Wednesday, May 2, 2012

GE, Corporate Taxes and the American Revolution


Det GE Post Top


As the rebels quietly infiltrated the dock area, teimagenders were unaware of the coming assault. Although the victims of the attack were mostly bags of tea, a few poor souls were tarred and feathered. The statement had been clear. Those who labor would not idly stand by while a few grew rich at their expense … and causing them to grow poorer. It was an action by a few that would set many free from economic oppression and taxation without representation.

The American Revolution was borne.

It was not that many years later, when foreign and domestic money interests pushed for a new private central bank in the new United States of America. The Presideimagent at the time, Andrew Jackson, speaking to the American people, stated “Mischief springs from the power which the monied interest derives from a paper currency which they are able to control, and from the multitude of corporations with exclusive privileges…which are employed for their benefit.”. Another father of the American revolution, Thomas Jefferson stated "I believe that banking institutions are more dangerous to our liberties than standing armies. Already they have raised up a monied aristocracy that has set the government at defiance. The issuing power (of money) should be taken away from the banks and restored to the people to whom it properly belongs."

In these past scenarios, an extremely small but very rich and powerful elite sought more control over the riches of the country, in order to take a larger share of the pie. The extravagances of the Crown were fresh in the American mind set. They were willing to resist them, by force of violence if necessary. Those that they opposed paid no taxes and in fact revived tax revenues into their personal coffers.

This while they produced nothing of genuine value to the economy.

They only fed off of it. At it's expense.

REV 2.0, The American Revolution Continues.

Does any of this sound familiar?

Let's fast forward to say … now. The General Electric Corporation, the largest manufacturing firm in the United States, has become a national symbol for tax avoidance. This has been seen as a positive example in many business and lobby circles. In a recent report the New York

Times said that GE’s tax-avoidance “mixes fierce lobbying for tax breaks and innovative accounting that enables it to concentrate its profits offshore.” The company’s annual report says it has low (no) taxes “primarily because of benefits from lower-taxed global operations, including the use of global funding structures.” “GE’s Strategies Let It Avoid Taxes Altogether,” (March 24, 2011). The same article stated, “GE claimed a tax benefit of $3.2 billion.”

On a local level, in the State of Wisconsin, in the years m 2003 through 2008, the General Electric Corporation paid $0 of Wisconsin corporate income tax, despite the firm’s $109 billion in profits during the period. 

The GE Pay Your fare share March in Detroit.
A group of motivated Wisconsin citizens and activist number in the hundreds traveled from Wisconsin to Detroit to take part in the “GE Pay Your Fair Share” action and march.  With organizers from Wisconsin Jobs Now, the Wisconsin delegation lead the way as the march grew and moved around the building In the 1st video video above one will see some highlights and background on the trip from Milwaukee to Detroit (Dearborn actually) for the GE TAX and Shareholder Meeting Action.

The the video to the left, the highlights of the march and a short look at the War on Woman meeting at the Green Bay Labor Temple the following Saturday.  As one will see, the rest of the story is in the video.

No comments: