I checked on urban legends and this is true.
General Electric is planning to move its 115-year-old X-ray division from Waukesha, Wis., to Beijing. In addition to moving the headquarters, the company will invest $2 billion in China and train more than 65 engineers and create six research centers. This is the same GE that made $5.1 billion in the United States last year, but paid no taxes-the same company that employs more people overseas than it does in the United States.
So let me get this straight. President Obama appointed GE Chairman Jeff Immelt to head his commission on job creation (job czar). Immelt is supposed to help create jobs.
I guess the President forgot to tell him in which country he was supposed to be creating those jobs.
If this doesn't show you the total lack of leadership of this President, I don't know what does.
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This may be illustrative of Obama's hypocrisy in railing against corporations not paying their "fair share" out of one side of his mouth while appointing some of the "worst offenders" (by that way of thinking) to high positions with the other, but it doesn't make me angry at General Electric.
I'm glad GE has been able to avoid paying income taxes in this country, because -- as everyone should realize, but few seem to -- any taxes paid by U.S.-based corporations are ultimately passed along to workers, consumers, and shareholders in the form of lower wages and benefits or more chance of being laid off, higher prices, and lower returns on investment -- not to mention making companies less competitive in the global marketplace.
Furthermore, corporate income taxes are a form of double taxation, since both corporate employees and shareholders are already required to pay taxes on income and profits derived from the company -- and what *is* a company, if not its workers and not its owners? Those are the people who make up a company, provide its labor and capital, and make it profitable, and by and large they are already taxed on income resulting from their involvement with the company. So to tax the company again as a whole is to pile onto people who have already paid.
Not that anyone should be forced to pay taxes, period.
Love & Liberty,
((( starchild )))