Gee, No GE: Global Company With Almost $11 Billion in Profits

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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