Check out Bacon’s Rebellion for yet another excellent, astute article by Peter Galuszka, this time on “The Tax-free Corporation.” Galuszka refers to the New York Times article on how GE, with worldwide profits of $14.2 billion, not only paid ZERO taxes in the United States, the company actually “insisted on a tax benefit of $3.2 billion.” And no, this isn’t an isolated incident, it’s rampant among wealthy individuals and corporations who, as Galuszka notes, can afford “a first rate tax department.”
Of course, the corporate shills out there will whine – as Galuzka points out – “that America’s tax rate of 35 percent is a major impediment to the prosperity of U.S. corporations whose good performance (not to mentioned outsized CEO salaries) trickle down to us lower in the food chain through taxes, jobs, etc.” The lesson from the New York Times article on GE? Don’t believe them for a minute!
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