You are hereBuzzflash: The Legalized Theft of Tax Payer Dollars by General Electric

Buzzflash: The Legalized Theft of Tax Payer Dollars by General Electric


April 2, 2011- General Electric (GE) wanted me to know that the corporation is not a tax-dodger - and allegedly was maligned by a New York Times (NYT) article entitled, "G.E.'s Strategies Let It Avoid Taxes Altogether."

So, GE paid for a Google email teaser, which I clicked through to a slick public relations web page that claimed the NYT article was "distorting and misleading."

Except as far as I can see, nothing on the GE "crisis management" explanation page refuted the basic NYT fact that the firm "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, GE claimed a tax benefit of $3.2 billion."

GE asserts, as its first point of defense, that it "pays what it owes under the law and is scrupulous about its compliance with tax obligations in all jurisdictions."

Technically, it is possible that statement is true, but specious, because GE gets legislation passed that allows it to legally avoid paying its fair share for the maintenance of democracy.

According to the NYT, "A review of company filings and congressional records shows that one of the most striking advantages of General Electric is its ability to lobby for, win and take advantage of tax breaks."

That's what financial journalist David Cay Johnston describes in his book, "Perfectly Legal: The Covert Campaign to Rig Our Tax System to Benefit the Super Rich - and Cheat Everybody Else."

Just call what GE does "legalized theft."

VIEW IN ORIGINAL CONTEXT:

Partners

Backbone Campaign
ReclaimDemocracy.org
ProsperityAgenda.us
Liberty Tree
Democrats.com
Progressive Democrats of America
AfterDowningStreet
Peoples Email Network
Justice Through Music
ePluribusMedia
Locust Fork Journal
Berkeley Fellowship UU\'s Social Justice Committee
BuzzFlash
The Smirking Chimp
Progressive Democrats Sonoma County
BanksterUSA
Center for Media and Democracy
Chelsea Neighbors United
Atlanta Progressive News
Yes Men
No Nukes North
ProsecuteThemNow.com