Thursday, April 21, 2011
It pays to be Jeffery Immelt
Obama's best corporate friend, GE CEO Jeffery Immelt, must be spending a lot of time on his knees under Obama's oval office desk lately. GE profits jumped 77% in the last quarter yet GE doesn't pay taxes on most of it. Friends of Obama get clever tax credits for being "green" by building stupid compact fluorescent bulbs, even stupider wind turbines, and "efficient" washing machines and dryers. Because of the tax credits awarded specifically to GE by Obama, that company's effective corporate tax burden is 0. You'd think the big oil companies would wise up and start pouring money into democrats' campaigns. Then they could enjoy special protection from The One also.
And all this time I thought Obama hated the evil rich. But I guess when the evil rich are pouring cash by the buckets into your campaign chest, you look the other way.