|1. General Electric
From 2008 to 2013, while GE made over $33.9 billion in United States profits, it received a total tax refund of more than $2.9 billion from the Internal Revenue Service.
G.E.’s effective U.S. corporate income tax rate over this six year period was -9 percent.
In 2012, GE stashed $108 billion in offshore tax havens to avoid paying income taxes. If this practice were outlawed, GE would have paid $37.8 billion in federal income taxes that year.
During the financial crisis, the Federal Reserve provided GE with $16 billion in financial assistance, at a time when its CEO Jeffrey Immelt was a director of the New York Federal Reserve.
GE has been a leader in outsourcing decent paying jobs to China, Mexico and other low-wage countries.
Mr. Immelt has a retirement account at General Electric worth an estimated $59 million and made $19 million in total compensation last year.
He is a member of the Business Roundtable, a group that wants to raise the eligibility age for Medicare and Social Security to 70, cut Social Security and veterans’ benefits, increase taxes on working families, and cut corporate taxes even further.
On December 6, 2002, Jeffrey Immelt said at an investors’ meeting, “When I am talking to GE managers, I talk China, China, China, China, China. You need to be there. You need to change the way people talk about it and how they get there. I am a nut on China. Outsourcing from China is going to grow to $5 billion. We are building a tech center in China. Every discussion today has to center on China. The cost basis is extremely attractive. You can take an 18 cubic foot refrigerator, make it in China, land it in the United States, and land it for less than we can make an 18 cubic foot refrigerator today, ourselves.”
Blast from the Past. At Daily Kos on this date in 2006— An "Absurd" Defense of U.S. Torture Policy:
|The U.S. launched a defense of its policy on human rights today at a hearing meant to evaluate American compliance with the U.N. Convention Against Torture. It marked the first time in six years that the U.S. has appeared before the U.N. panel. The panelists grilled the U.S. delegation on Guantanamo, the U.S. definition of torture, and more. In its written report to the committee, the U.S. delegation made the following statement:
On today's Kagro in the Morning show, Greg Dworkin rounds up good news & bad for the 2014 midterms, what voters care about, the future demographics of government-sponsored health care programs, and the giant drop in uninsured rates. BundyLand Cowchella has erupted into internecine cosplay warfare. New hot trend: "standing your ground" by lying in wait over baited traps. And Sean Hannity loves it because law and order. WSJ says judges should create new checks & balances, because Obama. Follow up on Chris Hamby's Pulitzer Prize-winning black lung reporting: new protections announced.