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Over Last 10 Years, General Electric's Effective Tax Rate Was 2.3%

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At thinkprogress.org


Time for shareholders to demand higher dividends!
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[Stockholders will be demanding higher dividends upon hearing this info?] GE, one of the nation's largest corporations, found itself at the center of the corporate tax debate last year when the NY Times discovered that it paid nothing in taxes, despite billions of dollars in profits. GE responded to the outcry by promising that its 2011 rate was 'slated to return to more normal levels' because of the recovery of GE Capital, its financial arm. But according to an analysis from Citizens for Tax Justice, the company's 2011 effective tax rate was just 11.3%. Even worse, over a 10-yr period from 2002-2011, the company paid $1.9 billion in taxes on $81.2 billion in profits, giving it an effective tax rate of just 2.3% for the decade: -- From 2006 to 2011, GE's net federal income taxes have been negative $2.7 billion, despite $39.2 billion in pretax U.S. profit over the six years.

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At thinkprogress.org

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