PROPUBLICA/FORTUNE – Did GE pay U.S. income taxes in 2010? The company known for minimizing its tax bill made a muddled situation worse responding to a New York Times report suggesting it might get a refund. GE now says it has a small tax liability for 2010.
PROPUBLICA/FORTUNE – GE is in a class by itself when it comes to paring its tax rate well below the top U.S. corporate rate of 35 percent – sometimes into the single digits – using an array of strategies that include hiring top tax experts from the IRS and Treasury.
As the United States budget deficit currently looms large in the national conversation, Lesley Stahl of CBS News’ 60 Minutesexplored American companies’ use of tax havens this past Sunday (Watch the full segment in the video below). Every year, U.S. companies avoid paying $60 billion in tax by moving the “headquarters” of their corporations abroad, at least on paper. As Stahl notes, this is not a new issue as American companies also moved their assets abroad in...
NEW YORK – 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.
