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Immelt...
Posted on 01/22/2011 6:10:14 AM PST by Kaslin
Can GE CEO Jeffrey Immelt talk President Obama into a major corporate tax cut? Immelt has been appointed to the new Council on Jobs and Competitiveness, which replaces the disbanded Paul Volcker Economic Recovery Advisory Board. Immelt was a member of that original board. Now he has a more elevated position in the Obama 2.0, allegedly pro-business, move-to-the-center Clintonesque White House.
Regarding the new President Obama, I am still trust but verify. But yes, of course, Jeff Immelt is a businessman through and through. He is a trustee of the Ronald Reagan Presidential Foundation board, while GE is a big sponsor of the Reagan Centennial Celebration. (Recall that the Gipper worked for GE as a spokesman and television host from 1954 through 1962.) He’s also a registered Republican who contributed to both Hillary Clinton and John McCain during the 2008 campaign. And last year, he harshly criticized Obama at a dinner in Italy, where he basically said: Obama doesn’t like business, and business doesn’t like Obama.
But what goes around comes around. Many business people wanted senior executives in the White House, and now they have two -- with GE’s Immelt joining William Daley, the former banker and new chief of staff.
GE had a rough time of it during the Great Recession. But in recent quarters it has turned quite profitable; its stock just hit a 52-week high. In an op-ed for the Washington Post, Immelt set out his agenda for continued economic recovery. He would focus on manufacturing and exports, free trade, and innovation.
So where’s the corporate tax cut? Well, Immelt offered one short line about “a sound and competitive tax system . . .” No, not exactly a ringing call to action. But I believe he will, in fact, push for corporate tax reform.
There’s nothing more important than full-fledged corporate tax-rate reduction in order to maximize U.S. economic growth. At 35 percent, our highest-in-the-world corporate tax should be knocked all the way down towards 20 percent.
And businesses taxes should be made territorial, not worldwide, in order to stop the double-taxation of foreign earnings. Business revenues held overseas, now reported to be about $1 trillion, should be repatriated to the U.S. with a 5 percent tax holiday.
Businesses also should enjoy permanent 100 percent cash expensing for new investment in plant, equipment, and research. Studies have shown that this combination by far offers the biggest bang for the buck in terms of additional GDP and job-creation.
And yes, broaden the base with loophole closers. A lower tax rate and full expensing is much more important than all those K Street credits and deductions.
At the Republican House retreat in Baltimore a week ago, I argued for a two-track, pro-growth fiscal plan. Reform the business tax (Rep. Dave Camp) and bring federal spending as a share of the economy down to 20 percent from the current 25 percent (Rep. Paul Ryan). My friend and mentor Arthur Laffer, my co-panelist at the retreat, argued strongly that reduced spending is itself a tax cut. On this point, Laffer, Alan Reynolds, and Dick Armey have all recently cited the late Nobelist Milton Friedman, who held that government spending is the broadest tax on the overall economy.
And let’s add a rollback of Obamacare and a return to a reliable King Dollar (referenced to gold) as additional pro-growth measures. Finally, let’s enact drill, drill, drill. More energy across the board -- “all of the above” -- is another great job creator.
But my former boss Jeff Immelt (GE is selling NBC Universal to Comcast) can play a key role in a hugely important corporate tax cut. This will incentivize firms to stay at home instead of going overseas. It will be a huge job-creator, reducing unemployment and playing an important part in deficit reduction. According to the Congressional Budget Office, a 1 percentage point increase in GDP above the meager 2.5 percent baseline would lower the ten-year budget gap by nearly $3 trillion.
Growth solves a lot of problems. Can Mr. Immelt get the job done?
In that order?
This guy isn't going to help. He's a beard. He allows Obama to pretend to be something he isn't (pro-business) but the fascism will roll on, and GE and Obama will both benefit, while the country suffers.
Anyone think Pratt and Whitney is going to sell a lot more jet engines for military planes?
How can such a blunderer as Immelt be truly business-savvy?
It’s enough for me that he is the CEO of GE. I have been boycotting GE now for 4 or 5 years. I absolutely refuse to buy any GE products
No mention of the huge payoff to GE by Obama using the TARP bailout money despite the fact the money was meant for banks. GE “somehow” managed to convince the administration it was a bank. GEe, wonder how that happened. Not only did GE get more TARP money than any other business but they were exempted from the regulations that went along with accepting the TARP funds. And now Immelt is head of the Obama “jobs” council. Too cozy by far. Congress needs to investigate.
Obama and his cohorts of corrupt, inept, kleptocrats will force us to use scientific notation on our patented “Sleaze-O-Meter” in order to adequately represent the amount of slimy, stinky, Obama-stuff that’s being piled up.
This “man”, and those around him, are trash.
And GE can shove the whole pile up their smelly Obama, too.
GE has its own political action committee, GEPAC. Follow the money.
‘public-private’ partnerships reminds me of the FDR era that promoted central planning.
Winning in the Essential Themes
Shareholders need their heads examined.
Including Bentleys for the directors and principal officers who had the foresight to turn a leading manufacturing company into a leading fiancial scam services company just in time for the downturn, where their political connectedness to the paragons of global climate change enabled the to survive on federal reserve funded bailouts by buying their worthless paper as AAA rated paper.
