GE's Tax Return: $3.2 Billion

Friday, March 25, 2011

Companies are using every loophole they can find to get a tax benefit — and it turns out they are doing it well. According to The New York Times, General Electric made $14.2 billion in profit last year, $5.1 billion of which came from its operations in the United States. But it turns out that not only did G.E. not pay any money in taxes, instead raking in another $3.2 billion in tax benefits.

Louise Story, market and Wall Street reporter for The New York Times, explains how they did it — and whether the government is doing anything to stop up the tax gap.

 

Produced by:

Kateri A. Jochum

Contributors:

Louise Story

Comments [4]

Peg

GE's twitter response - GREATLY OVERSIMPLIFIED

Mar. 30 2011 07:27 AM
ariel from crown hts, brooklyn, ny

John H. should have recused himself from this interview - he is a former employee of nbc (spy cam network) which is owned by g.e.

do you receive a pension from nbc? what are your existing ties to nbc - mr hockenberry?

can you really be objective in this story?

i did't hear objectivity come out of you - in fact, you seemed thrilled to hear of this.

Mar. 29 2011 09:47 AM
WD Jones from Springfield, VA

SHAME on our dirt bags in Washington! Shame on us for allowing this to happen! It is so wrong that it is insane!

Mar. 26 2011 06:28 PM
Gary Sheffer from Fairfield, CT

Gary Sheffer from GE. The Times failed to explain that the main reason for our low tax rate in 2010 was signficant losses at our financial services business, GE Capital. Losing large amounts of money is not a tax avoidance strategy. Our tax rate will increase this year as GE Capital recovers from the global financial crisis.

Mar. 26 2011 05:27 PM

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