It’s Time to Boycott General Electric

2011 March 27
by bc3b

The top tax bracket for U.S. corporations is 35%, one of the highest in the world. General Electric made $14 billion in profit in 2010, $5 billion of which came from the United States. Yet, in 2010 – for the second year in a row – the company paid no U.S. income tax. In fact, it received a $3.2 billion tax credit.

Few companies benefit more from crony capitalism than General Electric, which supplies the government with everything from light bulbs to turbines to jet engines. And, the company looks to make even more in the future as a favored insider in green energy and alternate energy. The company’s  chairman, Jeffrey Immelt, is a good friend of President Obama and his key advisor on business.

This demonstrates the need for several things:

  • Take a closer look at the country’s business tax structure
  • Close tax loopholes
  • Boycott General Electric and it’s products because, if as Vice President Slo Joe Biden says, “It’s patriotic to pay taxes,” General Electric must be the least patriotic company in the country. Need an appliance? There’s Whirlpool, Amana or Fridgidaire. Need light bulbs? Try Philips or Sylvania.

The top tax bracket for U.S. corporations stands at 35 percent, one of the highest rates in the world. So how is it possible that a giant of American business, General Electric, paid nothing in federal taxes last year, even as it made billions in profit?

And should the CEO of GE, Jeffrey Immelt, be advising the president on business?

For two years, President Obama has been talking about the need for corporate tax reform, declaring that the system is too complicated and that companies pay too much.

“Simplify, eliminate loopholes, treat everybody fairly,” Obama said in February.

For those unaccustomed to the loopholes and shelters of the corporate tax code, GE’s success at avoiding taxes is nothing short of extraordinary. The company, led by Immelt, earned $14.2 billion in profits in 2010, but it paid not a penny in taxes because the bulk of those profits, some $9 billion, were offshore. In fact, GE got a $3.2 billion tax benefit.

(snip)

2010 was the second year in a row that GE recorded billions in profits and paid no taxes.

During that same period, Immelt has been a close advisor to the president on the business community, a relationship that rubs some the wrong way. Immelt serves as the chairman of Obama’s Council on Jobs and Competitiveness.

Read more:

Hat tip: ABC News

30 Responses leave one →
  1. 2011 March 27 9:52 am
    [1]
    justrand permalink

    Too late. I’ve been boycotting the bastards for a couple years, ever since they snuggled up to the kooks at MSNBC. I refuse to purchase ANYTHING made by GE. for example, we need a new refrigerator…and GE really does have a model that is on sale and looks good. I refuse to consider it.

    No GE.

  2. 2011 March 27 10:01 am
    [2]
    justrand permalink

    O/T…but has anyone noticed that the “No Fly Zone” in Libya is anything but???

    In Iraq “No Fly Zone” meant the IRaqis couldn’t fly around…and they didn’t. But it did NOT mean we could pound away at them day & night on the GROUND…that would be WAR! eh?

    The Libyans are not flying AT ALL. And yet we are enforcing a “No Drive Zone” for any government forces. Mind you, I don’t harbor any love for Quackdaffy…I just want Obammy to own up to what he and his FEW buddies are really doing: and it is NOT a “No Fly Zone”

  3. 2011 March 27 10:07 am
    [3]
    mulletover permalink

    Preventing genocide?……….nope.

    Installing democracy?………..nah.

    Making Qhadafi a better person?……..Ha!

    Installing his al Queda buddies as he did in Egypt?………….well, if the shoe fits.

  4. 2011 March 27 10:09 am
    [4]
    Colorado KnightOwl permalink

    “It’s not a war, It is Kinetic Military Action”….as with everything about this admin, I just scream WTF!!!!!!!

  5. 2011 March 27 10:17 am
    [5]
    TLS permalink

    Like JR, we too have already been boycotting them. When we replaced the dishwasher, we paid more for a Bosch. We won’t even buy one ge lightbulb.

  6. 2011 March 27 10:38 am
    [6]
    drdog09 permalink

    Good piece, wrong approach maybe?

