When will Obama hold a presser to demand that his guy, GE CEO Jeff Immelt, pay his fair share?
From The Weekly Standard:
General Electric, one of the largest corporations in America, filed a whopping 57,000-page federal tax return earlier this year but didn’t pay taxes on $14 billion in profits. The return, which was filed electronically, would have been 19 feet high if printed out and stacked.
The fact that GE paid no taxes in 2010 was widely reported earlier this year, but the size of its tax return first came to light when House budget committee chairman Paul Ryan (R, Wisc.) made the case for corporate tax reform at a recent townhall meeting. ”GE was able to utilize all of these various loopholes, all of these various deductions–it’s legal,” Ryan said. Nine billion dollars of GE’s profits came overseas, outside the jurisdiction of U.S. tax law. GE wasn’t taxed on $5 billion in U.S. profits because it utilized numerous deductions and tax credits, including tax breaks for investments in low-income housing, green energy, research and development, as well as depreciation of property.
“I asked the GE tax officer, ‘How long was your tax form?’” Ryan said. “He said, ‘Well, we file electronically, we don’t measure in pages.’” Ryan asked for an estimate, which came back at a stunning 57,000 pages. When Ryan relayed the story at the townhall meeting in Janesville, there were audible gasps from the crowd.
Ken Kies, a tax lawyer who represents GE, confirmed to THE WEEKLY STANDARD the tax return would have been 57,000 pages had it been filed on paper. The size of GE’s tax return has more than doubledin the last five years.
i watched the solyndra joke! if these guys walk with our lives and respect… we cant even put strangers in jail. i dont see how
these reps can come out and say there is no law against what they’ve done. BULL! BULL! BULL!
i cant watch this BULL, or hear anymore about what fools they take
us for.
this chu didnt even raise his hand,how dose that happen? [i know].
i’ve gotta take a brake it gets too depressing.
if he can get away with japans’ meltdown chu should get away with
his gig.
i say our lives and respect because i was at a meeting and a lady was
asked if she was loosing anything with BO and she said NO,
this came from a lady that is an accountent. Well! i believe we are
all effected with higher prieces and no cost of living raise.
150 billion or million dollars BO has put in place for the illegels out of
our SS/MEDICARE/. how could u not be loosing.
coky