White House defends embrace of G.E. CEO despite report company didn't owe taxes in 2010

[The Northerner]

In January, President Obama named General Electric CEO Jeffrey Immelt to head the President's Council on Jobs and Competitiveness, an economic advisory board focused on job creation.

In his State of the Union address that same month, meanwhile, he called for the closure of corporate tax loopholes in conjunction with a lowering of corporate tax rates, which stands at 35 percent.

"Over the years, a parade of lobbyists has rigged the tax code to benefit particular companies and industries," he said. "Those with accountants or lawyers to work the system can end up paying no taxes at all. But all the rest are hit with one of the highest corporate tax rates in the world. It makes no sense. It has to change."

Mr. Obama's choice of Immelt came under scrutiny on Friday in the wake of a front-page story in the New York Times reporting that despite $14.2 billion in worldwide profits - including more than $5 billion from U.S. operations - GE did not owe taxes in 2010.

In fact, the story said, G.E. claimed a tax benefit of $3.2 billion.

Read more: http://www.cbsnews.com/8301-503544_162-20047212-503544.html

[msongs]

1. Creating jobs for....people in other countries while paying no taxes at home? nt

[OhioChick]

8. +1000 n/t

[Octafish]

2. Taxes are for little people.

War trumps peace.

[cui bono]

3. And GE builds nuclear power plants. Hm..... n/t

[Bluebear]

13. funny thing eh?

[FiveGoodMen]

4. S.O.D.D.

[stockholmer]

5. of course they do! how silly of any firm making $14 billion profit to have to stoop to paying taxes

:sarcasm:

[girl gone mad]

6. They pay no taxes on profits, but they get massive bailouts from taxpayers when they lose.

Great gig, if you can get it.

[TheKentuckian]

7. Bush's monkey ass would be roasting over a slow fire at DU for this horseshit.

Put a dude with a (D) next to his name in the exact same position and it is between okay and magnificent.

How do these cozy relationships get a pass? Is there any question that these robber barons have too much influence?

[FiveGoodMen]

9. And that is the sad disgrace of an otherwise good site.

Team loyalty trumps freedom and justice for far too many here.

[cui bono]

10. And that's why the Dem party keeps moving right. No left anymore, just center and right. n/t

[Bluebear]

11. You said a mouthful. nt

[Bluebear]

14. notice still not a lot of interest :(

[Initech]

12. Economic terrorism.