What are friends for?

Obama named his longtime friend and supporter GE chief Jeffrey Immelt to head his economic recovery advisory panel in January. (LA Times)

The Weekly Standard reported on this from The New York Times.

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.

 

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  1. #1 March 25, 2011 at 12:11 pm

    Wart commented:

    The powerful influence those that write the tax code. ‘Nuff said.

  2. #2 March 25, 2011 at 12:12 pm

    BetterDeadThanRed commented:

    Crony Capitalist Demarxist scum. Didn’t GE get a bailout / GE Finance ?

  3. #3 March 25, 2011 at 12:19 pm

    dwd commented:

    And isn’t this the president who said something to the effect of “At some point, I think you’ve made enough money”.

  4. #5 March 25, 2011 at 12:23 pm

    Trish commented:

    Don’t worry, Tim Geithner will straighten this mess out…

  5. #6 March 25, 2011 at 12:24 pm

    aprilnovember811 commented:

    BASTARDS!!! I WOULDN’T PUT AN EXTENSION CORD IN MY HOUSE FROM THIS CRIMINAL COMPANY!!!!!

  6. #7 March 25, 2011 at 12:37 pm

    Stuart commented:

    I’m just curious as to how much Alfred Krupp paid in taxes to the Nazis to preserve his empire during the Third Reich. I’d say we have an analogous situation between G.E. and Comrade Zero.
    Oh, except for the Jewish slave labor rap. But who knows what the future may bring to G.E.

  7. #8 March 25, 2011 at 12:40 pm

    Marilyn Mell commented:

    I always bought GE products, till Jeffrey Immelt took over! GE’s loss, not mine. Just bought all new Kitchen large appliances, that replaced GE appliances. I love them! I got tired of the emotional blackmail!

  8. #9 March 25, 2011 at 12:40 pm

    Granny commented:

    And meanwhile, GE has moved most of their US operations overseas and landed a couple of really really HUGE government contracts, including one that has them developing a database that will contain the medical records of every single US citizen and US resident. HINT: there is NOTHING about you that isn’t fair game for your medical records.

  10. #11 March 25, 2011 at 12:40 pm

    Mad Hatter commented:

    Something tells me if this was Wal Mart, or News Corp the media would be all over this, but since it’s Obama’s side kick, the Alinsky Media goes into cover up mode.

  11. #12 March 25, 2011 at 12:51 pm

    Rock commented:

    Of course they paid taxes, they only skipped the middleman and gave it to someone in the White House directly.

  12. #13 March 25, 2011 at 12:57 pm

    Joanne commented:

    That is just wrong on so many levels. It certainly pays to be rich.

  13. #14 March 25, 2011 at 1:11 pm

    tommy mc donnell commented:

    i wonder if michael moore will want to get that money back?

  14. #15 March 25, 2011 at 1:13 pm

    Ryan commented:

    Good for GE and their Public Owners (shareholders)! Why pay taxes if you don’t have too. If you are an owner (shareholder) you should be very pleased with how well managed this company is.

  15. #16 March 25, 2011 at 1:21 pm

    Espresso Logic - The 6th Sense commented:

    What a pair of pathetic jackasses.

  16. #17 March 25, 2011 at 1:43 pm

    Sally commented:

    and… I believe they are completely without responsibility for any “issues” with the GE nuclear power plants in Japan- absolved themselves from it..

    What do they say about absolute power corrupting absolutely?

  17. #18 March 25, 2011 at 1:55 pm

    Rock commented:

    Ryan #15
    While I suspect you are quite proud of your pathetic dig, you really have missed the complaints of the conservative movement. While I know few who like to pay taxes, we are not against taxes so much as the uneven playing field by which it is collected and applied. Abuse by any is not acceptable. Failing to pay a fair share is as disgusting as living off the sweat of others.

  18. #19 March 25, 2011 at 1:56 pm

    DiscomBOBulated commented:

    I’m just glad those evil corporations are finally paying their fair share.

    Now, if I could just find a job….

  19. #20 March 25, 2011 at 2:01 pm

    SandyfromChesterfield commented:

    Let’s just call it payback to GE chief Jeffrey Immelt after all of the positive news that MSNBC gives to obama. This shows why obama appointed Immelt the chairman of the President’s Council on Jobs and Competitiveness to discuss corporate taxes.



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