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.

  • http://none tommy mc donnell

    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.