I applaud you, Lawrence, for your courage in reporting on GE’s tax returns, and equally sad at your observation that GE, indeed, followed all the tax laws in place (along with every other corporation). But one thing you left out is the recent howling by pro-corporation lawmakers and groups, complaining that corporations in other countries, such as Sweden or Denmark, pay a lower corporate tax rate. They go on to insist that this puts the United States at a disadvantage, makes us less competitive in the world marketplace.

What they fail to mention, though, is that those other countries require all those taxes be taken from what we call their “gross revenue” (income); same thing for their citizens., In this country, however, there are so many deductions and exemptions in the IRS code that it takes a team of a thousand accountants to squeeze out every last drop of money as possible. That is how our corporations pay zero dollars, in spite of whatever the “official” tax rates might be.

And this is why we will probably never see any real tax reform, at least in our lifetimes. Not only is it against all those corporate interests, lobbyists, and lawmakers, it is even more opposed by all those tax lawyers and accountants! A single-page IRS Form would mean the end of all those highly-paid professionals. Trust me, it’ll never happen.

Attention LO'Donnell: Meeting, Monday Morning, 9AM, executive board room. GE executives need to have a word with you.

just great.

Thanks for the thorough coverage of the tax story.

Another way that corporate america is screwing the rest of america; and the U.S. congress is saying to corporate america "yes sir, can we be screwed some more? Let's see: corporate america doesn't want environmental laws; it doesn't want public servants to get retirement pay; it doesn't want murals of workers to hang in labor departments, and now, it doesn't pay any taxes. How many things and how many ways does corporate america want to destroy america? Who is being disloyal to america now?

Lawrence, I was spellbound watching your comment tonight--my first thought was "he's really got a pair", but as I am sure you intended, I came to understand that your comment was really an indictment of our tax code, not GE. As you pointed out, GE had only to take advantage of legal provisions in the code. The large, complex companies have a wealth of provisions, loopholes, etc. from which to mine to their advantage, while simple wage-earners don't have much to work with in the tax code. You were right on the mark.

We need to remove the loopholes and improve enforcement--none of us who pay our fair share want to see any entity, whether it is a large company or a small cash business, not pay their fair share...

Bravo, Lawrence! I hope you still have a job, though, next month and next year. What could possibly be wrong with an insistence that companies pay their fair share? I don't imagine well-compensated GE execs are going to see it that way, though. You know that, and we know that, but this only points to your bravery. Well done! You have another supporter out here in the Midwest.

Not to rain on the party, did you all know who was a personal guest of President Obamas on his trip to Brazil? The CEO of GE. Lawrence didn't mention that did he? It's the rich evil Republicans, and you all buy in hook, line, and sinker. Check your facts people.

MSNBC is now owned by Comcast would Larry have said this 6 months ago? The CEO of G.E. works for Obama. The bigger news is how much G.E. stands to profit if Cap and Trade is shoved down our throat like obamacare!

Good explanation. If impossible to fully change tax code; how about an alternate minimum Corp. tax, based on Gross and eliminating "doing business" deduction for Lobbing.This would partially put Big and Small Business on an even playing field.

How about no a tax code in which there is no Income Tax, only a flat sales tax on everything you buy. Companies would pay a flat rate with no exceptions or write offs.

How can we expose the financial donors to the Republican party. For example, we should expose the financial donors to Karl Rove's organization, and the U.S. Chamber of Commerce. We deserve to know who finances the Republicans, and they deserve our scrutiny. This is democracy.

Lawrence:

I watched your show Friday night and you said that the republicans are responsible for the tax codes in this country. I must have missed something the last four years when congress was controlled by Harry Reid and Nancy Peloise "all democrats" and the last two year Obama was president "democrat president. When are the democrats going to be responsible for any wrongdoing in this country?

Skip

I rarely watch this show but was fortunate enough while flipping thru channels to watch Lawrence's comentary. His comments are spot on. Corporate tax rates need to be simpified by removing subsidies, tax credits and other loop holes in exchange for a flat tax rate, say 24 to 26%. This will level the playing field between US corporations and spread the tax base across many more companies. Good luck however with any change, especially with Jeff Imelt's cozy relationship with the Obama Administration. It would be great to see Mr. Obama take a leadership position in driving change with the corporate tax code but don't hold your breath.

The problem with doing away with all the loop holes is that corporations lose incentives that benefit US operations. For example, there are tax credits for hiring employees that need training, investing in certain technologies, etc. If you take a meat ax to the deductions then you will accelerate the outsourcing of jobs. There are ways to tailor these deductions so that it benefits American workers. The deductions for moving overseas should be denied, deductions for the foreign employees and equipment, etc. Also, we can enact an Alternative Minimum Tax for corporations just like individual tax payers.

Years ago, I was told by a federal marshall that no crime is committed unless it is prosecuted; therefore, if you have an administration that will not prosecute crimes and you have money enough to buy loopholes, then no matter what you do is not a crime.

Adding to it, the politicians and judges and many of the police have sold themselves so many times that their souls are worn out. Unfortunately, these same people own and direct the news media. Thanks to the media, the people believe there is a difference between democrat and republican--in actually, they are a distinction without a difference.

Lawerence, why not do a show on WHAT THEY ARE REALLY SAYING! Politician---"Yes, I know things are wrong in DC and some of the laws need changing or eliminating....." I reality: "You are an idiot if think I am going to mess with the status quo. I am making too much money to mess with it."

