'GE, We Bring Good Things...' (pays 3.6% corporate tax break)

[naaman fletcher]

FTFA:

I wonder if President Obama was aware before he picked Immelt to head his latest commission of research done by Tax Analysts’ Marty Sullivan that shows GE pays a corporate tax rate of 3.6 percent. The top statutory corporate rate is 35 percent.

I’m not saying that GE is doing anything illegal here – far from it. But what was your effective income tax rate last year? I’ll bet it wasn’t under 4%.

The truth is multinational corporations have ways to transfer profits (and jobs) oversees that the rest of us, including domestic corporations, don’t have. For example, they can use (and maybe abuse) the transfer pricing rules and shift a good deal of their tax responsibilities onto the rest of us.

You want to create jobs and competitiveness? How about replacing our current tax code with one that does not create huge disparities between winners and losers? What do you think Mr. Immelt would think of that idea? Hm?

http://www.tax.com/taxcom/taxblog.nsf/Permalink/UBEN-8DEEXP?OpenDocument

[DirkGently]

1. Yep. Taxes are for people too poor to afford a lobbyist.

[Frustratedlady]

2. They should be ashamed. Our local plant was going to close...

but they won support from local and state governments, as well as concessions from labor to get them to stay.

I wonder how many other cities they pulled that on?

[xchrom]

3. shameful indeed. and immelt would defend that tax rate with his dying breath --nt