Despite $14.2 billion in worldwide profits - including more than $5 billion from U.S. operations -
GE did not pay a dime in taxes in 2010.
Obama said: "Those with accountants or lawyers to work the system can end up paying no taxes at all. It makes no sense. It has to change." But in typical Obama fashion of saying one thing and doing the exact opposite, in January Obama named General Electric CEO Jeffrey Immelt to head the President's economic advisory board focused on job creation.
In 2 years Jeff Immelt has laid off over 20,000 GE workers in the US and closed it's light bulb manufacturing operations in the U.S. All GE light bulbs (federally mandated) will now be manufactured in China. Last year Immelt was paid over 21 million.
Now Obama has put Immelt in charge of job creation in the US. This is a guy who has demonstrated his ability to cut jobs, not create them.
We are waiting to hear the outcry, marches in the streets, anarchists lighting torches condemning evil rich corporations....I am listening, but not a peep.
Just like in George Orwells Animal Farm, where all animals are equal, although some animals are "more equal" than others. It appears we have that same double standard when it comes to the left wing. The condemnation & mantra of greedy corporations not paying their "fair share", goes silent when it is one of their own greedy corporations.
In the meantime, in Illinois, one of the states largest private sector employers, with over 23,000 employees, is considering leaving the state. It’s been a tough year for Caterpillar Tractor. First they found out that Obamacare would cost them $100 million in one quarter. Then earlier this year the liberal Illinois governor raised taxes on Illinois businesses including Caterpillar.
Are Caterpillar tractors going to have the "made in China" logo on them too?