Great job, Lawrence! You explained everything so clearly and concisely - and were forthright and unflinching in your critique of your "parent company". We (viewer/citizens) thank you.

Bravo Mr. O'Donnell; you knocked it out of the park! Your observations were spot on, however I'd like to look at GE's tax avoidance indecency from a slightly different angle. You said that GE, the largest corporation in America had a net profit in 2010 in the neighborhood of around 5 billion dollars, and that they paid zero dollars in taxes after their "financial gymnasts" completed their 24K + pages of loophole calisthenics that comprised the GE tax return.

What about individuals on Wall Street who made in excess of one billion dollars in 2010. I seem to recall one individual making > 4 billion by himself. I wonder how much tax he paid? I think it is morally uncouth for one man to make that much money in one lifetime let alone one year, unless he has the moral certitude to find ways to use that money to heal "some" of the ills of that society from which that money was made (taken). There are many ills in our society today from damage done to it over the last 40 years or so, and from what I see on the political shows daily; we are at a tipping point. I wonder; can the promiss of America ever be realized if we stay on the present course we are on?

The rapacious GREED of a few is inflicting critical financial wounds on this nation. These people are not the nation's patriots let alone heroes. No; they're predators, and we are the prey. The nation's highest court has "cleared the way" for them to exert inordinate influence over the course of political debate and elections in our society. Our schools are being desimated; our children (those of americans of below to average means) are being sacrificed as more and more of what constitutes holistic instruction is being evicerated and removed from curriculums as school boards are forced to deal with the fallout. Parents and Teachers struggle against tremendous odds to "protect" the nation's greatest treasure and they are losing the battle. Our children are not receiving what is rightfully theirs, a quality education to give them a "chance" at life.

The predators have outsourced so many jobs that even those who graduate high school (50% don't) can't find a job that pays a living wage like their grand parents could.

The "duming down" of education is having a profound negative effect on the minds of our children at a time when it's optimal developement is essential for today's and tomorrow's jobs, and professional careers. At a time when money is most urgently needed (and it's there ) for schools, infrastructure, police, fire, transit, nurses, and other essential survices; we make ourselves busy spending billions, and billions of dollars on war, and police action. Of the two wars we have found ourselves in since 9/11, only one was necessary. The other was a gigantic insane waste of money and human treasure. We the people who "pay" their fair share of the taxes have got to exert the political will necessary to make sure it is spent wisely, and remove from office any politician who's mearly a pupet on a string.

Unlike Aids, a disease that struck and killed a lot of people before the causative agent was even identified, named and treated; we know the names of the individuals and corporations, who caused the financial debacle we now find ourselves in. Why aren't they being indicted, tried in a court of law and if found guilty required to pay "restitution" of the enormous sums they have taken from our nation. If just 50% of that money is recovered many of the fiscal challenges states now face can be addressed.

How much is enough? What kind of person really needs to make and keep for themselves, billions of dollars a year? And it's clear that they plan to keep it all. They don't want to pay their fair share of taxes while alive or dead. They've gotten their republican minions to exempt them from paying taxes at the level at which they should with the fiscal crises most states find themselves in, and even when they die they don't want their estate to be taxed either. Deep!

Great job, Lawrence! You explained everything so clearly and concisely - and were forthright and unflinching in your critique of your "parent company". We (viewer/citizens) thank you.

Bill Maher said on his show last night that not only did GE pay no taxes, but they got a refund, if I am remembering correctly, of about $4 billion.

I can not believe that after hearing this about GE, that any repugnantcan in Washington would have the GALL to ask for more tax cuts for the rich. BUT THEY WILL and with a BIG SMILE on their faces no doubt.

Lawrence, I would like to see a segment which discusses why people believe that lowering corporate taxes will spur employment in this country. Currently, corporations are sitting on huge cash reserves, but are not yet hiring. Why does anyone believe that allowing corporations to have even more money will somehow raise employment? Economics 101 will tell you that corporations will hire when there is demand for their goods and services; not when corporations have extra cash.

Not to rain on the party,

Of course you mean to rain on the party and slam Obama, that's what trolls do. Yet you may have an issue to discuss "did you all know who was a personal guest of President Obamas on his trip to Brazil?" That was no secret!!! But it has no place in this article. Start your own thread!

Not to rain on the party,

Of course you mean to rain on the party and slam Obama, that's what trolls do. Yet you may have an issue to discuss "did you all know who was a personal guest of President Obamas on his trip to Brazil?" That was no secret!!! But it has no place in this article. Start your own thread!

The bigger news is how much G.E. stands to profit if Cap and Trade is shoved down our throat like obamacare!

Not as much as the white fright right radicals in Congress will shove down our throats with their tax cuts for corporate America.

Great job, Lawrence! I too wonder if you'll be employed for long after this. However, in light of what Republicans are doing at both the state and national levels, these truths need to be exposed. 

If one looks at what Republican are doing: cutting everything to give corporations more tax breaks. It's a wonder why some are still lining up to swallow their rhetoric.  Republicans are trying to make voting much more difficult, thanks to Mr. Rove. Voter identification laws which work against the poor will ensure a republican Congress and Presidency. If that were to occur, our democracy will be a thing of the past. I shudder to think about what kind of place this country would be at that point.

Thanks for your willingness to speak truth to power, Lawrence.