General Electric, the nation’s largest corporation, had a very good year in 2010.
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.’s Strategies Let It Avoid Taxes Altogether – NYTimes.com.
And yet we continue to hear how the corporate tax rate in America is so high that American companies can’t compete in the global economy. In half a century the share of taxes coming in from the corporate sector has gone from 30% down to 6.6%. Now some might look at those numbers and say how good it is that American “Workers” are doing so well that their share of the tax burden has risen with their incomes…Except that over the same period American Workers have seen declining wages adjusted for inflation.
So as our streets and bridges fall into disrepair, as our electrical grid fails to supply our needs, as our cities and states go broke and lay off workers, don’t you feel all warm and comfy knowing that the GE’s CEO has been appointed to lead the committee the President has tasked with overhauling the Corporate Tax Code?
GE has shown a profit in the US over the past 5 years of $26 billion, yet instead of paying their share in taxes they have managed to receive “a net tax benefit from the I.R.S. of $4.1 billion.” So, the more they make…The more the American Government owes them…Doesn’t seem quite fair to the American People does it.
And now, thanks to the Supreme Court, GE gets to put it’s tax free money where it’s mouth would be if it were a real person and spend unlimited money in elections…You just thought it was bad before.
And yet the conservatives out their continue to put their faith in the corporate officers of this country and not the government officials that are elected to serve their constituents. Go figure…