Saturday, March 26, 2011

How General Electric Pays No Tax At All

... and actually MAKES $3.2 billion from the rest of us

by Daniel Bates - March 25th, 2011 - London Daily Mail

General Electric paid no tax at all in America last year and even managed to get a $3.2 billion ‘rebate’ from the government.

The utilities giant allocated just 7.4 per cent of its $5.1 billion U.S. profits in tax - around a third of what others companies its size are paying.

But through a complex series of measures GE, which is America's largest company, will not even have to hand that over.

Instead it will get $3.2 billion back from the U.S. government after paying top tax lawyers and lobbyists to work the system on its behalf.


President Barack Obama shows no sign of clamping down on corporate tax and even hired GE’s chief executive Jeffrey Immelt to advise him on future changes.

The reason Obama likes Immelt? Huge bribes to the Democrat Party assures special corporate welfare flows to the "right" corporations (like GE) even as Democrat leaders slander small business and denounce corporate greed. The Democrats and the big corporations are playing a duplicitous game. The reality is that the only corporations Democrats dislike are those who don't pay the appropriate bribes. Obama knows who to buddy up with. So does GE.

Wall Street has learned this scam too and got on board the corporate socialism bandwagon in a big way many years back. That is why 75% of their campaign contributions go to Democrats and have for nearly a generation.

Democrats are the party of big business. Republicans are split between the middle class supporters of small business free enterprise and the rich Country Club wing that is happy with Wall Street's leftovers.

No wonder socialism is taking over in America. It is supported by both of the big political entities. Freedom - and free enterprise - is only supported by a minority of one of the two major parties. That is probably not enough to keep freedom alive.

Do Obama and the Democrats not see the irony of portraying the king of coporate wellfare, GE's Immelt, as their buddy who will advise them on tax policy? Sometimes Democrat hypocrisy is too blatant not to point out.


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