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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.

July 22, 2011 Comments off

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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