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4/17/10

NBC's Owner Avoids Taxes By Outsourcing Overseas

Un-National Broadcast System?

GE successfully successfully avoided paying federal taxes by outsourcing to other countries. Though the company earned $10.8 billion internationally, not one penny went to the U.S. government. How's that for socialism?

CNN "GE had plenty of earnings last year -- just not in the United States. For tax purposes, the company's U.S. operations lost $408 million, while its international businesses netted a $10.8 billion profit.

That left GE (GE, Fortune 500) with no U.S. profit left for Uncle Sam to tax. Corporations typically face a 35% federal income tax on their earnings. Thanks to its deductions and adjustments, GE reported an actual U.S. federal income tax rate of negative 10.5%. It got to add a "tax benefit" of $1.1 billion back into its reported earnings."

General Electric, who runs propaganda channels MSNBC and NBC, dropped profits by one third. NBC Universal's profits dropped 49% though revenue increased. Comcast will soon be the new owner.

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