GE to return $3.2 billion to US Treasury

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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.

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143 Comments

  • 102 users liked this comment
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    v007x 45 minutes ago Report Abuse
    Wait, GE wasn't already creating jobs in the US? All it's tax breaks went to jobs overseas?

    I thought those tax breaks were designed to create jobs in the US! Have I been lied to this whole time?!
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  • 47 users liked this comment
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    BigSkyRambler 34 minutes ago Report Abuse
    They got a refund? Incredible. Mighty nice of them to chip in with the rest of us.
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  • 40 users liked this comment
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    Godfather 46 minutes ago Report Abuse
    Talk is cheap!
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  • 61 users liked this comment
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    Alientech 37 minutes ago Report Abuse
    "GE uses a series of foreign tax havens that the company says are legal"....how about making those tax havens ILLEGAL?
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    HAL 9000 50 minutes ago Report Abuse
    Crooks.
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  • 28 users liked this comment
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    Higgins 32 minutes ago Report Abuse
    A good public relations move, but a little too late. And how about creating ALL GE jobs domestically? That would be a nice option.
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  • 25 users liked this comment
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    Tagman 35 minutes ago Report Abuse
    General Electric announced it will repay its entire $3.2 billion tax refund to the US Treasury on April 18. All GE is doing is giving back the money the gov gave it. Just pay your fair share of the taxes. Why not give all the jobs to USA?
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  • 52 users liked this comment
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    Jonadab 38 minutes ago Report Abuse
    That sounds pretty big of them, but if the tax refund was legal, why return it? Something sounds fishy here. People don't give away billions of dollars for nothing. I think there is more to this story than meets the eye.
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    Rogue Sailor 32 minutes ago Report Abuse
    Typical, they return their Tax refund after it becomes public knowledge. I would be impressed if they paid their fair share of corporate taxes in the first place.
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    I will no longer purchase any GE products, I hope others follow suit.
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    Mr. President it might help the Deficit it you removed the special interest tax loopholes your buddy GE CEO Jeffrey Immelt and friends use to avoid paying their fair share of taxes, not in 5 years but this year.
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    Shawn 36 minutes ago Report Abuse
    Ok so they repay a "refund",how did they get a refund on the taxes they never paid?

    What about now actually paying tax on the 11 billion in profits?
    Replies (3)

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