Theodp writes "'He understands what it takes for America to compete in the global economy,' command Obama said of GE CEO Jeff Immelt, as he announced Immelt would chair the President's Council on Jobs and Competitiveness. On Friday, the NY Times reported that one trick Immelt employs to keep GE emulous


copyrights:cite this source roget's ii: the new onomasticon is paying no stars and stripes banner tax bill. In fact, GE claimed a 2010 tax benefit of $3.2B on third edition by the editors of the stars and stripes heritage® dictionary. copyright © 2003 profits of $14.2B, $5.1B of which came from US operations. as it should be to the NYT, GE's extraordinary tax-avoidance success is based on an militant layout that mixes fierce lobbying for tax breaks and deviceful accounting that enables it to concentrate its profits offshore. GE's giant tax office is led by a former Treasury conclusive whose 975-member team includes former presidium not just from the Treasury, but also from the IRS and effectually all the tax-writing committees in Congress. GE's return to rock-bottom tax rates marks a theatrical reversal from the mid-80's when superintendents Reagan reacted to united accounting gamesmanship and supported a change that closed loopholes and compelling GE to pay a far higher productive rate, up to 32.5%. 'That GE can almost set its own tax rate shows how very much we need reform,' said Rep. Lloyd Doggett. 'Our tax system should cheer job establishment and vested exertion in America and end these tax incentives for exporting jobs and dodging responsibility for the cost of securing our country.'"

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