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G.E.’s Strategies Let It Avoid Taxes Altogether

A PRESIDENT'S BUSINESS LIAISON In January, President Obama named Jeffrey R. Immelt, General Electric's chief executive, to head the President's Council on Jobs and Competitiveness. "He understands what it takes for America to compete in the global economy," Mr. Obama said.
The company 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.
That may be hard to fathom for the millions of American business owners and households now preparing their own returns, but low taxes are nothing new for G.E. The company has been cutting the percentage of its American profits paid to the Internal Revenue Service for years, resulting in a far lower rate than at most multinational companies.
Its extraordinary success is based on an aggressive strategy that mixes fierce lobbying for tax breaks and innovative accounting that enables it to concentrate its profits offshore. G.E.’s giant tax department, led by a bow-tied former Read more…
Yellowstone supervolcano, new Ice Age could topple US government
As evidence mounts that the world may fast be slipping into the next Ice Age, Washington insiders are hurrying to solidify a new power base for centralized government operations.
Fears that the US capital might be struck by another more deadly terrorist attack—or other disasters—prompted agencies a decade ago to hurriedly establish back-up operations in case catastrophe struck.
Despite the fact that many conspiracy theories are weaved around the subjects that follow—including some fairly wild-eyed, tin foil hat scenarios—most conspiracy theories have a basis in fact, although the facts are distorted or wildly exaggerated.
The actual story of the Denver airport, the nation’s “second capital,” the impending Ice Age possibility, and the threat the Yellowstone supervolcano presents to the people of the United States of America and their government follows: Read more…
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