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Over a year old..but very telling..GE doesn't care WHO is President or WHAT party they belong to.
They spend millions on lobbying each year..all to benefit themselves.
Immelt being on Obama's Recovery Board doesn't help..definitely a conflict of interest since GE got bailout money.
Obama̢۪s hidden bailout of General Electric | Washington Examiner (http://www.washingtonexaminer.com/politics/Obamas-hidden-bailout-of-General-Electric_03_04-40686707.html - broken link)
"In short, GE plans to get rich by being one of the government’s closest partners — which it has always been, thanks to its unmatched lobbying efforts."
But it's the tax benefit of overseas operations that is the biggest reason why multinationals end up with lower tax rates than the rest of us. It only makes sense that multinationals "put costs in high-tax countries and profits in low-tax countries," says Scott Hodge, president of the Tax Foundation (http://topics.forbes.com/Tax%20Foundation - broken link). Those low-tax countries are almost anywhere but the U.S. "When you add in state taxes, the U.S. has the highest tax burden among industrialized countries," says Hodge. In contrast, China's rate is just 25%; Ireland's is 12.5%.
Corporations are getting smarter, not just about doing more business in low-tax countries, but in moving their more valuable assets there as well. That means setting up overseas subsidiaries, then transferring to them ownership of long-lived, often intangible but highly profitable assets, like patents and software.
Now maybe people will see why its profitable for giant corporations to get in bed with the federal government and their Global Warming agenda, and it helps to have their CEO as an advisor to the president.
Quote:
Thanks to its deductions and adjustments, GE reported an actual U.S. federal income tax rate of negative 10.5%. It got to add a "tax benefit" of $1.1 billion back into its reported earnings.
"This is the first time in at least decades that GE has reported negative U.S. pretax income and it reflects the worst economy since the Great Depression," Anne Eisele, GE's director of financial communications, said via e-mail.
...and here I thought it was under republican presidents that the big corporations got rich.
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Companies don't pay taxes, they are just tax collectors.
