Sunday, March 27, 2011

America’s Giant Corporations Suck America Dry

General Electric (GE) is only one example of…
by Charlie Leck

Here's a NY Times story that was published on 24 March 2011 about GE’s very lucrative profits in 2010. In the interest of full disclosure, we own a relatively (“relatively” is the operative word) significant amount of GE stock.

Jesus! Is it all that difficult to figure out what is so wrong with finances in America? Why do we have gigantic budget deficits? Why have we wrung up such a huge national debt?

Why do we want to climb out of this dark hole on the backs of the elderly and the lower middle classes?

I urge you to read the entire story, but here is its essence.

GENERAL ELECTRIC is the nation’s largest corporation.

In 2010 it had a huge year in terms of profits. (14.2 billion dollars world-wide and 5.1 billion in the U.S.)

It paid no federal corporate income taxes to the U.S. on last year’s income.

It claimed a 3.2 billion dollar tax benefit from the U.S.

The story is a long one (6+ typed pages) and it’s not enjoyable Sunday morning reading

By the way, MinnPost pointed out last week that 3M’s Chief Executive Officer, George Buckley, pulled down over 23 million dollars last year in salary, bonuses and stock option values (see Wall Street Journal report of his income). For additional interesting reading about Buckley, MinnPost also ran this interesting commentary on Buckley’s attitude about government and taxes.


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1 comment:

  1. The other side of the story -