~THE CEO OF GE; Jeffrey R. Immelt :In February 2009, Immelt was appointed as a member to the President's Economic Recovery Advisory Board to provide the president and his administration with advice and counsel in fixing America's economic downturn.
Why has obama appointed this man to anything? Why is he not in jail? When did it become okay for congressmen, who craft regulations and economic policy to become involved in insider trading?
Who are these idiots who keep voting these liars and thieves back into "public" office time and time again?
The fact that GE paid no taxes in 2010 was widely reported earlier
this year, but the size of its tax return first came to light when House
budget committee chairman Paul Ryan (R, Wisc.) made the case for
corporate tax reform at a recent townhall meeting. "GE
was able to utilize all of these various loopholes, all of these
various deductions--it's legal," Ryan said. Nine billion dollars of GE's
profits came overseas, outside the jurisdiction of U.S. tax law. GE
wasn't taxed on $5 billion in U.S. profits because it utilized numerous
deductions and tax credits, including tax breaks for investments in
low-income housing, green energy, research and development, as well as
depreciation of property.
"I asked the GE tax officer, 'How long was your tax form?'" Ryan
said. "He said, 'Well, we file electronically, we don't measure in
pages.'" Ryan asked for an estimate, which came back at a stunning
57,000 pages. When Ryan relayed the story at the townhall meeting in
Janesville, there were audible gasps from the crowd.
Ken Kies, a tax lawyer who represents GE, confirmed to THE WEEKLY
STANDARD the tax return would have been 57,000 pages had it been filed
on paper. The size of GE's tax return has more than doubled in the last five years.
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