General Electric, the nation’s largest corporation, had a very good year in 2010.If a person looks at the picture accompanying the article, one showing the president of G.E. being named to head the President's Council on Jobs and Competitiveness, one might suspect that the fox is in the hen house.
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.
Is it too cynical to say that the nation will never have a fair taxation program? Ask Immelt about a flat-rate tax or a sales tax to finance the national government. He will tell you it won't work, and he will have 14.2 billion reasons.
I know what percentage of my household income goes to the federal government. Would you care to speculate that the percentage paid by Immelt personally is less than we pay?