GE to return $3.2B tax refund to Treasury

By The Associated Press

Updated 31m ago |

8 |

Facing criticism over the amount of taxes it pays, General Electric announced it will repay its entire $3.2 billion tax refund to the U.S. Treasury on April 18.

GE uses a series of foreign tax havens that the company says are legal and that led to an enormous refund for the 2010 tax year.

The company earned $11 billion in 2010 on revenue of $150 billion.

The company, based in Fairfield, Connecticut, plans to phase out the tax havens over five years and said it will create one job in the US for each new job it creates overseas.

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Posted 38m ago | Updated 31m ago

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8 comments

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Name withheld

10:10 AM on April 13, 2011

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slip-stream

10:16 AM on April 13, 2011

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whisky tango foxtrot?
GE didn't pay any Fed taxes in 2010, and in fact took 3.2 billion in a tax refund from the IRS, and now says they will not take the 3.2 billion. Wow. I don't know whether to throw a party or throw up.

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Gene Hunt

10:24 AM on April 13, 2011

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"GE to return $3.2B tax refund to Treasury"
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This gave GE as much bad publicity as those safety bonuses for the company execs responsible for the BP oil disaster.

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Premier1

10:26 AM on April 13, 2011

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GE paid no Fed taxes on top of receiving a 3.2 billion REFUND? WOW is all I can say about that.

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jacsm

10:27 AM on April 13, 2011

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It is not GE's fault, it is Congress for permitting these tax havens. Come on, admit it if you had a chance you would take advantage of these havens too.

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gunner411

10:27 AM on April 13, 2011

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You got scammed...This is a hoax!

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ProCommonSense

10:30 AM on April 13, 2011

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Oh no...The CON's are going to be ticked.
(1) Don't tax the rich (The rich make the rules)
(2) If you tax them, they will send jobs overseas (Already done..)
(3) Tax break, give backs and perks are not entitlement or welfare programs, because it is the rich that get them. (The rich don't like it when you call the breaks they get welfare...however that is the accurate term for it.)
(4) Looks like they won't be able to hire that extra illegal to work now will they.

Did I miss any of the Con's top whinning points of why they should be exempt of all taxes?