GE Paid No Taxes in 2010 Despite Making $5.1 Billion in Profits

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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  • Wart

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

  • BetterDeadThanRed

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

  • dwd

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

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  • Trish

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

  • aprilnovember811


  • Stuart

    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.

  • Marilyn Mell

    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!

  • Granny

    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.

  • StrangernFiction
  • Mad Hatter

    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.

  • Rock

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

  • Joanne

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

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

  • Ryan

    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.

  • Espresso Logic – The 6th Sense

    What a pair of pathetic jackasses.

  • Sally

    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?

  • Rock

    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.

  • DiscomBOBulated

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

    Now, if I could just find a job….

  • SandyfromChesterfield

    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.

  • Mark1957

    Didn’t they also get an Obamacare waiver? I’m pretty sure they did.

  • AuntieMadder

    Obamagate – The tangled web of Obama, GE, Immelt, Cap & Trade, GE Healthcare and Daschle part I

    Obamagate – The tangled web of Obama, GE, Immelt, Cap & Trade, GE Healthcare and Daschle part II

    Obamagate – The tangled web of Obama, GE, Immelt, Cap & Trade, GE Healthcare and Daschle part III

    Obamagate part IV -The ‘3 Congressional stooges’ of Healthymagination – Daschle, Gingrich and Frist

  • Ryan

    @Rock #18

    I am very conservative and don’t think GE shold be villified if they were legally able to avoid as much tax burden as possible. It should be every company’s goal to do the same to maximize shareholder value. “their fair share” sounds like a very Liberal talking point to me…if they did nothing illegal and obeyed the current law then they did pay “their fair share”.

  • #13 joanne they didn’t get out of paying taxes because they are rich, they didn’t pay taxes because they are politically connected. the rich pay more then their fair share of taxes unless your are a rich democratic politican.

  • Finncrisp

    The tax code is what it is – I agree with #11 if it was Wal-Mart we would hear about it in every wal-Mart story until the end of Barry’s reign.

    However, since we have a very complex code, and tax lawyers who know how to exploit it, big business can sometimes avoid taxes – legally for years.

    Myself, I’d rather focus on the policies of a corporation instead of how much tax they paid or didn’t pay in a given year.

    I am also unpersuaded by profits – Exxon makes 5-6 cents on a gallon of gas, and the government makes 35 cents at the federal level, and 14 cents at the state level, typically.
    So if those who are outraged at how much Exxon makes, they should be ballistic at how much the government takes, no?

  • lol

    In the left’s socialist utopian dream world, only the middle class work and are taxed to death. Their reliable jobless lazy base will never work and continue to get every freebie under the sun. And the ruling class is exempt from taxation too. So that leaves it up to the serf’s (middle class) to fund the left’s utopian paradise.

  • This is even a better argument for the Flat Tax.

  • Joe’s Garage

    This story is so huge as to warrant being written down and carried on an index card with references by everyone here. Because you know damned well it won’t be two weeks before you run into a Liberal somewhere who starts in with the ‘Republicans are shills of the Big Corporate blah blah’. You can whip the card out and tell them to defend this story, then while they’re at it, defend Obama ignoring Congress to start War #3 and we only find out after he’s left for Brazil to vacation and hand Soros-dominated Petrobas an oil rig platform to drill in the gulf and sell the oil back to us. What was that again about Bush being an oilman?

  • Rock

    @ Ryan #23

    Fair share might sound Liberal when taken out of context. However the direction of this column is how some seem to enjoy a privileged treatment by those in power. The G.E. Soros connection is understood, as is the loss of jobs suffered here in the United States as G.E moved operations overseas. We see daily commercials by G.E. on its commitment to America, then we learn they do not even pay taxes. Sorry, they speak with a fork tongue. As for you being conservative I wonder, the outrage that has exploded in America today is fueled by not only political maleficence but corporate and legal manipulation of the system. Just has Medicare and the rest are abused by unscrupulous lawyers.

  • RS

    Imagine how many inefficient, stupid, and just plain wrong things GE had to do in order to avoid taxes.

    Question: If GE were run for profit and business alone, not tax avoidance, what would be the impact?

    “At GE, tax avoidance is #1, everything else is just a hobby.”

  • Ryan

    @Rock #29

    “the outrage that has exploded in America today is fueled by not only political maleficence but corporate and legal manipulation of the system” – totally agree with this statment.

    Like a previous poster above a FLAT TAX would be the answer to all. It is progressive in terms of dollars and it also gets those who aren’t paying taxes (GE, the poor, etcc…) skin in the game when it comes to Government…how can those not paying taxes ever vote responsibly.

  • Rock

    @ Ryan #31

    We may be in agreement. I see our tax code as to broad, complicated, and easily manipulated, and in desperate need of major overhaul. Flat tax, tax payed at the register ( your life style will determine your tax, without lawyers becoming involved ) and others offer hope but only if the existing code is thrown out. Will we ever see it I have no idea, but I can hope.

  • Buffalobob

    GE no taxes, and yet the union thugs are not protesting,who would have thunk?

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  • raugaj

    Remember that neophyte senator that promised that his white house would not be accessable to “special interests”? Is hiring a “special interest” the same as allowing access?

  • Nice having friends in high places.Don’t buy anything GE the company does business with
    terrorist nations like Iran who send terrorists into Iraq and Afghanistan to kill our troops………

  • myohmy

    Some ‘animals’ are equal than others.

  • myohmy

    Democrats likes to taunt those evil corporrations, but democrats are in bed with them.

  • wanumba

    GE is supposed to run things for the benefit of the shareholders. My GE stock, once solid and steady is now fishwrap. Under Leftist management, they are just sucking the wealth of GE dry and redistributing to Left priorities. Robbery.

  • Jeff Immelt

    The US has the highes corporate taxes in the world…If you pay em!

  • PJ

    I just hope Americans are paying close attention to all the corruption thats going on in front
    of their eyes.If not we’re in deep,deep trouble.

  • Twrex

    An Onionish take on GE…they will threaten to leave America unless their tax burden is lowered…

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  • BH

    Did anyone notice or think that obama appears to be wearing a flack vest under his suit? All that smiling and glad-handing is covering up what BHO, the Marxist tyrant, knows—that he is committing crimes against Americans! He knows he is hated!

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  • David Boone

    A fine argument for abolishing the income tax!

  • Scott B

    Curious… what does GE’s tax records for the last several years show?

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