Obama’s favorite CEO gets GE out from paying any US taxes

Obama’s favorite CEO gets GE out from paying any US taxes

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What a coincidence!  I’m sure that GE’s ability to generate $14.2 billion in profits, $5.1 billion in the US, and end up getting back $3.2 billion from taxpayers has nothing at all to do with its political connections and favorable tax breaks and loopholes it has pushed through Congress.  Oh, wait:

A review of company filings and Congressional records shows that one of the most striking advantages of General Electric is its ability to lobby for, win and take advantage of tax breaks.

Over the last decade, G.E. has spent tens of millions of dollars to push for changes in tax law, from more generous depreciation schedules on jet engines to “green energy” credits for its wind turbines. But the most lucrative of these measures allows G.E. to operate a vast leasing and lending business abroad with profits that face little foreign taxes and no American taxes as long as the money remains overseas.

Company officials say that these measures are necessary for G.E. to compete against global rivals and that they are acting as responsible citizens. “G.E. is committed to acting with integrity in relation to our tax obligations,” said Anne Eisele, a spokeswoman. “We are committed to complying with tax rules and paying all legally obliged taxes. At the same time, we have a responsibility to our shareholders to legally minimize our costs.”

The assortment of tax breaks G.E. has won in Washington has provided a significant short-term gain for the company’s executives and shareholders. While the financial crisis led G.E. to post a loss in the United States in 2009, regulatory filings show that in the last five years, G.E. has accumulated $26 billion in American profits, and received a net tax benefit from the I.R.S. of $4.1 billion.

But critics say the use of so many shelters amounts to corporate welfare, allowing G.E. not just to avoid taxes on profitable overseas lending but also to amass tax credits and write-offs that can be used to reduce taxes on billions of dollars of profit from domestic manufacturing. They say that the assertive tax avoidance of multinationals like G.E. not only shortchanges the Treasury, but also harms the economy by discouraging investment and hiring in the United States.

Obama certainly knows how to find talent:

He has designated G.E.’s chief executive, Jeffrey R. Immelt, as his liaison to the business community and as the chairman of the President’s Council on Jobs and Competitiveness, and it is expected to discuss corporate taxes.

http://hotair.com/archives/2011/03/25/obamas-favorite-ceo-gets-ge-out-from-paying-any-us-taxes/

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Folks, I know this is old news but please be patient with me...... I'm realy trying this new thing ... It's called 'Low information Outreach'.  I'm trying to educate and inform one liberal at a time. 

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Not all of them are stupid.. they are just uninformed. They got caught up in the moment... they are weak and can easily be lured by a charismatic speaker who promises them everything but ends up keeping them in poverty.   They actually believed that he would close Club Gitmo and lower the sea levels.   See what I mean?

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It's not totally their fault.... and I see this....   The liberal media only gives them information that makes Obama look good and the Republicans look bad. Basically, they are being duped and I'm attempting to open their eyes.

 

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Comments

  1. livelonger

    Wait for it … Brn is proposing that tax breaks for corporate lobbyists be eliminated.GE never had those tax breaks before 2008?

    June 23, 2013
    1. livelonger

      Brn wants to correct the IRS 3014c situation by taking tax deductions ONLY away from GE and corporations that advise President Obama.

      June 23, 2013
      1. Brn2bfree

        Over the last decade, G.E. has spent tens of millions of dollars to push for changes in tax law, from more generous depreciation schedules on jet engines to “green energy” credits for its wind turbines. But the most lucrative of these measures allows G.E. to operate a vast leasing and lending business abroad with profits that face little foreign taxes and no American taxes as long as the money remains overseas.

        June 24, 2013
        1. Neighsayer

          exactly twice the period of the Obama administration? So you’re saying this travesty started under . . . who was that again? Musta been Clinton, is that right?

          June 24, 2013
        2. livelonger

          So you see that at least one corporation is abusing the American voter by avoiding taxes everywhere in the world it can, as well as the US. Could there be others doing the same thing -.like the corporations funding ALEC, that you so reverently support?

          June 24, 2013
  2. deaconjim

    Brn, let me get this straight. GE’s CEO is a businessman. He is the chairman of the President’s Council on Jobs and Competitiveness. He is President Obama’s liaison to the business community. Imagine that. Next thing you know, you’ll start a post about the Surgeon General being a doctor!

    June 23, 2013
    1. Brn2bfree

      I was wondering how you were going to spin this one…

      June 24, 2013
    2. Brn2bfree

      It seems like that would be conflict of interest… part of his staff getting tax breaks for his company… But you wouldn’t see that because you carry the water for Obama…. and wash his feet.

      June 24, 2013
      1. deaconjim

        Who would you have serving on the council and being a liaison to the business community? Someone who ran a business into the ground or cheated a lot of people, like Ken Lay or Bernie Madoff, maybe?

