Jeffrey Immelt, the CEO of General Electric, who was chosen to head the President's Council on Jobs and Competitiveness in January, said businesses need to create more jobs. Here's a CEO whose corporation he heads paid 0% taxes to the federal government from the 2010 returns on a $5 billion profit. Also GE receives federal funds from the government, GE's outsourced American jobs overseas in the last ten years, and GE has shed 34,000 jobs since he arrived at the helm in 2001. General Electric owns NBC and anyone that pays attention to the media at NBC knows that NBC is a propaganda arm for the Obama administration. What kind of right does Immelt have in calling for businesses to hire more people when GE didn't pay any corporate taxes for last year and he's shipped thousands of American jobs overseas? GE has an unfair advantage with the federal government. Immelt and his cronies have bought off our elected officials in Washington. All small and medium-sized businesses have to pay taxes. Since Immelt has curried favor with the Obama administration, GE didn't pay any taxes this year. That isn't right.
Even though I'm not a believer in corporations paying high tax rates, I believe all loopholes for corporations should be closed. If a corporation that doesn't generate as much profit as GE has to pay corporate taxes, then GE should--no exceptions. If the government is going to exact a corporate tax, all corporations should pay the same percentage. The government has no business choosing which corporations pay corporate taxes and which don't. General Electric is aligned with the Obama administration, which exempts them from having to pay corporate taxes this year.
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