GE’s Record Of Tax Avoidance

It is rich to see General Electric lead the pack of companies complaining about oppressive taxes. GE notoriously paid no federal income taxes from 2008 to 2013, according to the U.S. Public Interest Research Group. In fact, its corporate tax rate was negative 9 percent; GE got back from taxpayers a refund of $2.9 billion, according to the public-interest group Citizens for Tax Justice. Its corporate tax rate paid to Connecticut was 2 percent, well below the nominal corporate rate of 7.5 percent.

Then there is the money GE sends to offshore tax havens to escape taxation: $108 billion in 2012 alone, according to U.S. PIRG. In Connecticut, the proposed unitary tax that so offends GE is the law in the other New England states. Its intent is to prevent corporations from moving profits to other states in order to game its home state’s tax laws.

GE has proven itself adept at tax gamesmanship. I say bring it on.