Monday, April 19, 2010
How Much Federal Income Tax Did GE Pay for 2009?
ANSWER: ZERO! That's $0.00! NADA, not a Dime!
Was GE profitable in 2009? YUP! They were. So, why were no Federal Income Taxes paid?
Here's some of the story. It is a matter of record that GE made profits worldwide of more than $10 Billion last year. Their executives got a few billion in bonuses, their lobbyists in D.C. were paid handsomely who in turn paid "their politicians" handsomely, their Board of Directors took some cream off the top and share holders got a dividend. How do we know this? GE is a public trading entity, a 'blue-chip' stock, a happy Wall Street Camper. Such financial matters are public record.
It is also a matter of record that GE posted a loss of $400 million in these United States. So after about 7,000 separate US tax returns from GE, their tax burden was ZERO!
What's wrong with this picture? There doesn't seem to be any illegal activity. Some years back a republican controlled congress and White House provided 4, count them 4, tax breaks and GE is not the only major US company that paid no taxes in 2009.
So, lets leave this story here for now. Stay tuned for more to come.