Last week, the New York Times reported that, despite making $14.2 billion in profits, General Electric, the largest corporation in the United States, paid zero U.S. taxes in 2010 and actually received tax credits of $3.2 billion dollars.More here.
ThinkProgress has learned that General Electric is expected to ask its nearly 15,000 unionized employees in the United States to make major concessions.
This year, 14 unions representing more than 15,000 workers will negotiate a new master contract with General Electric. Among the major concessions GE has signaled that it will ask of union workers is the elimination of a defined contribution benefit pension for new employees, a move the company has already implemented for its non-union salaried employees. Likewise, GE is signaling to the union that it will ask for the elimination of current health insurance plans in favor of lower quality health saving accounts
After another money-losing year, Bank of America Corp. got the upper hand with Uncle Sam in 2010.
The Charlotte-based bank had no federal income tax expense for a second straight year and actually reported a tax “benefit” of nearly $1 billion. Also, the bank’s billions in accumulated losses could reduce its taxes in future years, a tax expert said.
“Bank of America takes its role as a corporate citizen very seriously, and pays taxes in accordance with all applicable laws and regulations,” bank spokesman Jerry Dubrowski said.
Carrying forward losses from a previous year is IMO, a legitimate tax benefit that can often help smaller business stay afloat during tough times but then to tack on an additional $1 billion is obscene. $1 billion also happens to be the amount the GOP wants to cut from Head Start, one of the most successful programs for helping pre-school low income kids get a better start in life. A recent study of 600 kids in California showed every $1 spent on Head Start saving $9 down the road including increased earnings, employment, and family stability, and decreased welfare dependency, crime costs, grade repetition, and special education.
How much greed and gluttony will satisfy these corporate giants. When is enough enough, when they have devoured everything and bled everyone dry. They have beoome Mr. Creasote of Monty Python's the meaning of life. Warning, extremely gross.