Last March, the New York Times broke the news that General Electric, which reported global profits of $14.2 billion — $5.1 billion of which came from its domestic operations — had not paid a cent in taxes for 2010. In fact, GE’s US tax rate for the year was actually negative, since it got a $3.2 billion American tax benefit. As Ryan Chittum noted, “Over the last five years, GE made $26 billion in what it says were American profits, but got the IRS to pay it $4.1 billion total.”
This is all well and good with Congressional Republicans, who believe American corporations are taxed too much already on federal and state levels. Sen. John Barrasso (R-WY) has dismissed the need for raising corporate taxes because “we don’t need more revenue!”; Rep. Rob Woodall (R-GA) wants “the lowest corporate tax rate we can get”; and Rep. Jeff Duncan (R-SC), rather astonishingly, believes that untaxed corporations are still overburdened.
Given the Republican Party’s lack of enthusiasm for taxing multi-billion dollar corporations, Don Imus could forgiven for assuming during this morning’s interview with House Majority Leader Eric Cantor (R-VA) that Cantor feels likewise.
Showing posts with label Cantor Claims He’ll Make GE Pay Taxes. Show all posts
Showing posts with label Cantor Claims He’ll Make GE Pay Taxes. Show all posts
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