    If paying no taxes is good for GE why is not good for everyone else? So should we not be saying “GE, making a zero business tax government policy.” So the next thrust should be to extend that outcome to any business in the US.

    It increases liberty so why not?

  7. 2011 March 27 10:42 am
    [7]
    drdog09 permalink

    Caterpillar, Inc, one of the largest employers in the state of Illinois and an iconic symbol of heartland solidity, is seriously considering a move to another state.

    CEO Doug Oberhelman sent a letter to Illinois Governor Pat Quinn, saying that “the pressure was on” from other states who are trying to woo the tractor maker and their 23,000 jobs away from their home in East Peoria.

    – American Thinker.

    Now this can either be good or bad. If Cat does move ok it sends a signal. If on the other hand the letter to the Gov just ends up being a bill for a Cat tax dodge shifting the burden to other Illy residents/business then they are doing the same thing as GE.

  8. 2011 March 27 10:44 am
    [8]
    drdog09 permalink

    Little something to try as far as taxes — http://www.mygovcost.org

  9. 2011 March 27 10:47 am
    [9]
    drdog09 permalink

  10. 2011 March 27 10:51 am
    [10]
    JustMary permalink

    We are in need of a new fridge as well, and it won’t be a GE.

  11. 2011 March 27 11:30 am
    [11]

    Plenty of reasons to boycott GE, them arranging themselves to legally not pay any taxes which the consumer would pretty much pick up anyway is not one of them.

    2- Yes many have noticed that since day 1 of the campaign.

  12. 2011 March 27 11:48 am
    [12]
    mulletover permalink

    Not paying taxes is not a reason to boycott GE, imo. Every entity should look for every opportunity not to pay in to our already bloated federal government.

    On the other hand, there are plenty of reasons to boycott GE. Their ownership of MSNBC’s biased attacks on mainstream America is a giant one. Their collusion with the Obama administration to install and profit from a Cap and Trade system which would devastate the US economy and tax Americans more is another reason.

    As for my upcoming purchase of a new microwave, it will not be a GE.

    Of course, GE is embracing Ronald Reagan.

  13. 2011 March 27 12:56 pm
    [13]

    Marv Albert just trashed Hussein at the end of the VCU-Kansasa game!

    Said Hussein went 0 for 4

  14. 2011 March 27 1:33 pm
    [14]
    mulletover permalink

    Virginia Com…..1st time ever in the Final Four, and from the play in game, no less.

    Butler………an 8 seed, and a repeat from the final four. What are the odds?

    UConn…….a 3 seed, but from a 9th place finish in the Big East.

    UNC or KY……a 2 seed and a 4 seed, legitimate contenders.

    I don’t know what president 6 pack had in his picks, but nobody will have perfect brackets this year, and there were several perfect ones last year on ESPN.

    Even so, he had a war to run when he returned from spring break.

  15. 2011 March 27 1:48 pm
    [15]
    bc3b permalink

    Over the last decade, G.E. has spent tens of millions of dollars to push for changes in tax law, from more generous depreciation schedules on jet engines to “green energy” credits for its wind turbines. But the most lucrative of these measures allows G.E. to operate a vast leasing and lending business abroad with profits that face little foreign taxes and no American taxes as long as the money remains overseas.

  16. 2011 March 27 1:52 pm
    [16]
    bc3b permalink

    JR –

    I agree. If it is supposed to be enforcing a “no fly zone,” why is the U.S. and other NATO countries bombing the hell out of Libyn.

    I have no lost love for Gadaffi, but I fear what might follow him could be even worse. I also fear that all the governments that are falling into the hands of the Muslim Brotherhood can lead to a Middloe East caliphate.

  17. 2011 March 27 2:07 pm
    [17]
    drdog09 permalink

    I also fear that all the governments that are falling into the hands of the Muslim Brotherhood can lead to a Middle East caliphate.

    One thing at a time. Regardless of the outcome of the Libyan situation, Kaddaffi must end up dead and quite honestly his son. Hate to think in those terms but history has shown that monarchs and dictators have but one of two courses. Dead where they can do no harm or alive where they may yet create mischief. The Brits and French should know this, for it is their histories I reference.

