G.E.’s Strategies Let It Avoid Taxes Altogether

[bernardos70]

I just saw this article, as I'm sure most of you have, but thought I would share it here:

http://www.nytimes.com/2011/03/25/bu...x.html?_r=2&hp

The company reported worldwide profits of $14.2 billion, and said $5.1 billion of the total came from its operations in the United States.

Its American tax bill? None. In fact, G.E. claimed a tax benefit of $3.2 billion.
[snip]
Since 2002, the company has eliminated a fifth of its work force in the United States while increasing overseas employment. In that time, G.E.’s accumulated offshore profits have risen to $92 billion from $15 billion.

I find it quite ridiculous that a company can work the system this way, and leave the suckers to pay for the taxes (the rest of America).