General Electric Pays Zero Taxes, Tells Employees to Tighten Their Belts
You can't make this shit up.
As the New York Times reported last week, GE paid no income taxes in 2010. In fact they received $3.2 billion in tax credits. And how did they pull this off? By having close intimate connections with “former officials not just from the Treasury, but also from the I.R.S. and virtually all the tax-writing committees in Congress,” according to the NYT article.
And now on top of that, GE will be demanding major concessions from its 15,000 unionized employees. Fourteen unions representing 15,000 workers will be negotiating a new contract with GE.
Pensions, health care coverage and wages will all go downhill if GE gets its way.
A machinist at GE said:
“You wonder why there is a jobs crisis in this country with a guy like G.E. CEO Jeff Immelt heading the President’s Jobs Commission.”