GE Not Only Corporation Not Paying Taxes–GM Too.
We’ve all heard how GE, through tax-loophole sleight of hand, was able to avoid paying taxes last year. Well, move over, GM joins the crowd.
President Obama, while touting “record” profits for General Motors, forgot to mention they (GM) paid a negative tax rate (-1.5 percent) and the tax code was significantly manipulated for it’s bailout purposes. GM was the subject of TARP, and Obama claims it to be a great success. Much of the 7.6 billion profit alledgedly made by GM includes no taxes. Under normal circumstances, taxes would have left GM in the red—again.