GE Head Calls for Lower Corp Taxes; But GE Paid Zero!

GE HEAD CALLS FOR LOWER CORP TAXES; BUT GE PAID ZERO!
Fri Oct 07 2011 14:17:58 ET

The corporate titan President Obama picked to help create millions of new jobs thinks lowering corporate taxes and eliminating all tax loopholes for U.S. companies will put more Americans to work. General Electric Chairman Jeff Immelt sits down with Lesley Stahl to discuss the creation of jobs, the U.S. business climate and his own company, General Electric, in a 60 MINUTES segment to be broadcast Sunday, Oct. 9 (7:00-8:00 PM, ET/PT) on the CBS Television Network.

General Electric makes 60 percent of its profit overseas, where the corporate taxes are lower than in the U.S. Immelt thinks the U.S. needs to follow suit. “I think we should have basically the same tax policy that Germany, Japan, the UK – everybody else has, which is a tax rate in the mid-20s and no loopholes. Zero,” he tells Stahl. “The U.S. has the most antiquated tax system. And that means some people are going to pay more taxes, and some people are going to pay less,” Immelt says.

But GE paid NO TAXES on $5 billion in profits last year!

Pressed by Stahl about whether this move would actually translate to American Jobs, Immelt admits the strategy is up for debate, but, “Personally, I think [lowering taxes] will create jobs.” Reminded that American corporations are sitting on piles of cash and that giving them more may be questionable, Immelt says, “Companies should invest in the United States. It’s still the world’s biggest economy. And if companies just are going to sit on cash, they’re going to lose,” he tells Stahl. “Because only the people that are going to invest their way through this crisis are going to win.”

It is also particularly important that the government focus all it efforts on creating jobs, says Immelt, because it’s not doing so now. “I think, Lesley, there needs to be a sense of national urgency around jobs…If you just looked at how many hours a day do Republicans spend on job creation, do Democrats spend on job creation, and does the White House. It’s no where close to 100 percent,” he says. “We’re not spending enough time on jobs.”

Developing...

drudgereport.com...

if the supreme court ruled corporations are people, and people are forced to pay income tax, how is it possible g.m. paid 0.

one of life's mysteries.

reply to post by RowdyAmerican1


The problem with GE is that they are one of the biggest outsourcers, sitting on record profits and paid zero taxes. So nothing that they say can or will be trusted by the American people, because they clearly are not part of the solution but rather part of the problem.

He meant those "other" corporations...like every frickin liberal always has a great idea for what "other" people should do...

GE paid plenty of state and local taxes all over the US where they operate.

What they didn't pay was federal income tax, because they received returns for Green Energy Initiatives among other things.

They certainly IMO didn't pay enough taxes but to say they paid zero is just a bit misleading.

~Keeper

(Reuters) - General Electric Co (GE.N) went on the defensive on Thursday over a report it paid no income taxes in 2010, unapologetically saying it seeks to reduce what it owes, but expects to pay more this year.

Chief Executive Jeff Immelt said people who assert the corporate tax controversy damages his credibility as head of a White House panel on job creation and economic competitiveness can "think what they think."

"I am completely committed to do a good job," Immelt told ABC News after addressing political and business leaders at the Washington Economic Club.

The New York Times reported last week that GE owed nothing in federal income taxes in 2010 despite earning $14 billion, about a third from its U.S. operations

www.reuters.com...

Originally posted by tothetenthpower
GE paid plenty of state and local taxes all over the US where they operate.

What they didn't pay was federal income tax, because they received returns for Green Energy Initiatives among other things.

They certainly IMO didn't pay enough taxes but to say they paid zero is just a bit misleading.

~Keeper

They paid no income taxes in 2010. NONE!

dont even get me started on how crappy their products are now. a fridge that broke after 1 year then thye wanted 75 dolars just to come look at it. only 1 year and a week old. of course the warranty expired after 1 year. they suck!

Originally posted by tothetenthpower

What they didn't pay was federal income tax, because they received returns for Green Energy Initiatives among other things.

Anyone know why the tax code is 60,000 long?

GE knows