Negative 15.8% Tax Rate Not Low Enough for GE: CEO Immelt Calls for Amnestyfor Corporate Tax Dodgers
This is from July of 2011 but I thought it is still a good read:
http://www.ctj.org/taxjusticedigest/archive/2011/07/negative_158_tax_rate_not_low.php
Jeffrey Immelt, CEO of the company famous for making profits of $26 billion from 2006 through 2010 and receiving tax benefits from the IRS of $4.1 billion over that period, has endorsed the recently proposed amnesty for corporate tax dodgers, called a "repatriation holiday" by its proponents.
Immelt was selected by President Barack Obama in February of 2009 to chair his Council on Jobs and Competitiveness, which is to advise the White House on economic policy. He has been CEO of General Electric since 2000.
In March, the New York Times reported GE's federal corporate income tax bill of negative $4.1 billion over the five-year period in which it earned $26 billion in profits, which is an effective tax rate of negative 15.8 percent. A recent report from CTJ focuses on the three-year period 2008-2010 and finds that GE earned $7.7 billion in profits during this period and had a federal corporate income tax bill of negative $4.7 billion over this period.
Following the New York Times revelations, progressive activists spearheaded a call for Immelt's resignation from the President's Council on Jobs and Competitiveness.
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