It is now common knowledge that General Electric pays either nothing or very little in federal income tax on the profits it makes. It is also common knowledge that Jeffrey Immelt, the CEO of GE, is on the President’s job council and regularly advices the president on business. Crony capitalism is alive and well in the Obama administration.
Not long ago another billionaire businessman snuggled up to the crony in chief, Mark Zuckerburg was seen meeting with the President on numerous events. Today I came across an interesting story:
Even though Facebook (FB) reported $1.1 billion in pre-tax profits from U.S. operations in 2012, it will probably pay zero federal and state taxes—and even receive a federal tax refund of about $429 million—according to a Feb. 14 statement from Citizens for Tax Justice. (source)
I guess it pays to make friends with Obama. Of course this takes money away from…
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