Friday, March 25, 2011

General Electric Pays No Taxes? Still too much for Republicans.

Okay so, supposedly, the US is broke and Republicans want to save money by cutting government's services to the middle class -- but we're not too broke to give billion dollar tax credits to corporations?

ThinkProgress » Sen. Johnson’s Reaction To General Electric Paying No Taxes: Cut The Corporate Tax Rate

The New York Times reported today that General Electric’s effective tax rate in 2010 was zero. Despite making $14.2 billion in profits, the company received $3.2 billion in tax benefits. GE is able to drive down its effective tax rate via “an aggressive strategy that mixes fierce lobbying for tax breaks and innovative accounting that enables it toconcentrate its profits offshore.”

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