It’s hard to believe that GE, which made a domestic profit of $5.3 billion last year, not only didn’t have to pay any taxes but, because of their skilled army of tax experts and lobbyists, was actually owed $3.2 billion by the government. Even harder to believe is that they would, for some reason, after all this effort, do a complete about-face and return the money and promise to stop using offshore tax havens forever. And yet that’s what AP reported earlier today:
Facing criticism over the amount of taxes it pays, General Electric announced it will repay its entire $3.2 billion tax refund to the US Treasury on April 18.
GE uses a series of foreign tax havens that the company says are legal and that led to an enormous refund for the 2010 tax year…
Wow! A giant multinational corporation deciding not to weasel out of paying its fair share of taxes? That’s unreal! Actually … wait, yes, it is not real.