        June 24, 2013
  3. monkeygirl21

    As I keep saying, this just another reason to get money out of politics, and that ALL corporations need to pay their fair share, not just the ones who support Obama.

    June 23, 2013
    1. Brn2bfree

      That’s a good post for a girl monkey
      …. I agree with you.

      June 24, 2013
  4. mrmacq

    people
    hes getting paid by the response
    just ignore the fucking idiot

    June 24, 2013
    1. deaconjim

      Tempting idea, but it’s real hard to do.

      June 24, 2013
      1. mrmacq

        yeah
        i know
        but otherwise we get more of the same
        what?
        allow the inmates to run the assylum?
        id prefer to waste my time more productively

        June 24, 2013
        1. deaconjim

          I like that. I wonder if my wife might fall for that one. “Honey, I’m in the middle of a productive waste of time! I’ll mow the lawn tomorrow!”

          June 24, 2013
          1. mrmacq

            im glad you saw the oxymoron
            (as opposed to just replying to the moron)
            anyhoo
            im taking a hiatus from herr brn
            (as im apt to do from time to time)
            i can just take so much then …
            you guys can waste your time
            but gaurenteed
            same crap two years from now
            as it was two years ago
            a leopard and his spots

            June 24, 2013
            1. Brn2bfree

              Come on Big Mac… What did I do to piss you off this time?

              June 25, 2013
          2. mrmacq

            speaking of “mowing the lawn”
            a neighbour up the street had a great idea
            in his front lawn he has a solitary tree right smack in the middle
            he also has a self propelled lawn mower
            he finds himself this length of rope
            ties it about the tree and the other end to the lawnmower
            and fires her up and engages clutch
            .
            now with each pass the lawmower is closer to the tree
            cool idea eh?
            lets go get a beer…
            wait one
            not sure how it happened but the lawnmower ran over its teather
            and beatled off down the block
            a nice path through flower beds and all
            and of course more than one disturbed cat
            .
            the neighbour has since promised he shall buy a ride on
            with a 3 beer holder instead

            June 24, 2013
            1. geargrinder2012

              LOL!

              June 25, 2013
            2. deaconjim

              I have one of those mowers. I was thinking of trying that.

              June 25, 2013
          3. mrmacq

            might i suggest then
            some good aircraft quality cable and not some dinky piece of rope?
            that way the only thing you destroy if an oops pops up
            is just your machine
            OR
            get the wife to do it
            .
            a sign i saw this morn
            “i dont like waking up grumpy
            …but she has to go to work”

            June 25, 2013
            1. deaconjim

              I could probably mow around the tree four times in the time it would take to rig it up. But that’s a guy thing. If we get a crazy idea in our head that we think might work, we’ll go for it, just to prove we could. It’s like the guy in the cell phone commercial. As long as we think we can fix something, we’ll keep using it.

              June 25, 2013
            2. mrmacq

              right you are
              its like a badge for our sense of ingenuity
              “see what i did”
              if it works the other dudes give you cools and kudos
              if it doesnt (or really screws up)
              they keep reminding you for years

              June 25, 2013
        2. Neighsayer

          like fighting with DebbieEh instead . . .

          June 24, 2013
    2. Neighsayer

      good point

      June 24, 2013
    3. geargrinder2012

      Hmmm Fires made the claim he was “in the pocket” of Thought’s to me in a personal messege. Creating outrage in an effort to “gin up” the numbers. MrMac do you have something to support your claim or is it a educated hunch?
      Does make sense….no one can be as stupid as Brn acts when iron clad facts are presented and yet he still insists he’s correct.

      June 24, 2013
      1. jillsthoughts

        Fires was never in the pocket of Thoughts. Ben is not that kind of guy. Fires lied.

        June 24, 2013
        1. Neighsayer

          I think it was ’Fires said Brn was . . . ’

          June 24, 2013
          1. jillsthoughts

            Maybe but they were always on the same side, so that wouldn’t make much sense. Brn used to be here under s similar (but different) name, and he basically got kicked out of here when there were mods. He was trolling, like he does today. without mods, he can troll all he wants to. Ben’s philosophy is that if you don’t want to read a poster, just “ignore” them. Ben’s intention is to provide a place to blog. He let’s us play here in Politics because he’s a really nice guy.

            June 24, 2013
            1. Neighsayer

              Ah, OK. I never know who anyone is. Sometimes I wish I did, but mostly, I don’t mind being blissfully ignant. I get bored fast when personality stuff overwhelms content.

              June 24, 2013
            2. jillsthoughts

              I agree. As I have repeatedly said, I come here to talk politics. In my regular life, I don’t do that, as I was taught not to bring up politics nor religion in mixed company.

              June 24, 2013
          2. Brn2bfree

            I think it was ’Fires said Brn was .
            ~~~~~~~~~~~~
            What?

