Obama Gives G.E. Green-light In Paying No Taxes For The $5.1 Billion In Profits: Worst Bailout In U.S. History, G.E. Received $182.5 Billion In Obama Buddy Bailout.
As Washington worries about the United States’ growing deficit problem, there’s mounting evidence the government is failing to collect taxes from wealthy individuals and corporations. A piece in today’s New York Times by David Kocieniewskioutlines how G.E. skirted paying any taxes on $5.1 billion in profits in 2010–in addition to claiming a $3.2 billion tax credit.
The main reason G.E. is so adept at avoiding paying taxes, Kocieniewski writes, is because it’s compiled an all-star team of in-house tax professionals plucked from the Internal Revenue Service, the Treasury Department, and “virtually all the tax-writing committees in Congress.”
G.E.– whose slogan is “Imagination at Work”– has in-house, Kocieniewski writes, what is considered by many to be the best tax law firm in the world. Their secret to success is a familiar one, though G.E. appears to have perfected it:
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Let the national government be entrusted with the defense of the nation, and its foreign and federal relations; the State governments with the civil rights, law, police, and administration of what concerns the State generally; the counties with the local concerns of the counties, and each ward direct the interests within itself.
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The United States Supreme Court held unconstitutional hundreds of laws enacted by Congress over the course of five decades that included a legislative veto of executive actions in INS v. Chada, 462 U.S. 919 (1982).
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