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

About Chuck Norton

I write about politics, education, economics, morality and philosophy.
This entry was posted in 2012 Primary, Corporatism, Dirty Tricks, Obama, True Talking Points and tagged , , , . Bookmark the permalink.

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