Recently, we discussed that almost 50 percent of Americans pay no federal taxes. Now, we can add General Electric to that list. While the company made an estimated $10.0 million globally, it paid zero taxes last year through deductions and adjustments.
GE claimed $408 million in losses in the United States while tying profits to foreign holdings. GE reported an actual U.S. federal income tax rate of negative 10.5%. and we allowed to add a “tax benefit” of $1.1 billion to offset reported earnings.
It will however pay other governments around the world almost $23 billion in taxes. I guess they do not allow quite so many creative tax options.
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