paying a dime in taxes while getting ready to raise everyone elses.

Added: GE also received help through TARP by using what the Washington Post termed a "loophole".

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posted by DrewM. at 08:54 PM

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