Further Reading
  • Perfectly Legal: The Covert Campaign to Rig Our Tax System to Benefit the Super Rich--and Cheat Everybody Else
    Perfectly Legal: The Covert Campaign to Rig Our Tax System to Benefit the Super Rich--and Cheat Everybody Else
    by David Cay Johnston
  • The Cheating of America: How Tax Avoidance and Evasion by the Super Rich Are Costing the Country Billions--and What You Can Do About It
    The Cheating of America: How Tax Avoidance and Evasion by the Super Rich Are Costing the Country Billions--and What You Can Do About It
    by Charles Lewis
  • The Great American Tax Dodge: How Spiraling Fraud and Avoidance Are Killing Fairness, Destroying the Income Tax, and Costing You
    The Great American Tax Dodge: How Spiraling Fraud and Avoidance Are Killing Fairness, Destroying the Income Tax, and Costing You
    by Donald L. Barlett, James B. Steele
  • Reward: Collecting Millions for Reporting Tax Evasion, Your Complete Guide to the IRS Whistleblower Reward Program
    Reward: Collecting Millions for Reporting Tax Evasion, Your Complete Guide to the IRS Whistleblower Reward Program
    by Joel D. Hesch
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Monday
Mar282011

GE and the Art of Tax Avoidance


General Electric chief Jeffrey Immelt has become one of President Obama's favorite CEOs, appointed earlier this year to lead the White House's new Council on Jobs and Competitiveness. Leaving aside the problem that corporations like GE are helping fan the jobs crisis by eliminating U.S. jobs through outsourcing and technological innovation -- meaning that Obama's job czar has a clear conflict of interest -- Immelt has another problem: He doesn't seem to believe that corporations should pay taxes.

How else to explain the eye popping fact that GE declared $14.2 billion in global profits for 2010, including $5.1 in U.S. profits, yet managed to pay zero taxes. Not only that, but the company is claiming a $3.2 billion tax benefit.

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