General Electric has reported that the company made $14.2 billion in profits, in their worldwide operations. It is a sad situation, while the Social Security coffers are reportedly being depleted, a huge corporation like General Electric is paying no tax.
The company has invested millions of dollars, while pushing for changes in tax law. Worst of all, President Obama has appointed Jeffrey R. Immelt a GE executive, to help formulate plans, to discuss corporate taxes. It is evident that Immelt will not suggest, or support any changes, that would cause GE to pay taxes.
I am not against corporations making a profit, but when they are earning billions of dollars in profits, while not paying any taxes, it is time to question the whole corporate tax situation.
Hopefully, President Obama will realize something needs to be done now, or the economy will only get worse, as companies like GE lay off workers. Then the government has to spend money to retrain those workers or support them financially as they receive financial assistance from federal and state agencies.
President Ronald Reagan made an effort to force companies like GE to pay their fair share of the tax, but now the companies are focusing on avoiding taxes. The worst thing is they are getting away with it and will continue to avoid paying taxes, unless the government puts an end to what amounts to stealing from the government.
N.Y. Times has a four page article detailing how GE is cheating the government out of millions and maybe billions of taxes they should be paying.