So impressed at their ability at dodging tax burdens, I reckon that GE definitely lives up to their slogan, "Imagination at Work". Through aggressive lobbying and utilization of complex off-shore shelters, GE doesn't pay taxes anywhere. Their rationale, GE needs tax breaks in order to complete globally.
I'm not even American and this pissed me off! However I'm not sure who I'm angry at. The U.S Gov't for being so useless or at GE and their peers for being greedy capitalists? Some more interesting tidbits from the article:
- 30% of GE profits are from their lending/financing division, GE Capital. Some argue that GE aren't manufacturers, but an unregulated lender who just happens to make dishwashers and MRI machines...?
- John Samuels, is the head of GE's tax department, a former official at the U.S Treasury. Jeffrey Immelt, GE's CEO is Obama's liaison on corporate competitiveness and taxes.
- Not paying taxes has allowed GE stay competitive & profitable, thus continuing to pay dividends to shareholders and rewards executives with grotesque compensation packages. All the while, GE have slashed 20% of their U.S workforce and shipped jobs overseas.
Well said, Davo! (pun with the last line!)
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