General Electric Pays No Taxes

GE, the largest corporation in the world, pays no U.S. taxes—they even got a $3.2 billion tax credit last year!  They do this through exploiting tax loopholes and profit shifting (they keep their costs/losses at home and their profits/gains overseas in countries with low rates of taxation).  Instead of censuring this corporate scam that cheats the American people out of more and more revenue every year, Obama actually appointed GE’s CEO Immelt to head the President’s Council on Jobs and Competitiveness!!  Unacceptable.

For more on GE, read here:

http://www.alternet.org/newsandviews/article/540426/ge,_world’s_largest_corporation,_paid_zero_dollars_in_u.s._taxes_last_year/#paragraph6

For more on other U.S.-based corporations who pay no taxes here (e.g. Bank of America, Boeing, Citigroup, Exxon-Mobil, Wells Fargo, etc), see this article:

http://thinkprogress.org/2011/02/26/main-street-tax-cheats/

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