Cronyism Pays, GE Doesn’t

Danny Tyree, FloydReports.com

As both a capitalist and a taxpayer, news of recent antics by General Electric (G.E.) made me wince.

That’s because G.E.’s actions are practically begging the usual suspects to ramp up their protests against “evil corporations.”

According to the New York Times, G.E. – despite making a $5.1 billion profit in the United States in 2010 – paid no federal income tax and actually received a $3.2 billion tax credit to apply to future indebtedness.

The nearly 1,000 employees in G.E.’s tax department achieved this through a series of deductions, shelters, adjustments, “green” energy subsidies, offshore profit centers, generous depreciation schedules….

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