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Sun Apr 29, 2012, 08:50 AM

GE faces Occupy protest over it's low taxes - CEO falsely claims it pays high rate

http://www.nationofchange.org/general-electric-faces-occupy-protest-over-its-low-taxes-ceo-falsely-claims-it-pays-high-rate-133570

Occupy protesters chanting “we pay taxes and you should too” interrupted General Electric CEO Jeffrey Immelt today during a speech in Detroit before the SAE World Congress. Other protesters in the hall chanted “we are the 99 percent” before being escorted off the premises by police.

“We pay 29 per cent,” Immelt responded. A GE spokesman later told CBS that “the 29 percent tax rate was what the company paid globally in 2011. In the U.S., the rate was 25 percent.”

However, that doesn’t jive with what Citizens for Tax Justice found in a recent report. CTJ calculated that GE paid an 11.3 percent tax rate in 2011, which is actually a huge increase over previous years. In 2010, for instance, GE paid -76.6 percent. In 2009, it was -52.9 percent. So in each of those years, the government subsidized the hugely profitable mega-corporation:GE’s low taxes stem mainly from its finance arm, GE Capital, which makes big profits, but generates huge tax “losses” that reduce GE’s taxable income from its other operations. Over the past decade, GE has paid virtually nothing in federal income taxes, paying a paltry 2.3% tax rate on its $83 billion in pretax U.S. profits.

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Response to xchrom (Original post)

Sun Apr 29, 2012, 08:56 AM

1. The world's largest defense contractor is a parasite on the American People.

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Response to xchrom (Original post)

Sun Apr 29, 2012, 09:19 AM

2. And then, they ask for incentives to stay at long-time locations or they'll pick up and leave.

Not only did they negotiate huge salary cuts, but got state/local tax cuts to stay in town. They have been here for as long as I can remember and their loss would have been devastating. They know how to pull your chain.

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Response to Frustratedlady (Reply #2)

Sun Apr 29, 2012, 09:33 AM

4. if your talking about iowa -- it was a 50% pay cut.

absolutely infuriating.

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Response to xchrom (Reply #4)

Sun Apr 29, 2012, 08:56 PM

7. I wanted to say 50%, but it was so ridiculous, I couldn't post it for fear it was wrong.

Now that the employees are trying to get a union, GE will probably pick up and leave.

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Response to xchrom (Original post)

Sun Apr 29, 2012, 09:22 AM

3. They followed the rules. Paying anything extra is charity according to Elizabeth Warren.

 

If people don't like the rules they need to complain to congress instead of persons who deduct what the laws say they can.

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Response to dkf (Reply #3)

Sun Apr 29, 2012, 09:52 AM

5. They followed the rules

Maybe gaming the system a little along the way? In addition to the 800 tax people GE has on staff****, presumably as tax law loop-hole-ologists*, modern American Corporations simply use their mega bucks to hire lobbyists and politicians to make the formerly illegal perfectly legal.

Yet another of the many benefits for corporations merging with the state. This is called fascism and it seems to be working out quite well for them.

-90% Jimmy

* a term coined by the great Keith Olbermann


*** FACT CHECK PLEASE. I read that factoid somewhere and it stuck with me. It came to light when it was revealed GE paid ZERO federal? taxes last year? So Obama appoints GE CEO Jeff Immelt to some jobs commission immediately thereafter? Nice. What do you expect from a Country where the Republican Presidential Candidate keeps his multi-million dollar fortune in the Cayman Islands. Couldn't that be framed as just a wee bit UNPATRIOTIC?

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Response to 90-percent (Reply #5)

Sun Apr 29, 2012, 09:58 AM

6. 42% didn't pay federal income tax for one reason or another.

 

Now if you want to count payroll taxes and local taxes for individuals then I bet GE paid those too.

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Response to dkf (Reply #6)

Sun Apr 29, 2012, 09:10 PM

8. Why do you always distort this issue?

Individuals don't benefit in profits, tax breaks, etc to the same extent as the corporation.

The corporation uses the Commons to benefit it's self in a way individuals can't.

None of those workers - whether they pay income tax or not benefit the way the corporation and it's various big Whigs do.

It isn't contributing to the health of the community the way it should.

This isn't 'left wing' fantasy - it's been documented time & again - yet you always distort it, why?

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Response to dkf (Reply #3)

Sun Apr 29, 2012, 09:50 PM

9. Are you sure that was Elizabeth Warren?

I know Mitt Romney--after he finally admitted to paying fourteen percent on $25 million Line 22 income--has said that.

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