Tuesday, March 29, 2011

For G.E., Billions in Profits, Zero in Taxes - NYTimes.com

For G.E., Billions in Profits, Zero in Taxes - NYTimes.com

When I read that G.E. had 975 employees in its tax department, I wished that I could have the use of just one of these employees for one hour.

It is outrageous that while on paper we have a top corporate tax rate of 35 percent, few if any corporations actually pay this rate.

When President Obama selected Jeffrey R. Immelt, G.E.’s chief executive, as chairman of the President’s Council on Jobs and Competitiveness, he said that Mr. Immelt “understands what it takes for America to compete in the global economy.” I trust that the president was unaware that one of the ways that G.E. competes is not to pay taxes.

If this article doesn’t wake Congress up to take some action to make the tax system fairer, nothing will.

MICHAEL in New York

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