No taxes? No problem. GE rakes in $125M in stimulus funds

April 05, 2011|By Luke Broadwater

Over the past couple of weeks, many commentators have been giving General Electric a hard time for not paying any federal taxes -- when other companies with similar earnings have been paying 35 percent. The company also laid off 18,000 workers while earning billions in profits. 

Over the weekend, U.S. Senator Bernie Sanders (I-Vermont) named the company to his list of top 10 worst tax offenders. 

"Over the past five years, while General Electric made $26 billion in profits in the United States, it received a $4.1 billion refund from the IRS," Sanders' staff wrote in a news release. 

Click here to see Sanders' list of corporate tax offenders. (Yes, Exxon and Goldman Sachs made the list.) 

To make matters worse, a search of the federal government's database tracking stimulus dollars shows that GE has been awarded more than $125 million in stimulus funds. (Chart below of the top 40 grants or contracts awarded.) 

It's one thing to avoid paying taxes based on the argument that corporations are taxed too heavily and need the government to get out of their way. But it's quite another thing to avoid taxes while asking for taxpayer dollars from the government.

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