How did a company that reported $5.1 billion in profits ($14.2 billion worldwide) manage to get the government to pay them? For one, G.E. is not alone. Corporate share of the country's revenue from taxes fell from 30 percent in the mid-fifties to 6.6 percent in 2009. Companies get around the 35 percent corporate tax rate — one of the world's highest — with a maze of shelters, tax credits, and subsidies. G.E.'s winning strategy combines fierce lobbying, "innovative accounting," and a tax team comprising former officials from the Treasury, the IRS, and practically all of Congress's tax-writing committees. Hmmm, we're not sure if that really lives up to the company's "Imagination at Work" slogan. G.E. CEO Jeffrey Immelt is both President Obama's liaison to the business community and the President’s Council on Jobs and Competitiveness. He probably just picks up a handful of Washington types every time he drops by.
Most Viewed Stories
Dad Takes Out Full-Page Dating Ad for His 48-Year-Old Son
The (American) Idiot’s Guide to Brexit
Orange Is the New Black’s Samira Wiley on Poussey’s Devastating Scene, Black Lives Matter, and Looking Straight Into the Camera
Teen Boy Waits Patiently As His Prom Date Re-creates Entirety of Beyoncé's ‘Formation’
Is Game of Thrones Going to Give Us a Second Red Wedding?
RuPaul on the Orlando Shooting: ‘Don’t F*ck With My Family’
Harry Styles Is Officially Going Solo
28 Things You Learn While Hanging Out With Tom Hiddleston, Taylor Swift’s New Makeout Buddy
Brexit: Britain’s Middle Finger to the World
Meet Your Summer Icon: This Woman’s Butt
Latest News from Daily IntelligencerA Brexit Boom for Billionaires
George Soros and other speculators may have cashed in on the market chaos Friday.A Vote to Unbind Delegates and Dump Trump Could Actually Happen at the GOP Convention
A scenario that could create some chaos in Cleveland.FBI Says There’s No Evidence Orlando Gunman Omar Mateen Had Messaged Men or Had Secret Gay Affairs
But witnesses are digging in their heels and saying the FBI is wrong.Why the British Left Isn’t Talking About Immigration
Labour is far more dependent than the Democrats on the white working class, where resentment of immigrants is high.Anti-Deficit Lobby Welcomes Republican Plan to Jack Up the Deficit
Debt scolds pretend a huge tax cut is not a huge tax cut.The NBA Draft: My Minute-by-Minute Diary
"You have to love Sixers fans. They’re just so sad and hopeful."Sanders Edges a Little Closer to a Clinton Endorsement
But he's trying to use his leverage to get concessions from her first.The (American) Idiot’s Guide to Brexit
Here’s everything you need to know about the British referendum that could reshape the future of the world’s largest economy.Boxing Champ Keith Thurman on Colonics, ‘Mayweather, Schmayweather,’ and How He Plans to Beat Shawn Porter
Is he boxing's "next Floyd," or just a flute-playing Florida nature boy with an impressive knock-out record?What to Expect When You’re Expecting Brexit
A guide to the fallout from Britain's historic decision to begin divorce proceedings with the European Union.
In the U.K., emotion triumphed over reason, and Britons hurt not only themselves but everyone else.Donald Trump’s Reaction to Brexit Will Surprise Exactly Nobody
He thinks it's a "great thing."Brexit Has Scrambled the British Political System — and Given Trump a Model
The PM has resigned, and the Labour leader is facing a no-confidence vote. It's a fine mess!How Great Britain’s Newspapers Are Covering Brexit
A sampling from the country, and a few from around the globe.Paul Ryan’s Plan for Everything: Hide the Numbers
The biggest fraud in American politics.World Trade Center’s Liberty Park Is Coming Very Soon
A one-acre elevated park.British Prime Minister David Cameron Steps Down Following Brexit Vote
Cameron said the country requires "fresh leadership" to negotiate its divorce from the EU.Fresh Intelligence: Today Is a Great Day to Be Led Zeppelin, But a Bad Day to Be 48 Percent of Britons
Our roundup of the stories, ideas, and memes you’ll be talking about today.
Brexit is complete, and global markets are tanking in response.In New York Speech, Sanders Eyes Democratic Party Reform
He didn't mention Hillary Clinton once.