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OK, Mr. Immelt, is it?
Umm, Did You Not successfully Lobby against the S.3816 Anti-Outsourcing Bill last October?
Ron Paul says "Corpocracy", (just found out he was blocked from speaking at 2008 Convention), and he's been right about everything else, banks, wars, our future.
There's nothing wrong with Multinationals, as long as you're not an American.
So, Now it is Americans vs. The Multinationals.
OK, Let's Get Started!! No sense wasting anymore time, here!
It Is Obvious that Our "Representative's" interests conflict with Ours, our future, and America's Tax Base. So, they are also being negligent in managing their Employer's Future. Grounds For Dismissal.
This Virus has also infected The Supreme Court. Lovely!
Oh, Wait, edit, add POTUS to that!
I would ask, "what will the effective tax rate paid by BofA, C, GS, JPM be over the next ten years?". I suspect that FRE and FNM won't pay much in tax either. Tax losses will last for many years and I expect an active secondary market to develop in much the same way as carbon credits.
I also think that the effective tax rate on employees of these financial insitutions bears scrutiny. We might be suprised that the amount of payroll taxes and city/state taxes is a significant proportion of the tax take. On the other hand, given the UBS and other Swiss banking whistle blowing we have seen, we might not.
I would say, that I don't really care whether taxes taken from one entity within a corporate structure are low, as long as there is a clear contribution made to tax revenues somewhere by the people employed. After all, does a company or group of people exist to pay taxes? Well yes!
If the answer is though that these banking institutions are truly a giant vampire squid who do not pay a "fair share" then I say, they are outlaws.
You can probably take GE's corporate taxes paid minus subsidies and bailout money received and come to conclustion that the American taxpayer is bankrolling these corporations so they can send every American job to Timbuktu and juice the bottom line for Wall Street and bonuses. The only thing the taxpayer's received is a ridiculuously expensive light bulb that take a couple minutes to turn on.
for my sins, I think that there is a veritable gold mine of talent within these comapnies. leading edge thinking about quilaity like 6 sigma came from GE. I agree that the liability side of the balance sheet has poisoned the asset side, placing extreme pressure on the gold mines and failing some very basic prudent management for which the boards of these companies are culpable. Boards have simply failed to manage both sides in a way that is sustainable or justified. The lack of leadership skill and judgement is quite simply staggering at the corporate and government level.
GE Defense Contracts
Not much out of the whole pentagon budget, or is this just the "value" of parts within contracts directly quoted for and not as part of other companies JV contracts?
from here: http://www.thefiscaltimes.com/Issues/Budget-Impact/2011/01/06/AP-Pentagon-Will-Freeze-Its-Budget.aspx
The plan calls for $553 billion to be spent in 2012 on annual defense programs such as weapons modernization and troop pay. The amount, which does not include war spending, is $13 billion less than the Pentagon wanted, but still represents 3 percent growth after inflation.
Sure Immelt is a part of the Elite Ruling Class. They never mention GE needing funds from the FED just like the rest of the Banksters. And they never mention that Immelt was made a Director of the NY Fed, guess they're not too proud of that.
part of the elite ruling class? nah, he's just another one of their errand boys. not much different than these guys;
lol..Immelt the CEO visionary..
Just what the US needs in a leader in a time of crisis, someone that concedes the race without even trying.</sarcasm>
Imagine the lamestream media outrage if Exxon or Halliburton was paying a 3.6% effective corporate tax rate.
WRT Exxon, you don't have to imagine...
GE= generating entropy for American citizens.
Abolish the corporate income tax and all US corporations would compete against each other on an equal footing and would have large advantages over foreign corporations. Additionally, by eliminating the distorting effects of highly politicized tax policy, investment would flow to the best investements and economic growth and employment would quickly approach capacity.
But Bruce Krasting just can't see this because he is so glued to the ivy league elite way of thinking. He thinks the he and his ivy league cronies can steal money from the rest of the country and invest it in better (social justice) ways than the original property owners or the workers who spend the capital of their short lives earning this money only to see Bruce and his cronies piss it away.
