According to The New York Times, last year General Electric (GE) made over $14.2 billion in profit, but paid NO federal tax.1 None.
In fact, thanks to the millions GE spent lobbying Congress, we American taxpayers actually owed GE $3.2 billion in tax credits.2
Now GE is slashing health benefits and retirement benefits for new employees among non-union workers and is expected to push unions to accept similar cutbacks3, while its CEO, Jeff Immelt, gets a 100% pay raise.4
What's worse? Immelt now sits as chair of the President's Council on Jobs and Competitiveness (Jobs Council), representing corporate America to the President on matters like job creation and corporate taxation. That's a slap in the face to every hardworking, tax-paying American—especially GE employees.
That's why we're teaming up with Russ Feingold and his new group Progressives United today to call for Immelt to go. Will you join the call?
One of the chief ways GE avoids paying taxes is by shifting a large portion of its profits overseas, and jobs follow.5 Now GE's CEO is the person charged with helping the President create jobs here in America. That's just perverse.
And if the American people got back just the $3.2 billion GE took in tax credits, it would pay for the programs that House Republicans want to gut, like community health centers providing care to over three million low-income people6 and food and health care assistance to pregnant women, new moms, and children.7 We'd even have enough left to save the jobs of over 21,000 teachers across the country.8
But if we can hold Immelt accountable for GE's corporate irresponsibility, the nation will turn its attention to the injustice of corporate tax evasion in the face of the Republicans' budget-slashing attack on working families.
Make it all happen by signing the petition calling for Immelt to go. Just click below—and share this email with your friends, family, and social networks today.
Thanks for all that you do.
–Lenore, Tim, Marika, Kat, and the rest of the team
1. "G.E.'s Strategies Let It Avoid Taxes All Together," The New York Times, March 24, 2011
4. "UPDATE: GE Doubles CEO Immelt's Compensation, Shrinks Board", Smart Money, March 14, 2011
5. "G.E.'s Strategies Let It Avoid Taxes All Together," The New York Times, March 24, 2011
6. "NACHC Statement in Response to the Budget from the House Appropriations Committee," National Association of Community Health Centers website, February 9, 2011
8. Based on an annual teacher's salary of $42,500, as noted in the Payscale website (updated March 19, 2011), accessed March 30, 2011
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