{"id":338978,"date":"2011-03-25T22:03:47","date_gmt":"2011-03-25T22:03:47","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/03\/25\/ge-the-white-house-and-a-0-tax-rate\/"},"modified":"2011-03-25T22:03:47","modified_gmt":"2011-03-25T22:03:47","slug":"ge-the-white-house-and-a-0-tax-rate","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/03\/25\/ge-the-white-house-and-a-0-tax-rate\/","title":{"rendered":"GE, the White House and a 0% tax rate"},"content":{"rendered":"<p><div readability=\"87.836566092\">    <img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/www.ghanamma.net\/wp-content\/uploads\/2011\/03\/81b85d65bama.gi_.top_.jpg.jpg\" alt=\"GE chief executive Jeff Immelt lead a key business advisory panel for President Obama.\" width=\"475\" height=\"324\" border=\"0\" class=\"cnnstoryImageFull\" \/><span><b>GE chief executive Jeff Immelt lead a key business advisory panel for President Obama.<\/b><\/span><!-- \/PURGE: \/2011\/03\/25\/news\/economy\/GE_Obama\/immelt_obama.gi.top.jpg --><span id=\"fb-recommend\"\/><br \/>\n<span>By Charles Riley, staff reporter<\/span><span>March 25, 2011: 6:03 PM ET<\/span><!--startclickprintexclude--><br clear=\"all\"\/><\/p>\n<p>NEW YORK (CNNMoney) &#8212; The Obama administration has been talking about corporate tax reform a lot lately. And so it was on Friday &#8212; but not through prepared bullet points.<\/p>\n<p>Reporters peppered White House Press Secretary Jay Carney with questions about a story in the <i>New York Times<\/i> detailing the efforts of General Electric to avoid paying taxes.<\/p>\n<p>At issue: GE chief executive Jeff Immelt&#8217;s side job as head of Obama&#8217;s innovation and jobs council.<\/p>\n<p>Corporations typically face a 35% federal income tax, but many end up never paying that amount. <\/p>\n<p>One aim of tax reform is to lower the corporate tax rate while greatly scaling back tax breaks and loopholes that allow many corporations to pay less in tax. <\/p>\n<p>Thanks to its deductions, adjustments and offshore profit centers, GE (<a href=\"http:\/\/money.cnn.com\/quote\/quote.html?symb=GE&#038;source=story_quote_link\">GE<\/a>, <a href=\"http:\/\/money.cnn.com\/magazines\/fortune\/fortune500\/2010\/snapshots\/170.html?source=story_f500_link\">Fortune 500<\/a>) has paid a rate of exactly zero for two consecutive years. (<a href=\"http:\/\/money.cnn.com\/2010\/04\/16\/news\/companies\/ge_7000_tax_returns\/\">Read CNNMoney&#8217;s 2010 report on GE&#8217;s tax rate<\/a>)<\/p>\n<p>The <i>Times<\/i> hit the story hard on its front page Friday morning.<\/p>\n<p>Obama has repeatedly expressed a desire to fix the corporate tax code. In January, he called for tax reform in his <a href=\"http:\/\/money.cnn.com\/2011\/01\/25\/news\/economy\/state_of_the_union_debt\/index.htm\">State of the Union<\/a> address, just a few days after he <a href=\"http:\/\/money.cnn.com\/2011\/01\/21\/news\/economy\/immelt-obama-jobs-council.fortune\/index.htm\">chose Immelt<\/a> to head an economic advisory council.<\/p>\n<p>On Friday, Carney didn&#8217;t want to talk about GE.<\/p>\n<p>&#8220;I don&#8217;t know about this specific company&#8217;s balance sheet or its tax returns,&#8221; he said. &#8220;I&#8217;ve read the story. I&#8217;m saying I don&#8217;t have my own assessment to make of it.&#8221;<\/p>\n<p>Carney reiterated Obama&#8217;s commitment to reform, but made clear he was not referring specifically to GE. &#8220;Again, not addressing this specific company because I don&#8217;t know independently about that,&#8221; he said.<\/p>\n<p>General Electric&#8217;s tax strategy is a perfectly legal thing for a corporation to do &#8212; and it has been widely reported on. A spokeswoman for GE stressed that the company expects its tax rate to increase this year and that GE &#8220;pays what it owes under the law.&#8221;<\/p>\n<p>The White House did not respond to CNNMoney&#8217;s request for comment. <\/p>\n<p>Later in the press conference, Carney was asked whether Obama still had confidence in Immelt&#8217;s ability to run the jobs council. <\/p>\n<p>&#8220;Yes, he does,&#8221; said Carney, who maintained Obama will continue to press for corporate tax code reform. <\/p>\n<p>&#8220;In the end, the decisions that are made about which policy to pursue on corporate tax reform will be the president&#8217;s decision and his policy,&#8221; Carney said. &#8220;He very much wants to take on this issue.