GE chief defends company's zero tax bill

[sinkingfeeling]

http://money.cnn.com/2011/03/31/news/economy/ge_jeffrey_immelt/index.htm?hpt=T2

In his first public speaking engagement since a barrage of criticism about not having to pay taxes in 2010, GE chief executive Jeff Immelt told the Economic Club in Washington that his company did nothing wrong.

102Email Print "At GE, we do like to keep our tax rate low, but we do it in a compliant way, and there are no exceptions," Immelt said. "Our tax rate will be much higher in 2011 as GE Capital recovers."

But Immelt added that he, along with many other corporate leaders, wants the federal government to reform the U.S. tax code, which he called "old, complex and uncompetitive."

[The Magistrate]

1. That Is Not A Defense, Ma'am, It Is Gloating

The problem here is not that the companies break the law; what is wrong is that what they do is perfectly legal, and that they have through lobbying against the public interest contrived that it be so.

[sinkingfeeling]

2. You are correct. I just took the 'headline' from the article.

[roguevalley]

9. it may be 'legal' but it isn't moral and I bet they have jillions in off

shore accounts which is illegal. I hope a meteor hits them.

[grahamhgreen]

3. He needs to get a bucket and a mop and go sop up the radioactive water at the GE/Fukushima

reactors, and store it in his basement for the next 30,000 years.

[Frustratedlady]

4. Amen!

[YellowRubberDuckie]

5. When a corporation such as this not only does not pay taxes...

....but gets a tax return in the BILLIONS, there is something FUCKING WRONG WITH THIS PICTURE! Fix the fucking tax loopholes and make them pay taxes. they aren't creating jobs with that money. They're actually asking their people to take a wage cut. :wtf:
I am furious.

[Bandit]

6. If they pay one dollar it will be "much higher" than 2010

Why can't he just complain about the "Welfare Mothers"? Everyone knows they are the reason America is in Debt..

[grahamhgreen]

7. Very good point!

[Wilms]

8. Shouldn't that headline read:

Chairman and CEO of General Electric/Obama's Chairperson of the Council on Jobs and Competitiveness, Jeff Immelt, Defends GE's Zero Tax Bill :shrug:


I realize it's kind of long.

[Motown_Johnny]

10. a corporate alternative minimum tax would be a good reform for the U.S. tax code

and would simplify the process for many.


I suggest a simple 1% of gross sales as an alternative minimum. If any corporation thinks they are going to pay less than that under the existing laws they can stop the paperwork right there and just pay the 1%.


New, simple and competitive.