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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.
Over the last decade, G.E. has spent tens of millions of dollars to push for changes in tax law, from more generous depreciation schedules on jet engines to “green energy” credits for its wind turbines.
in spring 2010, Interior Secretary Ken Salazar approved the nation's first offshore wind farm and in October signed the lease for the 130-turbine Cape Wind project planned off the shores of Cape Cod, Mass. Cape Wind's fate is in the hands of state regulators, who are expected to decide on a contract by mid-November.
Federal approval Wednesday of the Cape Wind offshore energy project was bittersweet for Schenectady-based GE Wind Energy.
Make them pay, along with Google and Apple and all the rest.
don't worry, our president wants to redo our tax laws to make corporations pay, and is asking GE to advise him how.
"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."
I saw this in the NYT and was about to start the thread. But Wapasha beat me to it.
The part that GE is Obama's favorite corporation is misleading. As if GE not paying taxes is because of Obama's favoritism. Not true.
This is how screwed up our tax system is, we have the highest corporate tax rates, but the biggest corporations don't pay any taxes, and in GE's case, they actually collect billions in tax benefits. The smaller corporations are getting eaten alive, because the crony capitalism in Washington is not being extended to them.
We do need improved tax policies for corporations, but 0bama is asking for advise from mega giant GE, when he should be talking to the small corporations and businesses.
I saw this in the NYT and was about to start the thread. But Wapasha beat me to it.
The part that GE is Obama's favorite corporation is misleading. As if GE not paying taxes is because of Obama's favoritism. Not true.
The tax code GE is able to side step was not written by 0bama. That was not my point. But... GE and 0bama are like two peas in a pod.
But I thought our "ridiculous" corporate tax rate was driving those virtuous captains of industry from American shores? How can this be!!?
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