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Location: St. Louis, Missouri, United States

Friday, November 18, 2011

Gee! It's Tax Free GE

Timothy Birdnow

General Electric, the company that brings good things to light - and some not so good things, like Barack Obama - has done it again, brightening the day for shareholders and Democrats. This time with fourteen billion dollars profit and NO TAXES PAID.

According to the Weekly Standard:

"General Electric, one of the largest corporations in America, filed a whopping 57,000-page federal tax return earlier this year but didn't pay taxes on $14 billion in profits. The return, which was filed electronically, would have been 19 feet high if printed out and stacked.

The fact that GE paid no taxes in 2010 was widely reported earlier this year, but the size of its tax return first came to light when House budget committee chairman Paul Ryan (R, Wisc.) made the case for corporate tax reform at a recent townhall meeting. "GE was able to utilize all of these various loopholes, all of these various deductions--it's legal," Ryan said. Nine billion dollars of GE's profits came overseas, outside the jurisdiction of U.S. tax law. GE wasn't taxed on $5 billion in U.S. profits because it utilized numerous deductions and tax credits, including tax breaks for investments in low-income housing, green energy, research and development, as well as depreciation of property."

End excerpt.

Now, Barack Obama has been the top recipient of political donations three years running from GE; and so has the Democratic National Committee. Ge is heavily invested in wind and solar energy, and the kickbacks, subsidies, and other goodies doled out by the Obama Administration has allowed them to pay no taxes while raking in huge profits. This is a self-feeding mechanism; more profits mean more money for Obama, which means more profits.

Now THAT is imagination at work!

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