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General Electric, one of the largest corporations in America, filed a whopping 57,000-page federal tax return earlier this year but didn't pay taxes on $14 billion in profits. The return, which was filed electronically, would have been 19 feet high if printed out and stacked.
The fact that GE paid no taxes in 2010 was widely reported earlier this year, but the size of its tax return first came to light when House budget committee chairman Paul Ryan (R, Wisc.) made the case for corporate tax reform at a recent townhall meeting. "GE was able to utilize all of these various loopholes, all of these various deductions--it's legal," Ryan said. Nine billion dollars of GE's profits came overseas, outside the jurisdiction of U.S. tax law. GE wasn't taxed on $5 billion in U.S. profits because it utilized numerous deductions and tax credits, including tax breaks for investments in low-income housing, green energy, research and development, as well as depreciation of property.
Simple. GE is one of the 5 corporations that controls the mainstream media. Naturally, they won't air any stories about how they don't pay taxes, so the millions of people who watch MSM won't hear about it. I would be suprised to hear that any other media networks were reporting heavily on this, seeing as how they're all connected via the Council on Foreign Relations.
So why isn't there outrage on this?
* NBC: Owns outright 13 stations and many affiliates, Market penetration: 28% of US households.
* NBC Network News: Owns The Today Show, Nightly News with Tom Brokaw, Meet the Press, Dateline.
* CNBC business network, MSNBC 24-hour cable and Internet news service (co-owned by both NBC and Microsoft); Court TV (co-owned with Time Warner), Bravo (50%), A&E (25%), History Channel (25%).
The MS in MSNBC stands for Microsoft, Bill Gate's Microsoft donated 2.4 million in 2000 to get George W Bush elected.
* GE Consumer Electronics and Household Products and components used in military electronics..
* GE Power Systems, which makes turbines for nuclear reactors, wind turbines, "clean" coal technology.
* GE Plastics: produces military hardware for fighter jets, ships and nuclear power equipment.
* GE Transportation Systems: manufactures engines and diesel and electric locomotives.