G.E. gets $3.2 billion tax refund -

[TBF]

Huh, somehow I don't think my taxes are going to come out nearly this good:

General Electric, the nation’s largest corporation, had a very good year in 2010.
Drew Angerer/The New York Times

By DAVID KOCIENIEWSKI
Published: March 24, 2011

A PRESIDENT’S BUSINESS LIAISON

In January, President Obama named Jeffrey R. Immelt, General Electric’s chief executive, to head the President’s Council on Jobs and Competitiveness. “He understands what it takes for America to compete in the global economy,” Mr. Obama said.

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.

http://www.nytimes.com/2011/03/25/business/economy/25tax.html?_r=1&hp

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