General Electric Paid No Federal Taxes in 2010

Posted: March 27, 2011 in Barack Obama, Democratic Contradictions
Tags: , , , , , ,

If you know a liberal democrat, please share this with them. General Electric (GE) paid no Federal Taxes in 2010.

Why does this matter? The left is the one that constantly screams about the evil of big business and how they don’t pay taxes.

Who is GE?

One of the biggest companies in America.

GE owns MSNBC. MSNBC is basically a propaganda machine for the left and Obama. No one with the remote ability of rational thought could argue this point if they have watched 10 minutes of MSNBC.

Jeffrey Immelt, CEO of GE, is a huge Obama supporter and direct adviser on economic policy to the President.

What’s really bad about all of this, GE earned 14.2 billion dollars in profit in 2010. For a group of people that claim to care so much about the poor and the working man, the left sure spends a lot of time with contradictions that state otherwise.

Read more about this story here.

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Comments
  1. dan says:

    This is a greatly written, extremely misleading article. Let’s be honest when we talk about the corporate welfare program that is our tax code. Both parties have sold out to big business, and the tax codes, that allow companies like GE to pay zero income tax and actually receive over 1 billion in tax refunds from the US government, started with Reagan and have become more corporation friendly in the decades since. But to your argument that GE paid zero taxes because Obama and the democrats like GE and MSNBC; that is simply a lie. GE paid a corporate tax rate right around 5% at the time Obama was elected, not exactly a refund but still peanuts compared to even my personal tax rate. Because of the aforementioned tax laws (written by congress before Obama got elected) they are able to defer indefinetely their foreign profits (read never pay tax on foreign profits) and in a horrible market year like we had last year they were able to write off so much that they offset all of the domestic profits they did have last year (read no profit no income no tax owed). Furthermore, let’s look at a few more companies taxes from last year: Exxon paid out 15 billion in FOREIGN taxes, but received a 156 million dollar refund from the US (Bush was an oil man so this must be his doing), Chevron paid 7.8 billion in FOREIGN tax but received a 19 million dollar refund from the US (oil man), Bank of America paid 933 million in FOREIGN tax but received a 2.8 BILLION dollar refund from the federal government and an additional 65 million refund from the states, this amounts to a negative 44% corporate tax rate. Who wants to argue still that we have too high corporate tax rates. In reality people and small businesses pay taxes, the biggest multi national corporations pay very little or even get paid for absolutely nothing.

    • ClayCoMOPolitics says:

      Just for the record, I’m not excusing Republicans by attacking Obozo and GE. I can’t stand corporate welfare in any form. But I will point out one thing you said, “Because of the aforementioned tax laws (written by congress before Obama got elected),” who was the majority party in Congress in 07 and 08? Oh, yeah, imagine that, the Democrats! Oh, one more thing, Obozo was a Senator in said Congress, too! So don’t tell me I’m lying!

      The bottom line is you’re right, both parties are suspect when it comes to large corporate tax breaks, but the Democrats always get the pass when it comes to being connected with the big business. Which is sad, because they’re just as connected. The Democrats have had the ability to write beneficial tax law that solves these problems for years, they didn’t do it. Obama hasn’t encouraged it either. He had both houses of Congress, nothing changed.

      Immelt has been a trouper from Obama from the very beginning. GE is completely structuring it’s company around policy being set by this administration, and I find it incredibly suspect that Jeffrey Immelt just happens to be the head of Obama’s Council on Jobs and Competitiveness. Oh, that was probably an accident. Immelt is the last person that should be heading anything on job creation when you look at GEs performance under Immelt.

      A tax code without all the loopholes would be nice, in total agreement there. But quit defending this President, he’s as much a failure as the last one. The Democrat Congress, the one we had for the last 2 years of Bush, and the first two years of Obozo was a failure as well.

      Oh, one more thing, all your numbers you site, it would be nice if you provided a source.

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