Congress cuts heat for the elderly while GE pays little taxes on huge profits
- Created Mar 25, 2011
Congress members, especially those on the right side of the aisle, have been on a slash and burn spree in the name of deficit and budget reduction--cutting everything from heat subsidies to little old ladies in the winter, food stamps, Medicaid, stymieing unemployment benefit extensions, public radio, Planned Parenthood and an endless array of other programs.
However the hypocrisy becomes glaringly obvious when you read of bloated profits pulled in by companies such as General Electric Co., with not one penny of tax paid.
How do you justify whining about big government, giant deficits and ballooning budgets needing urgent reduction yet awarding the fourth biggest company in the world tax exemptions of such magnitude?
GE reportedly made a staggering $14.2 billion in profits globally, 5.1 in the US, of which absolutely no taxes were paid. In fact, the federal government turned around and paid GE a $3.2 billion "tax refund."
Have you gotten a sweet deal of a tax break and tax refund lately?