            June 25, 2013
            1. Neighsayer

              paid

              June 25, 2013
      2. jillsthoughts

        There are political groups that pay bloggers. These groups have articles to download into places like this. That’s why, when Brn posts as article, if you try to find the original source, you can’t. There will be pages and pages of blogs. All with the same articles and talking points. Try it with the article above…

        June 24, 2013
        1. geargrinder2012

          Hey Brn care to defend yourself? Or is it true your just a lap dog for the Republican party?
          Why don’t you provide links to your sources?

          June 24, 2013
          1. jillsthoughts

            “Why don’t you provide links to your sources?” Exactly!

            June 24, 2013
            1. geargrinder2012

              I have always provided links to my sources….not wanting others to think I cherry picked information from an article while omitting information that counters my opinion I presented.
              Personally I feel this gives the reader a sense of confidence that I’m being forthright in my posts.

              June 24, 2013
            2. jillsthoughts

              I agree.

              June 24, 2013
            3. Brn2bfree

              “Why don’t you provide links to your sources?” Exactly!
              .

              Are you talking to me…Ms. Jill?

              June 25, 2013
          2. Brn2bfree

            What are you talking about Mr. Mike? I provide links.

            June 25, 2013
            1. geargrinder2012

              Brn there have been posts were you didn’t provide links. I even commented on the lack of them to which you gave me the run around.

              June 25, 2013
            2. jillsthoughts

              Actually, you provide links to other’s blogs, which are the same exact blog as yours. What you DON’T provide is the link to an actual news source. And when we provide those links to you, you disregard FACTS for BLOGS. Low information voters don’t know the difference between the two.

              June 25, 2013
          3. Brn2bfree

            Show me some posts of mine that don’t have a link

            June 25, 2013
          4. Brn2bfree

            Nice try, ….trying to make me look bad. You’re not right dude.. … false accusations to smear me eh? What a liberal punk you are Mr. Mike.

            June 25, 2013
            1. geargrinder2012

              Reread this from Jill "What you DON’T provide is the link to an actual news source. And when we provide those links to you, you disregard FACTS for BLOGS. "
              Many times over you’ve been presented with facts that you have chosen to ignore and not reply to. Only in the future to rehash the same rhetoric when you’ve been proven it’s incorrect.
              Yet you call me a liberal punk? Your a Republican lapdog if thats the case.

              June 25, 2013
      3. flamingmouth

        i lied to you mike. i was so medicted back then. i was an real jerk.

        June 24, 2013
        1. jillsthoughts

          LOL, and who knows who THIS guy is??

          June 24, 2013
        2. jillsthoughts

          Oh, wow! I just realized geargrinder is Mike. LOL, I’ll say it again. I will always be Jillsthoughts. Don’t want to confuse anyone.

          June 24, 2013
    4. jillsthoughts

      I want that job! lol

      June 24, 2013
  5. deaconjim

    I must say, I don’t like it when large corporations shift huge amounts of their business to other countries, rake in tremendous profits, and pay little to no US income taxes. I can’t, however, begrudge them for taking advantage of the tax laws our Congresses have written and Presidents have signed. The problem lies with both corporate America and the politicians that have allowed this to happen. This appears to be Brn’s argument in this post, but, for years, conservatives have been defending the reduction of income tax rates for the wealthy (which includes corporations such as GE), because they are the “job creators.” We’ve cut their taxes and they’ve fled to other countries so they can pay next to nothing for labor, stuffing their coffers, and the bank accounts of their executives, and they the current occupant of the White House for high unemployment. Now, Brn cries foul because President Obama names the CEO of GE to the Council on Jobs and Competitiveness. Somebody get Brn a pair of flip-flops. I doubt he’ll get the reference, though.

    June 24, 2013
    1. deaconjim

      Sorry, that should read, they “blame” the current occupant of the White House for high unemployment. I hate when my keyboard skips words.

      June 24, 2013
    2. livelonger

      Brn isn’t into references. As said above, he posts stuff from a party board without the ability to see that the stuff comes straight from a writing pool funded by the same corporations that are funding ALEC and taking advantage of US tax law to rob from the poor while selling product around the world.

      June 24, 2013
  6. mrmacq

    “Word is out” Romney hasn’t paid taxes in 10 years
    August 2, 2012
    .
    so why aint ya bitchin herr brn?

    June 26, 2013
  7. Brn2bfree

    It’s called crony capitalism… It’s not who you know … it’s who you blow… follow the money.
    .
    What a coincidence! I’m sure that GE’s ability to generate $14.2 billion in profits, $5.1 billion in the US, and end up getting back $3.2 billion from taxpayers has nothing at all to do with its political connections and favorable tax breaks and loopholes it has pushed through Congress.

    June 24, 2013
    1. livelonger

      These are the same corporations funding ALEC that Brn so faithfully supports.

      June 24, 2013