  18. 2011 March 27 3:11 pm
    [18]
    bc3b permalink

    When is the last time the highest ranked team in the Final Four was a #3 seed?

  19. 2011 March 27 3:20 pm
    [19]
    drdog09 permalink

    Home schooling now has the tools to blast past factory schools — http://www.ted.com/talks/salman_khan_let_s_use_video_to_reinvent_education.html

    By the way Gates was the MC at this year’s TED.

  20. 2011 March 27 3:33 pm
    [20]
    JustMary permalink

    Drdog- We use Teaching Textbooks for our son’s math. You have the choice between reading the lesson from the book, and watching the lesson on cd rom (we usually watch the lesson together, or he can watch it without me and I will watch it later that day so we are on the same page). This program is a God send. Once you are done with the lesson and are working on the problems in the book, you can put in a different cd if there is a problem you do not understand. It will work the problem, with a teacher, step by step for you. It is like having a tutor right there. Algebra is not my strong suit, so this was a gem of a find for our family. I swear, if my teachers had explained Algebra to me the way these videos do…..I would have done SOOOOOOOOO much better.

  21. 2011 March 27 4:06 pm
    [21]
    RepublicanPundit permalink

    Nothing is going to come out of the “ALLERGIC MILITARY REACTION”.

  22. 2011 March 27 4:13 pm
    [22]
    mulletover permalink

    There’s never been a final four without a 1 or 2 seed.

    so sayeth a reporter on Fox. I hadn’t heard that definitively.

  23. 2011 March 27 5:21 pm
    [23]
    mulletover permalink

    There is a lot of supposition in this post, but it does make you wonder……

    What will be in Obama’s message to the nation tomorrow night?
    How will he reconcile with Congress?
    Are our senior military commanders in sync with their CIC?
    Which dictator will fall next?
    Is a fourth war in our future?
    Now that Obama has no remaining teams in the NCAA tournament, will he give us new picks for the remaining games?

  24. 2011 March 27 5:30 pm
    [24]
    bc3b permalink

    “Now that Obama has no remaining teams in the NCAA tournament, will he give us new picks for the remaining games?”

    You nailed it mullet.

  25. 2011 March 27 5:46 pm
    [25]
    drdog09 permalink

    Obama is probably going to address the nation to give us Michelle’s for Mussels Flambe’ with Arugila.

  26. 2011 March 27 6:31 pm
    [26]
    justrand permalink

    even if Barry’s “address to the nation” consists of him reading (off a teleprompter) the first 3 pages of the Wash. D.C. phone book, the media will go GAGA!! Chris Mathews will orgasm, CBS will “analysts” will faint dead away…etc.

    I really truly expect the media to declare his waiting until AFTER starting this war to address the nation is a sign of his “wisdom”. I wish I was kidding about that.

    BARF!!

  27. 2011 March 27 7:02 pm
    [27]
    drdog09 permalink

    Ponderable question of the evening —

    If you are receiving welfare yet are in the streets protesting are you truly an anarchist?

    An interesting thought from Instapundit.

  28. 2011 March 27 7:12 pm
    [28]
    booshkindoggin permalink

    Corporations that are successfully competitive will always take steps to reduce taxes as well as any other non-productive expenses. GE is pretty good at it and unless someone shows me where they’ve broken a law, I got no beef.

  29. 2011 March 27 7:35 pm
    [29]
    justrand permalink

    boosh…great article here on GE vs. Koch: http://www.powerlineblog.com/archives/2011/03/028698.php

    have they done anything “illegal”. well, since they helped write the laws that MADE it legal…

    and congrats on the March Madness pool…dammit! 🙂

  30. 2011 March 27 8:07 pm
    [30]
    drdog09 permalink

    booshkindoggin,

    My problem is that our tax code is turning into a JD Powers award. Unless you fit in the niche you don’t get the benefit. There in lies the problem. Sigh….

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