It’s simply insane that G.E. is able to duck out on its taxes while across America teachers and cops are forced to pay the price for Wall Street’s casino habit.
General Electric, the nation’s largest corporation, had a very good year in 2010.
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.
When it comes down to it, this is the fault of conservative economic theory embraced by both parties.