Tuesday, February 1, 2011

It's not what you know, it's who you know

From Bloomberg News:

President Barack Obama named Jeffrey Immelt, General Electric Co.’s chief executive officer, to head his outside panel of economic advisers, replacing former Federal Reserve Chairman Paul Volcker.

In announcing Immelt’s appointment to take the helm of the newly renamed President’s Council on Jobs and Competitiveness, Obama said the economy is “in a different place” from where it was during the financial crisis when Volcker was brought on, and new ideas are needed to keep the momentum going.

Go here to read about all the mischief that G.E. can get into with Immelt having access to The Teleprompter's screen.  Worth the read. 

“The past two years was about moving our economy back from the brink,” Obama said alongside Immelt during an event in Schenectady, New York, home to the birthplace of GE’s energy business. “Our job now is putting our economy into overdrive.”

And now for something completely different....From the TaxProf Blog:

During his State of the Union address, President Obama said the current tax system is broken. "Those with accountants or lawyers to work the system can end up paying no taxes at all," he said. "But all the rest are hit with one of the highest corporate tax rates in the world. It makes no sense, and it has to change."

Just how broken is the corporate tax system? Consider the tax rate paid by two of America's biggest companies — Wal-Mart and General Electric. Wal-Mart paid 34 cents in taxes for every dollar of profit it made in the past three years. General Electric paid just 3.6 cents on the dollar.

Welcome to the mysterious world of the corporate income tax, says tax expert Len Burman at Syracuse University. "There are big companies that consider their tax departments to be profit centers," he says.

That's right; instead of concentrating on making light bulbs, power plants or whatnot, companies use the tax system to boost their profits.

Here's what's funny about this....G.E., the ultra-wholesome, greenie, in bed with the Statists company, (and manufacturers of The ObamaBulbs) only paid 3.6 % of its income in taxes. 

Wal-Mart, the great Satan, the destroyer of America, exploiter of the people, torturer of kittens, etc., Wal-Mart graciously allows Obama to have 33.6 % of their income. 

I don't care who you are, that's funny. 


Nick Rowe said...

How about a President's Council of General Incompetence.?

Tim Lebsack said...

Looking at the list, I realize that I shop at all the losers and rarely buy from the winners.

The Whited Sepulchre said...

Seriously, Can you imagine how the G.M. boardroom is just freakin' delighted with Immelt's new access to subsidies, quotas, set-asides, votes, executive orders, bans, environmental regulations, and, why the hell not, presidential pardons?