Hyper-Rich GE Holds Workers Hostage for Tax Cuts | Firedoglake

Hyper-Rich GE Holds Workers Hostage for Tax Cuts | Firedoglake: "This fabulously wealthy company paid exactly $0 in US taxes last year, despite reporting $11.2 billion in net earnings on revenues of $156.8 billion. 2010 10-K p. 84. GE claimed to lose $498 million in the US. It claimed to make $10.8 billion overseas. Those foreign earnings required GE to pay taxes of $2.4 billion to foreign governments. (Note 14, p. 133), but the US losses meant that it owed no US taxes, and gets what it calls a “tax benefit” of $1.9 billion. Here is GE’s explanation:"