Where's my lobbiest?
GE reported a 10.8 billion dollar profit but didn't pay a single cent in income tax.
Fortune magazine:
Corporations typically face a 35% federal income tax on their earnings. Thanks to its deductions and adjustments, GE reported an actual U.S. federal income tax rate of negative 10.5%. It got to add a "tax benefit" of $1.1 billion back into its reported earnings.
Nice.
Where's my lobbiest?
GE reported a 10.8 billion dollar profit but didn't pay a single cent in income tax.
Fortune magazine:
Corporations typically face a 35% federal income tax on their earnings. Thanks to its deductions and adjustments, GE reported an actual U.S. federal income tax rate of negative 10.5%. It got to add a "tax benefit" of $1.1 billion back into its reported earnings.
Nice.