Reply #81: Saturday, April 17, 2010 After Getting Bailed Out By American Taxpayers, General Electric Pays ZERO

[KoKo]

Saturday, April 17, 2010
After Getting Bailed Out By American Taxpayers, General Electric Pays ZERO U.S. Taxes, Pretending that All of Its Profits are Overseas


http://georgewashington2.blogspot.com/2010/04/after-getting-bailed-out-by-american.html

General Electric got bailed out by American taxpayers.

Specifically, it was given $139 billion in FDIC guarantees and support by the Federal Reserve for it's commercial paper (see this).

So you'd think that GE would return the favor by paying American taxes, right?

Wrong. GE paid no U.S. taxes for 2009.

As CNN points out:

GE had plenty of earnings last year -- just not in the United States. For tax purposes, the company's U.S. operations lost $408 million, while its international businesses netted a $10.8 billion profit.

Indeed, as Forbes notes:

Last year the conglomerate generated $10.3 billion in pretax income, but ended up owing nothing to Uncle Sam. In fact, it recorded a tax benefit of $1.1 billion.

MUCH MORE AT:

http://georgewashington2.blogspot.com/2010/04/after-getting-bailed-out-by-american.html