GE on of the largest industrial and financial giant had profits in USA of 5. 1 billion dollars and negative taxes .It forces one to wonder why it is that burden of national taxation has been shifted to smaller enterprises and individuals by higher property taxes ,Sales taxes and other taxes and fees.
In the last year company had 14.2 Billion profit from the worldwide operations and its American businesses earned 5.1 billion profit with Zero tax liability.
Is this the image of outstanding corporate citizen we want to promote.Yes GE is in important enterprises including defence ,aviation and power generation including Nuclear.Mr Obama has appointed Mr Immelt head of the Presidents Council on Jobs and Competitiveness. I hope his contribution can be in job creation and helping USA in being more competitive and not avoidance of taxes. Corporate tax burden as percentage of tax revenue has been reduced from 30 percent in Mid fifties(1950) to 6 percent in 2009 .
Highest rate of income taxes for corporations is 35 percent but with all the tax loop holes shelters and tax credit it is much lesser as it is proven by the taxes paid by one of the largest corporations in America.
IT would be nice If along with other data of large corporation ratings by Forbes a line would be added for the federal taxes paid by these corporations .I would like to see the same done for the richest in America and world wide.I wonder if in many of the cases the gains have been privatised and nations (citizens) are holding bags for all the expenses which make it possible for these entities to make exorbitant profit.