You Pay
Taxes -- Why Doesn't General Electric?
By Frank Clemente
By Frank Clemente
You
pay your fair share of taxes. Small businesses do too. It's the price we pay to
educate our kids, protect our communities and have some security in retirement.
Why shouldn't some of Americas largest corporations pay their fair share too?
Corporations
are making record profits. But 111 profitable Fortune 500 companies paid zero
federal income taxes in one or more of the past five years, according to a
recent report by Citizens for Tax Justice. What's worse -- 26 of them,
including Boeing, General Electric and Verizon, paid nothing over the entire
five-years. Astoundingly, they got tax refunds instead.
General
Electric, which in the past has been the focus of media attention because of
its record of paying an extremely low income tax rate, provides a vivid
example. GE earned a whopping $27.5 billion in profits between 2008 and 2012,
but claimed $3 billion in tax refunds -- a federal income tax rate of negative
11 percent.
Put
another way, GE paid less in federal income taxes than you paid over five
years.



