posted on Apr, 20 2010 @ 05:31 PM
I just saw this on CNN, and it made my blood literally boil!
After deductions and adjustments - GE reported a negative 10.5 percent federal income tax rate... and wound up with a "tax benefit" of almost $1
As for Bank of America - after major losses in 2009... it ended the year with a tax benefit of almost $2 billion.
GE made no profit in the US last year, so I can maybe.... maybe
... understand the idea of not paying an income tax. But to get a tax benefit,
as in moneys paid to them by the US government, of a billion
dollars? Folks, this is not a person trying to eek out a living on substandard pay
and getting a bit of a break! This is a corporation that made profit, a lot of profit, from operating overseas, and the government is giving them a
billion dollars to boot! And then BoA gets 2 billion? BoA helped cause the mess we are in now, and already got bailout money!
It doesn't matter if you are a liberal, conservative, Democrat, or Republican... something has to be done about this... and soon. Otherwise we won't
have a country to fight over.