&#8221; \u00a0<a href=\"http:\/\/money.cnn.com\/2011\/03\/25\/news\/economy\/GE_Obama\/index.htm?section=money_topstories&#038;utm_source=feedburner&#038;utm_medium=feed&#038;utm_campaign=Feed%3A+rss%2Fmoney_topstories+%28Top+Stories%29#TOP\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/www.ghanamma.net\/wp-content\/uploads\/2011\/03\/0e63013ebug.gif\" alt=\"To top of page\" border=\"0\" width=\"7\" height=\"7\" \/><\/a><\/p>\n<p>First Published: March 25, 2011: 5:35 PM ET<\/p>\n<p><!--endclickprintexclude--><\/div>\n<\/p>\n<p><img decoding=\"async\" src=\"http:\/\/www.ghanamma.net\/wp-content\/uploads\/2011\/03\/81b85d65bama.gi_.top_.jpg-150x150.jpg\" \/><\/p>\n<p>See the original post here:<br \/>\n<a target=\"_blank\" href=\"http:\/\/rss.cnn.com\/~r\/rss\/money_topstories\/~3\/NVLOd-NseA8\/index.htm\" title=\"GE, the White House and a 0% tax rate\" rel=\"noopener noreferrer\">GE, the White House and a 0% tax rate<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p> GE chief executive Jeff Immelt lead a key business advisory panel for President Obama. By Charles Riley, staff reporter March 25, 2011: 6:03 PM ET NEW YORK (CNNMoney) &#8212; The Obama administration has been talking about corporate tax reform a lot lately. And so it was on Friday &#8212; but not through prepared bullet points. <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":{"0":"post-338978","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>GE, the White House and a 0% tax rate - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2011\/03\/25\/ge-the-white-house-and-a-0-tax-rate\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"GE, the White House and a 0% tax rate - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"GE chief executive Jeff Immelt lead a key business advisory panel for President Obama. By Charles Riley, staff reporter March 25, 2011: 6:03 PM ET NEW YORK (CNNMoney) -- The Obama administration has been talking about corporate tax reform a lot lately. And so it was on Friday -- but not through prepared bullet points.\" \/>\n<meta name=\"twitter:image\" content=\"http:\/\/www.ghanamma.net\/wp-content\/uploads\/2011\/03\/81b85d65bama.gi_.top_.jpg.jpg\" \/>\n<meta name=\"twitter:creator\" content=\"@ghanamma\" \/>\n<meta name=\"twitter:site\" content=\"@ghanamma\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.ghanamma.com\/2011\/03\/25\/ge-the-white-house-and-a-0-tax-rate\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.ghanamma.com\/2011\/03\/25\/ge-the-white-house-and-a-0-tax-rate\/\"},\"author\":{\"name\":\"\",\"@id\":\"\"},\"headline\":\"GE, the White House and a 0% tax rate\",\"datePublished\":\"2011-03-25T22:03:47+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.ghanamma.com\/2011\/03\/25\/ge-the-white-house-and-a-0-tax-rate\/\"},\"wordCount\":469,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.ghanamma.com\/2011\/03\/25\/ge-the-white-house-and-a-0-tax-rate\/#primaryimage\"},\"thumbnailUrl\":\"http:\/\/www.ghanamma.net\/wp-content\/uploads\/2011\/03\/81b85d65bama.gi_.top_.jpg.jpg\",\"articleSection\":[\"Business\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.ghanamma.com\/2011\/03\/25\/ge-the-white-house-and-a-0-tax-rate\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.ghanamma.com\/2011\/03\/25\/ge-the-white-house-and-a-0-tax-rate\/\",\"url\":\"https:\/\/www.ghanamma.com\/2011\/03\/25\/ge-the-white-house-and-a-0-tax-rate\/\",\"name\":\"GE, the White House and a 0% tax rate - Ghanamma.com\",\"isPartOf\":{\"@id\":\"https:\/\/www.ghanamma.com\/2011\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.ghanamma.com\/2011\/03\/25\/ge-the-white-house-and-a-0-tax-rate\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.ghanamma.com\/2011\/03\/25\/ge-the-white-house-and-a-0-tax-rate\/#primaryimage\"},\"thumbnailUrl\":\"http:\/\/www.ghanamma.net\/wp-content\/uploads\/2011\/03\/81b85d65bama.gi_.top_.jpg.jpg\",\"datePublished\":\"2011-03-25T22:03:47+00:00\",\"author\":{\"@id\":\"\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.ghanamma.com\/2011\/03\/25\/ge-the-white-house-and-a-0-tax-rate\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.ghanamma.com\/2011\/03\/25\/ge-the-white-house-and-a-0-tax-rate\/#primaryimage\",\"url\":\"http:\/\/www.ghanamma.net\/wp-content\/uploads\/2011\/03\/81b85d65bama.gi_.top_.jpg.jpg\",\"contentUrl\":\"http:\/\/www.ghanamma.net\/wp-content\/uploads\/2011\/03\/81b85d65bama.gi_.top_.jpg.jpg\"},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.ghanamma.com\/2011\/#website\",\"url\":\"https:\/\/www.ghanamma.com\/2011\/\",\"name\":\"Ghanamma.com\",\"description\":\"News