CH, Where do you get this stuff? I can't imagine how you can read this piece and come away with the the thought that I am an Ivy League elite. I take a clear swing at non other than the king of insiders, Jeff Immelt, and I'm an elitest.
Think what you will CH. I don't much care. FYI I granduated college in 1972. I went to Ithaca College back then. Nothing Ivy League about me.
Another version of the trickle-down theory. .
I sent this to my representatives. I know at least one of them reads my email, but it sucks that it feels like spitting in the wind...
excellent research. as an america firster i take these type articles to heart. it's very hard to find a major corporation that seems to put america's interests first. disappointing.
dont buy from or trust those government companies that begin with a BIG G
hey, there's an idea for an etf.
general electric, goldman sachs, general motors, google, general dynamics. oh, and maybe we can make an exception for halliburton.
GE, frankly, is the poster boy for treason.
A counter-intuitive view is that Immelt's success (3.6%!) in exploiting the tax and labor laws means he may be an excellent choice for the job - he should know exactly which loopholes could be exploited. It should be a straightforward task for him to close these loopholes to the benefit of American employment.
Offshoring jobs may feel like treason, and the result certainly sucks for America, but it's just capitalism. If there's any treason, it's by the folks in DC who designed and signed these tax codes into law.
The problem is that offshoring is treason, not capitalism.
Main Entry: trea·son Pronunciation: 'trEz- & noun Function: noun Etymology: Anglo-French treison crime of violence against a person to whom allegiance is owed, literally, betrayal, from Old French traïson , from traïr to betray, from Latin tradere to hand over, surrender : the offense of attempting to overthrow the government of one's country or of assisting its enemies in war; specifically : the act of levying war against the United States or adhering to or giving aid and comfort to its enemies by one who owes it allegiance — trea·son·ous /-&s/ adjective Merriam-Webster's Dictionary of Law, © 1996 Merriam-Webster, Inc.
GE closed or shrank some US operations and opened or expanded operations elsewhere. Were they doing it as an act of war against the US, or giving comfort to its enemies? Or were they doing it to reduce labor costs and reduce their tax burden?
Bruce- Is GE still a short? It's run about 50% since your short call on it a few months ago.
Immelt keeps his blue nose squarely up the Obama arse for obvious valid reasons. And paying taxes is just not a priority for a key administration selection, anyway. So this one goes in the Geithner/Daschle hypocrites file. Now.....let's wait for a Wesley Snipes pardon.
heh-heh. While we're at it, let's leave the landing lights on for Amelia Earhart.
G E is a big mover in the squiggily cf bulb. Allowing them to close union plants in U S and make CF overseas. I love closing union anything but this shows G E's duplicitous nature as well as B O's.
This is another example of have competeing constituencies. It makes lying to each neccesary and confusing.
GE is a MNC, not a US corporation. GE has more employees outside the US then inside and GE can park its revenues in any number of tax free foreign subsidiaries. A change in the US tax code would be negligible to them and many other MNCs.
The issue is exchange rate and labor arbitrage.
You might have missed the part in history where Unions where responsible for the rise in workers wealth.
The Unions are broken down now and only there to secure the pensions for the people that once supported them.
I do think we need a renewing union system that is willing to fight the worker rights.
Well you "historians" certainly do not know your Economics.
Unions are thugs that, with government sanction, violate property rights of buisness owners.
They cause systemic unemployment for those not in the union by forcing "minimum wages".
The incentives created by unions are unproductive and wrong. Work as little as you can.
I have worked in union shops, and it is the worst work experiences I have ever had.
Unions and Politics - made for each other.
I prefer peaceful means of interactions with my fellow humans without the threat of violence.
The world would be much better if unions are shut down.
Question - who is the greedy capitalist pig exploiting the workers for police, firemen, teachers, government bureaucrats etc...?
It is a shame that so many do not know their history. Wall Street, Big Business, and sadly the government are not serving us nearly as well as unions did in the past.
The demonizing of workers' unions is one of the great propaganda successes of the conservative movement. It's no accident that the history of the labor movement is not taught much in American schools.
Don't worry, bitchez-- the "Universal" Corporate Tax Rate will be here soon enough...
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