Tag Archives: General Electric

Why your country doesn’t work anymore

We enable this with our silence. From Wonkette:

This is going to get repetitive, we’re afraid, but every aspect of the “financial crisis” in the United States is due to corporations not paying taxes and the very richest .01% individuals not paying taxes. That’s it, that’s the whole thing — your crumbling schools, your sinkhole highways, your abandoned state parks, the laid-off city maintenance worker . . . everything. General Electric, America’s largest corporation and the second-biggest company on Earth, simply does not pay any taxes at all. You try that!  . . .

With a massive internal tax-evasion department headed by a former Treasury official and staffed with former IRS agents, G.E. is simply the best at what has become common practice for the monstrous mega-corporations that control every aspect of policy and “politics.” A half century ago, corporations paid 30% of America’s total taxes. Now it’s down to 6.6%.

And still, they whine ceaselessly about how they can barely afford to do business in America, what with the crushing burden of 6.6% taxes.

From the original story in The New York Times:

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.

FOX News: My new best friend. Thanks Steve! (whoops, I mean pino!)

In a comment thread below, blogfriend Steve said something about Obama loving GE and liberals loving GE for their green initiatives. That was news to me – I’d always considered GE to one of the more blatant corporations at the government tit (as it’s often so inelegantly called) and a major maker of weapons of war. (Plus the directions that come with their appliances really really suck which should be cause enough on its own to hate them.)

But Steve’s comment sent me surfing and I found this story at FOX, which seemed to track the objection Steve (and I assume many conservatives) have with the appointment of GE CEO Jeffrey Immelt as a major Obama advisor.

On liberal sites, the appointment is decidedly not popular. But in reading the FOX story with its questions (coming from such a different point of view)  I found much to like about this appointment. 

So now this liberal may have found an enlightening new way to see the whole story – but not exactly as Steve might have hoped. Where he sees a downside and something suspect, I see an upside and something hopeful and forward looking (if what FOX identified as ‘problems’ is correct).

I’d thank Steve, but I’m not sure he’d appreciate it.

UPDATE/CORRECTIONS: Blogfriend Steve points out that I incorrectly refer (above) to an exchange with him, that was actually with blogfriend pino (and Alan of course). Sorry guys.