In Ghana - Latest Ghana News Headlines\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.ghanamma.com\/2011\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"GE, the White House and a 0% tax rate - Ghanamma.com","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.ghanamma.com\/2011\/03\/25\/ge-the-white-house-and-a-0-tax-rate\/","twitter_card":"summary_large_image","twitter_title":"GE, the White House and a 0% tax rate - Ghanamma.com","twitter_description":"GE chief executive Jeff Immelt lead a key business advisory panel for President Obama. 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And so it was on Friday -- but not through prepared bullet points.","twitter_image":"http:\/\/www.ghanamma.net\/wp-content\/uploads\/2011\/03\/81b85d65bama.gi_.top_.jpg.jpg","twitter_creator":"@ghanamma","twitter_site":"@ghanamma","twitter_misc":{"Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.ghanamma.com\/2011\/03\/25\/ge-the-white-house-and-a-0-tax-rate\/#article","isPartOf":{"@id":"https:\/\/www.ghanamma.com\/2011\/03\/25\/ge-the-white-house-and-a-0-tax-rate\/"},"author":{"name":"","@id":""},"headline":"GE, the White House and a 0% tax rate","datePublished":"2011-03-25T22:03:47+00:00","mainEntityOfPage":{"@id":"https:\/\/www.ghanamma.com\/2011\/03\/25\/ge-the-white-house-and-a-0-tax-rate\/"},"wordCount":469,"commentCount":0,"image":{"@id":"https:\/\/www.ghanamma.com\/2011\/03\/25\/ge-the-white-house-and-a-0-tax-rate\/#primaryimage"},"thumbnailUrl":"http:\/\/www.ghanamma.net\/wp-content\/uploads\/2011\/03\/81b85d65bama.gi_.top_.jpg.jpg","articleSection":["Business"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.ghanamma.com\/2011\/03\/25\/ge-the-white-house-and-a-0-tax-rate\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.ghanamma.com\/2011\/03\/25\/ge-the-white-house-and-a-0-tax-rate\/","url":"https:\/\/www.ghanamma.com\/2011\/03\/25\/ge-the-white-house-and-a-0-tax-rate\/","name":"GE, the White House and a 0% tax rate - Ghanamma.com","isPartOf":{"@id":"https:\/\/www.ghanamma.com\/2011\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.ghanamma.com\/2011\/03\/25\/ge-the-white-house-and-a-0-tax-rate\/#primaryimage"},"image":{"@id":"https:\/\/www.ghanamma.com\/2011\/03\/25\/ge-the-white-house-and-a-0-tax-rate\/#primaryimage"},"thumbnailUrl":"http:\/\/www.ghanamma.net\/wp-content\/uploads\/2011\/03\/81b85d65bama.gi_.top_.jpg.jpg","datePublished":"2011-03-25T22:03:47+00:00","author":{"@id":""},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.ghanamma.com\/2011\/03\/25\/ge-the-white-house-and-a-0-tax-rate\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.ghanamma.com\/2011\/03\/25\/ge-the-white-house-and-a-0-tax-rate\/#primaryimage","url":"http:\/\/www.ghanamma.net\/wp-content\/uploads\/2011\/03\/81b85d65bama.gi_.top_.jpg.jpg","contentUrl":"http:\/\/www.ghanamma.net\/wp-content\/uploads\/2011\/03\/81b85d65bama.gi_.top_.jpg.jpg"},{"@type":"WebSite","@id":"https:\/\/www.ghanamma.com\/2011\/#website","url":"https:\/\/www.ghanamma.com\/2011\/","name":"Ghanamma.com","description":"News In Ghana - Latest Ghana News Headlines","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.ghanamma.com\/2011\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"}]}},"_links":{"self":[{"href":"https:\/\/www.ghanamma.com\/2011\/wp-json\/wp\/v2\/posts\/338978","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ghanamma.com\/2011\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ghanamma.com\/2011\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2011\/wp-json\/wp\/v2\/comments?post=338978"}],"version-history":[{"count":0,"href":"https:\/\/www.ghanamma.com\/2011\/wp-json\/wp\/v2\/posts\/338978\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.ghanamma.com\/2011\/wp-json\/wp\/v2\/media?parent=338978"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2011\/wp-json\/wp\/v2\/categories?post=338978"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2011\/wp-json\/wp\/v2\/tags?post=338978"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}