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Jeffrey Immelt is head of GE and of President Barack Obama's business innovation task force. (Reuters/Molly Riley)
The chief of General Electric on Thursday defended the conglomerate’s zero tax rate in 2010 and called for reform of the U.S. tax code.
In his first public speaking engagement since a barrage of criticism about not having to pay taxes in 2010, GE Chief Executive Jeff Immelt told the Economic Club in Washington that his company did nothing wrong. Get the full story »
President Barack Obama speaks at the U.S. Chamber of Commerce on Feb. 7, 2011 in Washington. (Mark Wilson/Getty Images)
President Barack Obama said Monday he wanted to lower the corporate tax rate and pay for it by eliminating tax loopholes, and requested support from the business community to achieve that goal.
“Another barrier government can remove is a burdensome corporate tax code with one of the highest rates in the world,” Obama said in a speech to the U.S. Chamber of Commerce.
Obama’s visit to the powerful business lobby group is his latest effort to improve relations with the corporate world and shift to the political center, following big losses for his Democrats in November elections. Get the full story »
The U.S. government loses $37 billion per year in tax revenues because multinational corporations stash money in overseas tax havens, Democratic Senator Carl Levin and a group of small businesses said in a report Tuesday.
Levin, who for years has pushed for a tough law to fight tax evasion among corporations, has enlisted some small businesses to back his so-far unsuccessful proposal to close loopholes letting companies legally avoid taxes by keeping income abroad. Get the full story »
