welfare queen GE Ships Hundreds of Jobs Overseas, Blames Lack of Corporate Welfare

[saturnsring]

$36 billion in federal contracts and a negative tax rate is cruel and unusual punishment, according to General Electric.

GE’s corporate tax strategy is simple: whenever possible, don’t pay. According to a 2014 report by the nonpartisan Citizens for Tax Justice, GE was one of over two dozen companies that paid $0 in federal income taxes between 2008 and 2012. In that same time period, GE made $27.5 billion in profit and paid an effective tax rate of -11.1 percent, netting it a tax refund of over $3 billion.

But even with at least $108 billion in cash in tax-free accounts overseas and an average effective federal income tax rate of only 1.6 percent over the last 5 years, GE has the gumption to effectively relocate 500 jobs offshore while blaming a lack government resources for its decision. This could be a calculated move to either bilk US taxpayers of millions of dollars more, or to leverage other countries, like France, to pony up if the USA will not.

GE, which claims Congress’s failure to reauthorize the Export-Import Bank (Ex-Im) is the reason for its threat, received $35.8 billion in taxpayer-funded contracts between 2000 and 2012. To get an idea of how much that is, that figure is 7 times more money than GE made in profits in 2010. The fact that GE wants the Ex-Im bank reauthorized is an open admittance of the company’s dependence on taxpayer handouts — the bank is the poster child of corporate welfare. Before Republicans blocked its reauthorization, the bank had an estimated $112 billion portfolio. Its 2013 annual report revealed that 81 percent of its portfolio subsidized multinational corporations — two-thirds of which went to just ten companies that made hundreds of millions, and even billions in profit.

http://usuncut.com/class-war/general-electric-ships-jobs-overseas-corporate-welfare/

[randys1]

1. Capitalism is entirely and completely unworkable

[saturnsring]

3. for the 99% yes it's trainwreck

[Wellstone ruled]

2. Watch for major push to

authorize TPP,just part of the Lobbying effort of the 1%ers to make it happen.

[pampango]

4. Another FDR creation bites the dust. The tea party reps killed the Ex-Im Bank in Congress.

I doubt they care about the repercussions. They thrive on 'cut the government'; not on 'what happens after you cut government'.

House Dems bullish on Export-Import Bank

House Democrats say they’re confident lawmakers will reauthorize the federally backed Export-Import Bank — they just don't know when.

Conservatives have vehemently opposed the bank, whose charter formally lapsed June 30. They argue that it uses taxpayer funds to finance politically connected corporations like Boeing and General Electric, the latter of which announced earlier this month it would move nearly 500 U.S. jobs overseas as a result of Ex-Im's charter lapsing.

Democrats and moderate Republicans are adamant they have the votes to reauthorize the bank, which they say sustains millions of U.S. jobs by helping to finance projects the private sector wouldn’t otherwise enter.

Rep. Maxine Waters (D-Calif.), the top Democrat on the House Financial Services Committee, said that Ex-Im supporters have enough votes. She criticized conservatives for attempting to block such a vote.

http://thehill.com/policy/finance/254514-house-dems-bullish-on-ex-im

[OilemFirchen]

20. Exactly right.

GE also decided, according to some reports, against moving their headquarters to Ohio because Kasich joined this Cretin Club.

Big blow to Ohio and Kasich, should he win the Republican nomination.

[YabaDabaNoDinoNo]

5. Boycott GE products deny them your money because that is what they want

That's what I am doing what are you doing about it?

You as in everyone not the poster

[saturnsring]

6. is this possible anymore with ge's nasty fingers in so many things

[YabaDabaNoDinoNo]

7. Yes GE does not own all the consumer products in the USA

Plenty of other manufactures make home appliances

[1939]

11. Home appliances are small potatoes to GE

Their most profitable businesses are jet airplane engines and electric power generation equipment (both nuclear and conventional) .

[YabaDabaNoDinoNo]

12. That is true but can can still and should boycott their consumer products

[dumbcat]

19. GE is selling it's appliance business

to Electrolux of Sweden. It announced the sale last year.

The justice Dept has filed a suit to block the deal, due to adverse effects on competition (and the probable loss of plants and union jobs in the US.)

So boycotting their products will hurt US jobs and help GE convince the Justice Dept that it's suit is ill-advised.

Not sure how a boycott helps anybody.

[YabaDabaNoDinoNo]

22. Then don't boycott them or anyone else do nothing instead

[Mnemosyne]

8. I'd like to boycott their nuclear reactors, but alas... nt

[YabaDabaNoDinoNo]

9. Well if ya got the coin to buy a nuclear reactor you will have a number of manufactures to choose

From

[Mnemosyne]

23. The nukists need strung up by their toes, for slowly killing the planet for greed. nt

[Enthusiast]

10. Looks like we need to preserve the status quo.

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[Recursion]

13. Nice. A key piece of the New Deal being decried as "welfare" on DU

Rand Paul thanks you for joining him in his quest to destroy Ex-Im.

[WillowTree]

14. I see you noticed that, too.......

[saturnsring]

15. how dare i be upset that ge isnt paying taxes like they should

[Recursion]

16. Huh? Ex-Im lends to businesses that export and can't get competitive rates in the host country

Every single country on earth (except us now) has one of these.

[saturnsring]

17. from the article

GE was one of over two dozen companies that paid $0 in federal income taxes between 2008 and 2012

GE made $27.5 billion in profit and paid an effective tax rate of -11.1 percent, netting it a tax refund of over $3 billion.

But even with at least $108 billion in cash in tax-free accounts overseas and an average effective federal income tax rate of only 1.6 percent over the last 5 years

[pampango]

18. We are all upset about that. Killing a part of the New Deal is not the way to deal with

GE's tax cheating. The tea party reps are the ones who killed the Ex-Im Bank in congress. Democrats in congress tried to save it and are still trying to revive it. Doing the tea party's bidding is not the way to punish GE.

[saturnsring]

21. im not for killing the ex-im

[Vinca]

24. I need a new fridge. It won't be GE.