“General Electric, the nation’s largest corporation, had a very good year in 2010” reported the Times. “The company reported worldwide profits of $14.2 billion, and said $5.1 billion of the total came from its operations in the United States. Its American tax bill? None. In fact, GE claimed a tax benefit of $3.2 billion.”

Mona Charen at Townhall.com

EXCERPTS:

The April 18 deadline predisposes one to sympathize with all other harassed taxpayers, so when The New York Times lambasted General Electric for paying no federal income tax, it occasions a second look.

The Times is clearly scandalized — and perhaps it should be. After all, at least some of the tax breaks GE has been able to take advantage of were the result of aggressive lobbying. The Times detects the scent of corruption in the 2009 story of GE’s tax lawyer plaintively pleading with then Ways and Means Chairman Charles Rangel to maintain a tax exclusion important to GE’s bottom line. Apparently, in a whimsical gesture, the lawyer actually dropped to one knee. Rangel changed his position.

“The following month, Mr. Rangel and Mr. Immelt stood together at St. Nicholas Park in Harlem as G.E. announced that its foundation had awarded $30 million to New York City schools, including $11 million to benefit various schools in Mr. Rangel’s district.”

There may be more to the story (Rangel denies a quid pro quo), but on its face, it stinks.

FULL ARTICLE

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