General Electric, Pay Up.
G.E. is the King of the Tax Dodgers.
Since 2006, General Electric has made $26 billion in profits and paid not one penny of federal corporate income taxes.
In fact, we taxpayers gave GE over $4 billion in subsidies and tax breaks during these last 5 years.
GE has subsidiaries in offshore tax havens in Bermuda, Luxembourg and Singapore. They lower their taxes by moving their global profits around and registering losses in the U.S.
GE's tax accounting department should be renamed the Tax Dodging Research and Development Office. They hire former IRS officials to devise new ways to shake down Uncle Sam.
In 2010, GE told their shareholders they had $5.1 billion in profits from the U.S. and $14.2 worldwide. Instead of paying $1.7 billion in taxes on these profits, they claimed a refund of $3.2 billion.
G.E. is “buy-partisan,” bribing politicians in both major parties. Since 2000, their political action committees and executives contributed $14.8 million to federal candidates and parties. During the same period, General Electric spent $221 million lobbying Congress. In 2010 alone, they spent $39 million and hired 195 lobbyists –one for every 3 members of Congress!