The IUSB Vision Weblog

The way to crush the middle class is to grind them between the millstones of taxation and inflation. – Vladimir Lenin

Obama’s Favorite CEO: GE Paid No Taxes in 2010 Despite Making $14.2 Billion in Profits

Posted by iusbvision on March 25, 2011

Obama ally Google paid 2.4% federal tax earlier and threw gala events for Democrats.

All this while Obama blasted the Chamber of Commerce as greedy for not wanting small businesses to pay a 39.9% tax.

Weekly Standard:

General Electric paid no American taxes in 2010, the New York Times reports:

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.

G.E.’s CEO, Jeffrey Immelt, is considered Barack Obama’s favorite businessman and serves as the head of the president’s Council on Jobs and Competitiveness. Fred Barnes wrote about Immelt here.

Related:

Big Business Buying Influence With Democrats: Google Pays 2.4% Federal Taxes

Google Comes Under Fire for ‘Secret’ Relationship with NSA. Cozy with Administration.

One Response to “Obama’s Favorite CEO: GE Paid No Taxes in 2010 Despite Making $14.2 Billion in Profits”

  1. Joshua said

    Ohh Yea, Obama is NOT on our side on this issue. Here is another issue that should concern everyone, about their tax return, and how employers are cheating us by falsely reporting taxes collected, at the source of income, on W-2 Forms that you submit to the IRS, and to the State Revenue division. I have uncovered and disclosed a false tax reporting criminal enterprise between the employer and the State Department of Revenue, which does assess a discriminatory tax against the employee, and which allows the employer to engage in tax evasion. To see the case currently on file, copy and paste the url below…..
    —————————————–
    https://docs.google.com/viewer?a=v&pid=explorer&chrome=true&srcid=0B-CjH4UcgwuWMWEwMTQ4NmYtMDg2Ni00ZTBkLTg0MTEtZjVjZjU3N2E0MTU5&hl=en
    ——————————–

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