I’ll rarely pass up an opportunity to link to America’s Finest News Source, and today is no different.
As you may have heard, General Electric managed to pay zero taxes in 2011, despite having $14 billion in worldwide income. The Onion’s got the lowdown on just how GE pulled it off.
Americans were outraged when it came to light recently that multinational corporation General Electric paid no taxes for 2010. Here are some of the ways GE avoided the tax man:
- Saved all receipts from aggressive lobbying efforts
- Purchased TurboTax Corporate Max Edition
- Wrote off bankruptcy of sister company Abstract Electric
- Brought a few hundred million good things to life; claimed them as dependents
- Somehow managed to locate a loophole in the transparent, ironclad U.S. tax code
- Claimed entire NBC prime-time lineup as a loss
- Claimed cash as a spouse, earned marriage tax credit
- God hates us