Tag: general electric

Obama’s Man, Immelt says Businesses Have to Hire

~ Pharmer

Immelt to jobs summit: Businesses need to do more – Jul. 11, 2011.

What this disgusting creature, Jeffrey Immelt, head of GE, and of Obama’s council on jobs and competitiveness,  fails to realize is that his situation is not like that of other companies.

Because of GE’s most favored position with the US government, and with China,  it has a huge advantage over all other businesses.

GE does not have to pay taxes on its U.S. profits.   It has always been able to avoid most taxes paid by other businesses.

For Immelt to demand the tax paying businesses hire more workers while facing economic  and health care uncertainty is an extreme joke.

 

Government Electric Strategies Let It Avoid Taxes Altogether – NYTimes.com

~ Pharmer

G.E.’s Strategies Let It Avoid Taxes Altogether – NYTimes.com.

Jeffrey Immelt has a special position as Obama’s Liaison to the Business Community, and as Chairman of the President’s Council on Jobs and Competitiveness.

Immelt’s Company, General Electric is numero uno among U.S. corporations in Tax Avoidance.  Their net payout on (5 billion in profit) to the IRS is Zero.

The company has managed to balance it’s financial statements of profit from the U.S. and abroad so as to be paying zero U.S. taxes.

These kinds of strategies are out of reach for normal U.S. taxpayers, and of course we are not serving on Obama’s special committees.  So we do not have most favored Tax Status. Ronald Reagan had noticed such outsized advantages for large corporations and eliminated many loopholes, while drastically lowering the tax rates for everyone.  In succeeding decades  the large entities regained much of their preferential tax advantages.

In the last 8 years, GE has reduced US employment by 20 percent and has increased overseas employment.  Cumulative overseas profits have increased from $15 billion to $92 billion in that period.   Declaring profits in countries with much lower taxes than the U.S. is highly beneficial to the bottom line

Wouldn’t you like to be multinational too?