Then again, GE donates more money to Obama’s campaign than it pays in U.S. taxes.
(Beltway Confidential) — Rep. Frank Wolf, R-Va., observed on the House floor today that General Electric appears to be one of China’s top sources of corporate tax revenue while paying no taxes in the United States in a speech critiicing GE and President Obama, who tapped GE’s CEO as his jobs czar.
After alluding to a New York Times report that GE paid no U.S. taxes in 2010, Wolf said that “the Congressional Research Service found that the October 2008 issue of China Taxation magazine published top corporate tax payers in the commercial services sector. The Beijing subsidiary of GE was number 32.”
“While we don’t yet have data regarding GE’s tax payments in China for 2010, it is noteworthy that GE, an American company,” Wolf continued, “paid no federal taxes in its home country last year, while being honored for being a significant source of tax revenue to China.”
Wolf took the opportunity to attack Obama. “Ironically, the head of President Obama’s Council on Jobs and Competitiveness is GE Chairman Jeffrey Immelt,” he said. “Meanwhile half of GE’s workforce is overseas.”