GE Pays Zero Tax: Gets Tax Benefit Instead

March 30, 2011 6:02 am

This straight from the NY Times:

“The company reported worldwide profits of $14.2 billion, and said $5.1 billion of the total came from its operations in the United States.

Its American tax bill? None. In fact, G.E. claimed a tax benefit of $3.2 billion.”

The summary is this: Fierce lobbying for tax breaks PLUS innovative accounting EQUALS concentrate its profits offshore AND HENCE zero tax.

Statistics Source: NYTimes

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