GE to return their 3.2 billion tax refund

soulflower · #1 Today, 09:03 AM

Facing criticism over the amount of taxes it pays, General Electric announced it will repay its entire $3.2 billion tax refund to the US 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, Conn., plans to phase out tax havens over 5 years and said it will create one job in the US for each new job it creates overseas.

http://finance.yahoo.com/news/GE-to-...87320.html?x=0

Will any other companies do this?

douger · #2 Today, 09:05 AM

Quote:

Originally Posted by soulflower

Facing criticism over the amount of taxes it pays, General Electric announced it will repay its entire $3.2 billion tax refund to the US 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, Conn., plans to phase out tax havens over 5 years and said it will create one job in the US for each new job it creates overseas.

http://finance.yahoo.com/news/GE-to-...87320.html?x=0

Will any other companies do this?

Given that the CEO of GE has semi-permanent residence under an Oval Office desk...

HAIL2BNG · #3 Today, 09:19 AM

I wonder what their shareholders think?