It boggles the mind and is unsettling and unfair to think about. However, the fact is that the average American will pay more taxes then one of the largest companies in the world. The worst part of all of this is that they are not the exception, but the rule. In fact the corporate tax code in America is so full of tax breaks and loop holes that very few corporations actually pay any taxes. Not only do these multibillion dollar companies barely pay any taxes if any at all, many actually receive huge subsidies and other income from the government (taxpayers).
It is true that America has one of the highest combined tax rates in the world for businesses. But what they fail to tell you is that the American tax code is so full of loopholes that it is doubtful that any company without a dedicated tax department ever pays close to this amount.
The companies that end up getting shafted are the small business owners and entrepreneurs that do not know how to exploit the tax code that we currently have in America.
The company [GE] reported worldwide profits of $14.2 billion, and said $5.1 billion of the total came from its operations in the United States.
Its American tax bill? None. In fact, G.E. claimed a tax benefit of $3.2 billion.
And while these huge corporations are reaping billions of dollars in profits without having to pay a cent, they are also being paid by the American government, and in some cases billions more per year! And while the tax breaks continue for the wealthiest corporations, so does the lobbying for deregulation and further tax breaks. The wealthiest 2% of Americans force the other 98% of hard working Americans to pay not only their share but the shares owed morally and equitably by the corporations in this country and the wealthiest 2% of Americans!
How would you feel if your filthy rich uncle sent a limo to your house to pick you up, then the limo took you to the airport and flew you in a private jet across the country where you met your obscenely wealthy uncle for a five star dinner, drinks and after-dinner entertainment, and when the night was over he handed you the bill for the entire trip. Then he told you that you had to pay for all of this right now or he would take your house, close down your business, keep your kids from getting any education and ensure that you spent the rest of your life digging for scraps in a dumpster for a chance for something to eat. What would your reaction be?
I really do hope it is one of anger, disgust and astonishment.
That is exactly what is happening in America right now and we are not even getting the fancy night out! You, me, your mother, sister, aunt and son are being forced to pay for this indulgence. We and our family, friends, and neighbors have lost their homes, their jobs, and hope. Now we have lost our basic, constitutionally granted rights and they’ve been transferred to corporate entities.
This is really what we have come to? We cannot suffer these injustices any longer.
How do they continue? How does such devastation to our well-being happen right under our noses? Much of it is due to the many news organizations that are now owned by these mega conglomerations. Much of the once free press-style news is now gone. Honesty and truth is overwritten by ratings and corporate and political talking heads. The few truly free press sources remaining in America are now under attack by these powerful corporations.
This is allowed to continue because time after time the political seats are given to those with powerful corporate influence such as Jeffery Immelt. A leader of President Obama’s Job Creation Task Force, and as CEO of GE, Immelt not only kept GE from paying any US taxes in 2010, he has also managed to cut American jobs and ask thousands of workers for major concessions. The hypocrisy and the blatant disregard for the very people he is supposed to manage is absolutely wrong. How can this in any way actually help the American people to recover from the crisis these corporations put us in?
Let’s start purging these corporate influences out of Washington. Let Washington know we as the American People are paying attention and we are disgusted by how completely we have been taken advantage of. By speaking up, by speaking out and spreading the word that we will no longer sit idly by while we are cheated out of everything we have worked so hard for.
Send a message to Jeffery Immelt and send a message to Washington. We cannot abide this anymore. We must stand up and shout loud that We the People will no longer bend over for any corporate interest.
Join Progressives United in petitioning to have Jeffery Immelt removed from his position. This is not only a call to have him removed but a sign that we can stand unilaterally against corporate corruption and abuse.
News broke last week that General Electric, America’s largest corporation, made $14,200,000,000 in profits last year and paid $0 in taxes — that’s right, zero dollars in taxes. At the same time, C.E.O. Jeffrey Immelt saw his compensation double. Now I hear that GE is expected to ask 15,000 of their unionized workers to make major concessions in wages and benefits.
But what really adds insult to injury is the prestigious and influential position Jeffrey Immelt holds as chair of President Obama’s Council on Jobs and Competitiveness.
That’s wrong. Someone like Immelt, who has helped his company evade taxes on its huge profits — and is now looking to workers to take major pay cuts after his compensation was doubled — should not lead the administration’s effort to create jobs.