G.E. Pays Zero Taxes In 2010Posted: April 21, 2011
Ok, all of you commercial watchers and reality show addicts. Whose slogan is that?
I’ll give you a hint. They make light bulbs. And microwaves. Even refrigerators.
Last hint: This company was bailed out by the government with taxpayer money, sent thousands of high-paying jobs overseas, and made $14 billion in profits it 2010.
Oh! Oh! Pick me! I know!
The answer to today’s question is General Electric, more commonly known as G.E. Founded in 1892, the now multi-billion dollar conglomerate produces common household appliances, as well as engines for fighter and commercial jets. They also *ahem* designed the leaking nuclear reactors for the Japanese Fukushima nuclear power plant.
As if you didn’t already know that.
“Ok Sonny Jim, since you’re writing about them, they must be inherently evil. What did they do? Help the Nazis? Fund terrorism? Conduct electrical experiments on blind lambs?”
Worse. They took food out of the mouths of millions of Americans. By not paying one red cent in taxes in 2010. In fact, G.E. and its legion of tax lawyers managed to finagle a $3.2 billion tax credit out of the American government last year.
They didn’t pay anything in 2009 either. And it was all perfectly legal.
“What the hell?”
It seems that if you want to avoid paying taxes in America, but still sell your goods to its citizens, all you have to do is hire a bunch of lawyers, then move half of your operations overseas. In effect, they hung around until the going got tough. Right before the recession hit, they laid off 21,000 workers, dumped a bunch of toxic waste, and skipped town.
This is where things get really stupid. After leaving a gaping hole in America’s economy and its workforce, CEO of General Electric Jeffery Immelt, was appointed by president Obama to become our nation’s “job czar”, for lack of a better term. Gee, that wasn’t premeditated or anything.
“Here ya go, Jeff. I know you bailed on America in her time of need, and I’d like to reward you for your cowardly efforts. You think maybe we could get Taiwan to train the Marines, you know, to save a couple bucks?”
Our founding fathers would be rolling over in their graves.
I’ve been saying for years that America needs to refer back to the KISS way of doing business (that’s Keep It Simple Stupid for those of you who don’t know). Every corporation and individual should pay a flat percentage when it comes to taxes. There would be no more loopholes or confusing tax law. We could close down the IRS (please keep your applause to a minimum) and retrain the agents to be useful government employees. And extraordinarily wealthy companies like G.E. would be held accountable when April rolled around.
It’s only fair.
They say that there are only two certainties in life: death and taxes.
Well, only one if you’re rich.