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GE pays no income tax
Robert Green wrote:
Are you saying that if the US Congress put their mind to it they *couldn't* close the loopholes that allow companies to move offshore so easily? Not that they ever would, but in light of their threats to claw back the obscene AIG bonuses, it seems that they might indeed have the power to pass laws saying "You can leave, but it's going to cost you dearly." I'd have no heartache with making American companies that built their fortune here leave a lot of it at the door when they leave. I would feel better about than then dissolving bargaining agreements and union busting. Teachers aren't playing off-shore keep-away with the IRS but they're the ones paying for companies that do. As you may know, Caterpillar sent a letter to the governor of Illinois citing the recent 66% increase in the state's corporate income tax as a BIG incentive to move 23,000 manufacturing jobs to a different state. The governors Indiana, Ohio, Texas, and several other states immediately sent letters to the CEO of Caterpillar saying "We'd be honored to host your company right here." Moving one's operation from Illinois to Kansas is conceptually not much different from moving from the U.S. to the Lesser Antilles. |
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