GE Pays Zero Tax: Gets Tax Benefit InsteadMarch 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