The Corporate Piggy Bank=The U.S. Treasury and YOUR Money (with Video)

[marmar]

from the Working Life blog:




The Corporate Piggy Bank=The U.S. Treasury and YOUR Money (with Video)

by Jonathan Tasini
Friday 25 of March, 2011


Every CEO running a big multi-national company in America knows that, when times are tough, they have one sure way to save a lot of money and a place to go for cash: the U.S. Treasury. This is nothing new. But, today, we have two flashing red lights about how your money is being siphoned away: one astounding example of what has already come to pass and one alert on the horizon of another robbery about to take place that can still be stopped.

THE PAST ROBBERY

Last month, I criticized the appointment of General Electric CEO Jeffrey Immelt to head the White House's President’s Council on Jobs and Competitiveness. I thought it was preposterous that the president would appoint a man who heads a company that has done more to eliminate good paying jobs--destroying hundreds of thousands of union jobs here while creating a sea of new jobs in low-wage countries world-wide. But, the main point I focused on was GE's unfailing role as America's top tax avoider.

The New York Times digs much deeperinto that today:

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.

Let me stop there for a moment. Absorb that, please: GE wants YOU to pay it $3.2 billion. .............(more)

The complete piece and video is at: http://www.workinglife.org/blogs/view_post.php?content_id=15137