Posted on 04/21/2011 9:55:37 AM PDT by ilovesarah2012
President Barack Obama has been unabashed in his close association with General Electric CEO Jeffrey R. Immelt, including naming him to head the President’s Council on Jobs and Competitiveness. Obama has continued to shower such honors and attention on Immelt despite the fact that GE has avoided paying ANY taxes. Indeed, GE has demanded a tax benefit of $3.2 billion. Now, GE has posted a 77% increase in profits while paying less taxes than any of its factory workers.
Investors are doing well even if the taxpayers are getting killed. The company increased its quarterly dividend for the third time in the past year.
Immelt took the opportunity to declare “GE has emerged from the recession a stronger, more competitive company.” Of course, GE takes a different tact in avoiding any taxes.
No one, including companies, should be allowed to avoid taxes. That’s too mean-spirited. They should, instead, to be forced to pay taxes that the tax code says they don’t have to pay. Why? Because it’s the right thing to do.
Stop purchasing GE products. When their profits hit rock bottom, they may change. As it is now 50% of their employees are not in this country.
avoid or evade? the former is quite patriotic IMHO
Obama rewards his friends and punishes his enemies. He said so.
Democrat Fascism pays quite well. And they don’t even try to hide it.
Expect to see a scathing report tonight on NBC...LOL
Bush’s Fault! (sarc)
except for Immmelt’s grammar ... Immelt’s fault
for taking a different “tact”
he’s obviously not a sailor
I started avoiding GE (appliances and major purchases) back when Bill O’Reilly was pointing out that GE was doing business with Iran .... while Iran was killing US troops in Iraq with IEDs
Wonderful friends Sutoro has, eh
Other comments....
http://www.freerepublic.com/focus/f-news/2708290/posts
I, for one, am happy for GE. No, I don’t like their buddy-buddy association with the Obama regime, but I’m glad their profits are up and their taxes are down.
Why? Well, we gotta remember that the US has the WORLDS HIGHEST Corporate tax rate. Just as Obama’s oppressive personal tax and spend policies are driving you and me into oblivion, so are these draconian corporate rates.
GE HAS to shelter their incomes into foreign markets. And why not? Would you pass up a tax loophole? Would you voluntarily pay more taxes?
Someone needs to answer how the bastards at GE got 80 billion in TARP funds, illegally. And then over 3 billion in tax rebates.
Have 1000 shares of GE in my portfolio ... :o)
My problem with GE is with whom it sleeps.
They have friends in high places, I think GM was given a 20-year break on paying taxes or something like that.
Some pigs are more equal than others.
Obama wants to raise a billion dollars, he’s making some rich friends.
There should be an equal playing field.
No more friends in high places doing favors for their corporate sponsors.
Hopefully FReepers don’t need to be lectured on how capitalism works, nor on who creates the tax laws.
If you think GE should have been subject to different tax laws, take it up with your elected representatives.
If you’re a GE shareholder and think Jeff Immelt has done a good job or not, take that up with the Board next time you have the chance to vote.
None of this is complicated, or “unexpected”.
Is that a TAX? Yup!
I agree with Obama that those evil rich stockholders of that evil rich corporation should have all their evil gotten gains redistirbuted to ME!
SARC Off
You are unwittingly supporting “croney capitalism”...not the “free market”
http://en.wikipedia.org/wiki/Crony_capitalism
Crony capitalism is a term describing an allegedly capitalist economy in which success in business depends on close relationships between business people and government officials. It may be exhibited by favoritism in the distribution of legal permits, government grants, special tax breaks, and so forth.
I PAID MORE IN TAXES this year than GE did...and I’m unemployed!
And before you assume...yes..I did cut a check to both the fed and the state this year to the total tune of about 1500 bucks...
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