Monday, April 4, 2011

They who pay little now want to pay less

Here is a followup to our story Bringing good things to life — like no taxes. Once more we see the capacity of mega-corporations to reduce or avoid income taxes. ProPublica combined with Fortune Magazine to examine 5 Ways GE Plays the Tax Game
"Still, GE is in a class by itself. Here are five ways the company pares its tax rate well below the top U.S. corporate rate of 35 percent -- sometimes into the single digits. . . "
Truth is that very large corporations invest richly in traditional party politicians. Low taxes and relief from social responsibilities are the quid pro quo. GE is a major participant in BC's Mom & Pop industry of Run-of-the-River private power generation. Happily for them, BC Hydro has provided long term take-or-pay purchase contracts at rates high enough to guarantee handsome profits without risk. Will GE pay Canadian income taxes on its earnings? The record suggests that is unlikely.
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