...despite making $14.2 billion in profits, General Electric, the largest corporation in the United States, paid zero U.S. taxes in 2010 and actually received tax credits of $3.2 billion dollars. The article noted that GE’s tax avoidance team is comprised of “former officials not just from the Treasury, but also from the I.R.S. and virtually all the tax-writing committees in Congress.”
After not paying any taxes and making huge profits, ThinkProgress has learned that General Electric is expected to ask its nearly 15,000 unionized employees in the United States to make major concessions.
This year, 14 unions representing more than 15,000 workers will negotiate a new master contract with General Electric. Among the major concessions GE has signaled that it will ask of union workers is the elimination of a defined contribution benefit pension for new employees, a move the company has already implemented for its non-union salaried employees. Likewise, GE is signaling to the union that it will ask for the elimination of current health insurance plans in favor of lower quality health saving accounts, a move the company has already implemented for non-union salaried employees as well...
If the foxes (i.e., the bank$ters) didn't already totally own the henhouse (i.e. the unions) the G.E. corporation would come to a screeching halt over this. But the principal reason unions have lost so much in this country is that like the government, the banks, and G.E. itself, they are controlled by highly organized criminals. So while I predict the possibility of some smoke, noise, and posturing over this issue, I expect nothing much will be done.
The game is already over.
And yes, Joe Biden, when organized labor rolls over in this country, our precious freedoms are lost.
This started some time ago and gathers speed as we watch, and you really helped it along.
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