Immelt is a registered Republican who contributed to both Hillary Clinton and John McCain during the 2008 campaign. And last year, he harshly criticized Obama at a dinner in Italy, where he basically said: Obama doesn’t like business, and business doesn’t like Obama.
In an op-ed for the Washington Post, Immelt set out his agenda for continued economic recovery. He would focus on manufacturing and exports, free trade, and innovation. So where’s the corporate tax cut? Well, Immelt offered one short line about “a sound and competitive tax system . . .
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Many business people wanted senior executives in the White House, and now they have two -- with GE’s Immelt joining William Daley, the former banker and new chief of staff.
NOT SO FAST Obama's tapping Chicago Bill Daley for WH COS was part of Ohaha's "No-Chicago-Sleazeballs-Left Behind initiative" (to paraphrase Malkin). The first Obama admin----Jarrett, Axelrod, Gibbs, Rahm Emanuel---was top-heavy with people having a personal history with Obama, direct access, and a strong, political bent.
Bill "Let's Count the Ballots Again in this Locked Room" Daley is the new Ohaha COS ......... Daley headed the Chicago Branch of The Daley Family Vote Mfg Division. The Daley family motto is "When We Fix Elections, They Stay Fixed."
NOTE During the 2008 Democratic presidential primaries, Daley was a prominent supporter of Barack Obama. On November 5, 2008, Daley was named to the advisory board of the Obama-Biden Transition Project.
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MORE DALEY TIDBITS: Bill Daley (brother of Chi/Mayor Richard Daley), is former Commerce Secy under Clinton and long-time executive at Wall Street’s JP Morgan Chase.
REFERENCE Lehman's Bankruptcy Estate Sues J.P. Morgan
WSJ | 5/26/2010 | BY MIKE SPECTOR And SUSANNE CRAIG
FR Posted May 26, 2010 by markomalley
Lehman's Bankruptcy Estate Sues JP Morgan Chase & Co., alleging that JP Morgan illegally siphoned billions of dollars from Lehman in the days before the investment bank filed the largest bankruptcy in US history.
The lawsuit, filed Wednesday in US Bankruptcy Court, New York, alleges that JP Morgan Chief Executive James Dimon and other top executives used inside knowledge to take advantage of Lehman as its financial state worsened.
JP Morgan coerced Lehman to turn over $8.6 billion in collateral in Sept 2008, triggering a liquidity squeeze that contributed to Lehman's collapse, the suit said. The estate is hoping to recoup billions in collateral the bank demanded, and other damages. (Excerpt) Read more at online.wsj.com ...
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Daley became associated with Amalgamated Bank of Chicago, where he was first vice chairman (1989–1990) and then president and chief operating officer (1990-1993). Daley returned to the practice of law, as a partner with the firm Mayer Brown (then Mayer, Brown & Platt) from 1993 to 1997, where he served on the board of Fannie Mae.
In December 2001, he was appointed President of SBC Communications Inc. to help reform the company's image.
In May 2004, Daley was made Midwest Chairman of J.P. Morgan Chase and Bank One Corp. to oversee post-merger operations from Chicago. (See JB Morgan billion dollar looting reference above--circa 2008.)
Daley currently serves on the Boards of Directors of Boeing, Merck & Co., Boston Properties, Inc., and Loyola University Chicago. He is also a trustee of Northwestern University and sits on the Council on Foreign Relations.
In 1993, he served as special counsel to the President on issues relating to the passage of the North American Free Trade Agreement (NAFTA). In 1997, Daley became Secretary of Commerce in the second administration of President Bill Clinton, and he remained at that post until July 2000, when he resigned to campaign for the Vice President.
After he resigned as Commerce Secretary he became chairman of Vice President Al Gore's presidential campaign. He was portrayed in the HBO film Recount, about the Florida election recount of the 2000 presidential election, by actor Mitch Pileggi.
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NOTO BENE Daley currently serves on the Boards of Directors of Boeing. Boeing's Corporate HQ moved to Chi-town in Sept of 2001. Boeing was "offered multi-million dollar tax breaks" b/c other cities were wooing Boeing.
So guess what Chicago Mayor facilitated the Boeing FREEBIES - which shifted a huge tax burden to Homeowners for decades to come?
Yup----it was Richard M. Daley, Bill's brother. And then Bill Daley gets picked to be on Boeing's Board of Directors. Watta coincidence.
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Gee, I wonder where all the lefties who were howling about Halliburton are....?
good post...
biff
11/18/2010 12:22 PM
How Jeff Immelt keeps his job is beyond me. the Company’s stock price has performed horribly since he assumed the helm, even before the financial collapse, its underperformed. Additionally, he and GE are the definition of a rent seeking corporation and a poster child for why the nexus between big business and the fed govt is corrupting. Kleiner Perkins, GE, BP, all are corrupt. Immelt is a clown, i sold GE’s stock long ago when i realized he was converting a business into a politically connected machine.
Does anybody remember the particulars of the Board Meeting scene when a share holder asking a question about either a green initiative or something NBC had done was thrown out by Immelt? I think it was in 2009.
If I'm an investor, however, I want to know how much of my profits are coming from the public sector. That'd be a number I'd be very interested in learning.
A bigwig with a Fortune 500 company once told me that any company that depends on gov't contracts for its survivability needs to have its board's collective head examined.
Meanwhile, here's a real howler....
GE chief attacks executive ‘greed’ (Immelt ass-kissing Obama; says business should 'welcome' govt)
Immelt...
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