The Big Picture (putting it all together)

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After Getting Bailed Out By American Taxpayers, General Electric Pays ZERO U.S. Taxes, Pretending that All of Its Profits are Overseas

General Electric got bailed out by American taxpayers.

Specifically, it was given $139 billion in FDIC guarantees and used the Federal Reserve program supporting it's commercial paper (see this).

So you'd think that GE would return the favor by paying American taxes, right?

Wrong. GE paid no U.S. taxes for 2009.

As CNN points out:

GE had plenty of earnings last year -- just not in the United States. For tax purposes, the company's U.S. operations lost $408 million, while its international businesses netted a $10.8 billion profit.

Unfortunately, GE is not alone

http://georgewashington2.blogspot.com/