General Electric, the nation’s largest corporation, had a very good year in 2010.
The company reported worldwide profits of $14.2 billion, and said $5.1 billion of the total came from its operations in the United States.
Its American tax bill? None. In fact, G.E. claimed a tax benefit of $3.2 billion...
...Its extraordinary success is based on an aggressive strategy that mixes fierce lobbying for tax breaks and innovative accounting that enables it to concentrate its profits offshore. G.E.’s giant tax department, led by a bow-tied former Treasury official named John Samuels, is often referred to as the world’s best tax law firm...
Yes, the taxes of millions of American taxpayers go to pay the tax refund of GE.
They bring good things to life. Their life, of course... you have to pay.
If there's an occasional meltdown or two, that's obviously the fault of the consumer.
Hence GE's response to the earthquake/tsunami-generated meltdown: excellent! we obviously need more nuke plants!
Hence the $enator's response to the news GE's getting a billion-and-a-half tax refund: less taxes for the GE!