In a surprise protest during a speech at a SAE World Congress (scientific conference) GE’s Jeff Immelt caught flack from protesters who chanted for GE to “Pay your fair share.” Immelt responded that the tax rate was 29% last year and they paid that amount, but had deducted the $32 billion in paper losses from losses in its financial services unit.
GE’s Financial Services unit is where it had invested in derivatives and other outlets and had reaped massive profits for years. Which would allow it to write off the profits of today in Immelt’s mind. However, GE has excelled in politics and getting laws written in an exacting manner to allow it to hide money offshore and do green initiatives like buying eco-cars, wind turbines and much more. All in ways to allow GE to get maximum tax advantage.
The problem is that America can’t afford corporations big tax loopholes. The nation needs its tax income and individuals small and large need to get peace of mind that corporations, especially large ones like GE, Apple, Cisco, Halliburton and others, pay their share without mega loopholes.
It is a joke that GE’s Immelt is on the President’s job committee when he has wholesale shipped entire divisions such as GE’s X-Ray division to China. Killing thousands of American jobs. Truth hurts and this protest of GE ought to be among the first of many public protests. Maybe then GE’s paid for politicians will start pushing for a fairer and smarter tax code. Without delay.
UPDATE: The very next day a similar protest occurred at the GE Shareholder Meeting. Cheers to the protesters! Lets hope you take this protest to Washington.
-Peace, Love & Apple Pie.