Business as Usual
I’m back after a short hiatus of a year and a half. No I wasn’t in prison for tax fraud (again) I was just laying low, waiting to see which way the wind was blowing.
After our new president Barak Obama the Kenyan Socialist was elected I thought there might be some danger in all that talk of “sweeping changes” and “restoring faith in government”. I was actually worried that the american people might open their eyes and see how badly major corporations and the entitled elite in this county have been screwing them and possibly rise up in revolt. If they had a leader to rally them who wanted to empower the american worker and address the inequities inherent in the system of dollar democracy we have in this country (One dollar, one vote), I was worried that it might actually be a dangerous place for a corporate mogul like me to be.
Boy was I ever wrong!
CEO Jeffery Immelt explains to the President how you can always squeeze more money out of a defective tax system
I sneak back into the country to pick up a couple of suitcases of money and what do I see in the paper? The president has appointed a corporate exec to the President’s Council on Jobs and Competitiveness, essentially asking OUR advice on how to ruin, sorry, run the economy. CEO of General Electric, Jeffrey Immelt the new appointee is most definitely an expert on the subject. He created over 900 jobs just on in the GE tax avoidance department alone and that was money well invested.
In 2007, GE paid $4.2 billion in taxes for a 15.1 percent tax rate and while the corporate tax rate in the U.S. is supposed to be 35 percent we all know that is way too high and actually only a suggestion. 15% is an outrageous amount and Immelt decided his corporate bonuses would not be enough if that continued.
Enter the (no tax) attorneys. In 2008,GE paid $1.1 billion in taxes for a 5.3 percent tax rate. However in 2009 they effectively had a negative tax rate, thanks to the $498 million loss it booked on U.S. operations versus the $10.8 billion in earnings it booked abroad. GE realized a $1.1 billion tax benefit in 2009.
By comparison, during those three years — 2007 through 2009 — the firm reported combined net income of $50.6 billion.
The most important number however is the 15.2 million Immelt earned from his salary, bonuses and stock options in 2010.
The man OBVIOUSLY knows how to create high paying jobs.
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