Tuesday, May 29
A vital role in world, U.S. economiesHere I am yet again defending GE against an editorial in the CT Post:
Whether we like it or not, many on the right and the left have latched on to misleading facts about GE to push their own agendas. GE is an American company whose success depends on selling products and services to the 95 percent of the world's population that lives outside the U.S. and we are not going to apologize for that. In 2011, 60 percent of our sales were outside the U.S. and our exports were $18 billion, helping to support our 131,000 U.S. workers and thousands of suppliers across the country. We wish all our customers were in the U.S. because that would be an easier way to run the business, but that's not where most of the customers are. GE does pay taxes and in fact, GE paid $1 billion in federal, state and local taxes in the U.S. for 2010. GE's tax rate for 2010 was low because we lost $32 billion in our financial business during the global financial crisis. That tax rate increased to 29 percent in 2011 as our financial business has recovered. In part, GE's U.S. tax rate is low because of tax credits designed by Congress to support U.S. economic growth and to create jobs. Since 2009, GE has announced the creation of more than 13,500 new U.S. jobs and 16 new U.S. plants. GE currently has 131,000 U.S. employees and it continues to invest in America. Like most Americans, GE would prefer a simpler tax code. But unlike most Americans, GE would prefer of simpler tax code even if it means we pay more in taxes. However, GE's role in the American economy goes well beyond the taxes the company and its employees pay. For every direct GE job and the work we do, GE supports an additional 5.2 jobs in this country. That adds up to GE indirectly supporting one out of every 208 jobs in the country. With demand for our products rising around the world, our global GE customer base makes it possible to create jobs in the U.S. to help us meet that demand. Thanks for letting me set the record straight.Via CT Post.
posted by Michael Tresca at 11:00 AM
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