White House Connected GE Pays No Tax on $14 Billion ….Again!

GE who owned MSNBC, has lucrative government contracts and whose CEO was appointed to a position in the White House utilized our 60,000 page tax code again, which is filled with cronyism and special favors.

The taxes Democrats propose to “soak the rich” always seem to miss those who they demagogue for not paying their fair share. They have been “soaking the rich” for decades and keep missing the target. Why? – LINK

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.

GE

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 doubled in the last five years.

Related:

CNN: Obama Attacking Private Equity At 6am, Fundraising With Private Equity At 6pm (video) – LINK

Under Obama: Family Income Down. Jobless Claims High. Government Spending Up. Super Rich Getting Richer. – LINK

Wall St. Made More Money In 2.5 Years Of Obama Than 8 Years Of Bush – LINK

Top Private Banks Thriving in the Tumult – LINK

George Soros and Warren Buffet benefited from Obama Keystone Pipeline Veto – LINK

Obama Administration In Bed With Lobbyists Like Never Before – LINK

Top 20 Industry Money Recipients This Election Cycle – Who is in the back pocket of Wall Street? – LINK

Top All-Time Donors, 1989-2012 – Hint: Most goes to Democrats – LINK

Obama: Largest Wall Street Money Recipient, Hands Out Jobs to Contributors – LINK

Obama’s Swiss Banker …. Oh the Hypocrisy! – LINK

Corruption You Can Believe In: Failed Sub Primes and Mortgage Fraud Lenders Funneled Money to Dodd & Obama the Most. Fannie & Freddie Gave $200 Million to Partisans-Most Went to Democrats! Dodd, Obama Among Top Recipients. Republicans Attempted to Pass Reforms-Blocked by Democrat Leadership! – LINK

Obama’s Swiss Banker …. Oh the Hypocrisy!

Unreal….

Washington Beacon:

One of President Obama’s largest financial backers is a key executive at the largest Swiss bank in the world, complicating his criticism of presumptive Republican nominee Mitt Romney.

Robert Wolf is president of Swiss financial giant UBS Investment Bank and chairman of UBS Americas. He has been one of Obama’s most prolific fundraisers dating back to 2006, when the former Senator from Illinois initiated his run for the White House.

Wolf has bundled more than $500,000 for the president’s reelection, campaign records show. He is but one of many wealthy bankers Obama has turned to in an effort to win a second term.

According to campaign reporter John Heilemann, Obama and Wolf first met in December 2006 in a conference room owned by liberal billionaire George Soros, who is currently embroiled in a domestic dispute with his 31-year-old ex-girlfriend.

It was a match made for the ages, Heilemann argued—the “hope and change” candidate and the sympathetic Wall Street millionaire.

Obama eagerly courted the “A-List New York donor,” who would become the future president’s “most copious cash collector in the city by far,” raising more than $500,000 for his 2008 campaign.

Wolf’s company, UBS, gave an additional $532,000, making it the 15th largest contributor to Obama’s first presidential run.

“The way Barack has taken this nation with his rock-star status,” Wolf told Heilemann in 2007, “it’s very exciting!”

Upon taking office in early 2009, Obama appointed Wolf to the Economic Recovery Advisory Board that would help craft the controversial $787 billion stimulus package.

Shortly after Wolf was appointed, UBS admitted to conspiring to defraud the Internal Revenue Service and agreed to pay $780 million to ward off a federal investigation into its activities.

Wolf was also one of several major Democratic donors named to the President’s Council on Jobs and Competitiveness. He remains a close adviser and golfing partnerto the president. A recent Wall Street Journal article dubbed Wolf “a ‘fat cat’ with the president’s ear.”

In addition to his prolific efforts as a campaign bundler, Wolf has personally contributed almost $200,000 to Democratic candidates and committees since 2007, including at least $9,100 to Obama and more than $115,000 to the Democratic National Committee.

Last month, Wolf hosted a $35,800-per-plate fundraiser for the president in New York City.

Another Obama bundler, Charles Adams, also has a Swiss address, as Buzzfeed noted earlier this year; he “heads the office of the law firm Akin Gump in the Swiss capital. Adams raised more than $100,000 for Obama, according to the report.”

Despite relying so heavily on a Swiss financial institution, the Obama campaign and its Democratic allies have sought to make political hay of Romney’s Swiss bank account, which he closed in 2010.