Tuesday, April 16, 2013

Buying your way out of paying corporate taxes

It's well known that GE CEO Jeffery Immelt and President Obama have a close relationship.  Why? Cronyism.  GE is a huge promoter of the Obama-supported environmentalism agenda and has a ton of money tied up in green-friendly companies, products, and investments.  And, as this report makes clear, part of Immelt's influence peddling pays off for GE in the form of low corporate tax rates.  Well, not even low rates; how about a negative tax rate!:
In fact, the report explains, the 29 companies that paid no tax actually received tax rebates over those three years, "ranging from $4 million for Corning (GLW) to nearly $5 billion for General Electric (GE)." The total value of the rebates received was nearly $11 billion; combined profits during the same period were $164 billion.
According to the article posted at Daily Finance, 30 huge US corporations spent more in lobbying during the Obama years 2008-10 than they paid in taxes.  In fact, 29 of them didn't pay federal taxes at all during that time period!  Read the article here.