GE X-ray leaders move to China (Investing 2 Billion there)

Boston.com ^ | July 26, 2011 | Bloomberg News

[bossmechanic]

GE used to be a great American company. Under Immelt it’s degenerated into nothing but a capitalist whore.

[smokingfrog]

I was thinking of the way 0bama uses the term "fair share" when he talks about raising taxes on millionaires and billionaires.

But....

GE Filed 57,000-Page Tax Return, Paid No Taxes on $14 Billion in Profits

The problems with the corporate taxes occur because "Republicans and Democrats, both parties, sit in Congress and they're picking winners and losers," [Paul] Ryan said. The solution, according to the Wisconsin congressman: "Get rid of those loopholes and lower tax rates by a corresponding amount. Don't lose revenue, but for every loophole you pull out, and deny a company from being able to get this little carveout, you can lower the rates so we can be more competitive with our competitors overseas. We want to stem the bleeding of jobs going overseas, of foreign companies buying U.S. companies and taking headquarters overseas."

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Seems like a world-wide corp. that makes a $14 billion profit, with a lot of it coming from taxpayer dollars should pay more in taxes than I do.

[Sundog]

Point well taken. There are so many broken systems in America right now, from education to welfare to government intrusion to taxes, that I’m inclined to think a corporation that can game the IRS might as well get away with it. We sure don’t mind a far larger number of individuals than GE hires being wards of the United States.

Think of it. We have a dependent population comparable to the country of Spain embedded within our population and entirely dependent on the United States government for all their material sustenance. If you understand the scope of the problem, even if GE paid 100% of its gross revenue into the coffers, it would be dwarfed by the first bailout of foreign banks done by the Fed through TARP. 151 billion vs 7.7 trillion.