Mar 30, 2011
According to The New York Times, last year General Electric (GE) made over $14.2 billion in profit, but paid NO federal tax.1 None.
In fact, thanks to the millions GE spent lobbying Congress, we American taxpayers actually owed GE $3.2 billion in tax credits.2
Now GE is slashing health benefits and retirement benefits for new employees among non-union workers and is expected to push unions to accept similar cutbacks3, while its CEO, Jeff Immelt, gets a 100% pay raise.4
What's worse? Immelt now sits as chair of the President's Council on Jobs and Competitiveness (Jobs Council), representing corporate America to the President on matters like job creation and corporate taxation. That's a slap in the face to every hardworking, tax-paying American—especially GE employees.
That's why we're teaming up with Russ Feingold and his new group Progressives United today to call for Immelt to go. Will you join the call?
Sign the petition calling for GE CEO Jeff Immelt to step down as chair of the President's Jobs Council.
One of the chief ways GE avoids paying taxes is by shifting a large portion of its profits overseas, and jobs follow.5 Now GE's CEO is the person charged with helping the President create jobs here in America. That's just perverse.
And if the American people got back just the $3.2 billion GE took in tax credits, it would pay for the programs that House Republicans want to gut, like community health centers providing care to over three million low-income people6 and food and health care assistance to pregnant women, new moms, and children.7 We'd even have enough left to save the jobs of over 21,000 teachers across the country.8
The American deficit is being weighed down by hundreds of billions spent on bailing out major corporations. The tea party's plan is to make working families pay through devastating cuts, instead of making corporations with billions in profits pay their fair share.
But if we can hold Immelt accountable for GE's corporate irresponsibility, the nation will turn its attention to the injustice of corporate tax evasion in the face of the Republicans' budget-slashing attack on working families.
Make it all happen by signing the petition calling for Immelt to go. Just click below—and share this email with your friends, family, and social networks today.
Thanks for all that you do.
–Lenore, Tim, Marika, Kat, and the rest of the team
1. "G.E.'s Strategies Let It Avoid Taxes All Together," The New York Times, March 24, 2011
3. "After Paying Zero Income Taxes, GE Plans To Ask Its Union Workers To Make Wage and Benefits Concessions", ThinkProgress, March 28, 2011
4. "UPDATE: GE Doubles CEO Immelt's Compensation, Shrinks Board", Smart Money, March 14, 2011
5. "G.E.'s Strategies Let It Avoid Taxes All Together," The New York Times, March 24, 2011
6. "NACHC Statement in Response to the Budget from the House Appropriations Committee," National Association of Community Health Centers website, February 9, 2011
7. "Bye Bye, Big Bird. Hello, E. Coli.," The New Republic, February 12, 2011
8. Based on an annual teacher's salary of $42,500, as noted in the Payscale website (updated March 19, 2011), accessed March 30, 2011
Dec 14, 2010
Everyone knows that the "deal" that President Obama agreed to with Republicans will extend George W. Bush's reckless millionaire tax bailout—but what a lot of folks don't realize is that there are lots of other terrible parts of it, too.
Unemployed Americans desperately need their benefits extended to get by in this economy—so Republicans held them hostage to force through a slew of horrible economic policies in this deal. Here are just a few that you might not have heard about.
Share the list by going to http://pol.moveon.org/taxdealproblems?id=25497-8424909-Y2USoxx&t=3
If you're on Facebook, share it by clicking here. If you're on Twitter, tweet it here.
Top 5 Problems with the Tax Deal
Problem #1: The deal is a stealth attack on Social Security.
The deal will lower the payroll tax—the tax that funds the Social Security trust. This is a trap for Democrats. Republicans have been coming after Social Security for years and this cut is the biggest threat to the vital program in decades. It will cut one-third of Social Security's funding this year alone and when we need to restore the payroll tax back to its current level, Republicans will cry "tax increases" and could gut it permanently. 1
Problem #2: For nearly one in three workers, it's a tax increase.
Nearly 50 million working Americans—including all workers making less than $20,000 per year—and millions of federal, state, and municipal workers will see their taxes go up because of the deal.2
Problem #3: The deal has not one but TWO millionaire bailouts.
In addition to extending all the Bush income tax breaks for the top 2%, the deal will slash the estate tax. If Congress did nothing, next year the estate tax would be 55% and apply to everyone inheriting $1 million or more. But the deal reduces it to 35% and only people who inherit more than $5 million will have to pay. This second bailout will give a gigantic tax giveaway to a few thousand of the richest families in the country and add hundreds of billions to the national debt.3
Problem #4: Unemployment help is insufficient and inadequate.
While the deal extends unemployment benefits for another 13 months for people currently receiving it, millions of unemployed workers who've struggled the most and been out of work more than 99 weeks—since the giant Wall Street banks wrecked the economy—will get no help at all under the deal.4 It's a gamble that there will be jobs in the next 13 months when the insurance runs out, but the tax cuts will go well beyond that. Better to just pass a stand-alone unemployment extension to help all struggling Americans.
Problem #5: Tax giveaways to the rich are a terrible way to create jobs.
Tax breaks for the rich are the least efficient way to create jobs and help the economy grow. In fact the nonpartisan Congressional Budget Office says extending all tax cuts would lower unemployment only 0.1% to 0.3% over the next year5 and that the cost of the tax deal would be $900 billion over the next five years.6
We've got to stop this deal and make sure everyone understands what's really in it. Can you share this list now?
Thanks for all you do.
–Nita, Robin, Milan, Wes, and the rest of the team
1."Tax Cut Deal A Hidden Threat To Social Security," The Huffington Post, December 8, 2010
2. "Obama-Republican Deal Could Mean Tax Hike For One In Three Workers," The Huffington Post, December 10, 2010
3. "Estate tax deal: worst part of a bad tax compromise," The Christian Science Monitor, December 7, 2010
4. "Unemployment benefits: Extension won't help '99ers'," The Christian Science Monitor, December 7, 2010
5. "The Deal," Paul Krugman, The New York Times, December 7, 2010
6. "CBO score shows tax plan ups deficit $900 billion in 5 years," CNN.com, December 10, 2010
Content and comments expressed here are the opinions of Care2 users and not necessarily that of Care2.com or its affiliates.
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