Categories: Business, Economy, Featured, Politics, Tax Policy
GE’s accounting and lobbying prowess exemplifies the influence of corporations over government
Jack Donaghy, the irrepressible network executive of 30 Rock played by Alec Baldwin, may have moved to Kabletown last season, but it doesn’t sound like the real General Electric is doing too bad without him, especially in light of the news last March that GE paid zero taxes in 2010.
The top corporate marginal tax rate in the United States is 35%, nominally one of the highest in the world. And yet, thanks to corporate tax loopholes, GE paid absolutely nothing in taxes for 2010, making their effective tax rate the equivalent of zero. Not only did the company not pay taxes, they earned a $3.2… Read more…