GE came away looking like bandits after the New York Times reported that its “American tax bill” was $0. GE countered, however, and said that it “paid significant U.S. fed income tax in 2010.” Then, GE backtracked and said that it “did not pay any federal taxes because it didn’t owe any.”
Confusing – but the bottomline is that GE did nothing wrong. Any company with money like GE would do the same thing and hire a team of tax experts to find loopholes to avoid paying taxes altogether.
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