General Electric Paid No American Taxes In 2010

Statement

The following is a statement from Kathy Hochul concerning the recent development that General Electric paid no American taxes in 2010

"While America's small businesses are doing everything they can to stay afloat and create jobs, one of our nation's corporate giants has found the loopholes that help them avoid paying their fair share of taxes," said Kathy Hochul, candidate in New York's 26th Congressional District.

"Once elected, I will fight for our small businesses and work to ensure we close the corporate tax loopholes that allowed General Electric to report a 2010 worldwide profit of $14.2 billion, without paying a single dollar in American taxes. In fact, due to G.E.'s intense lobbying efforts and slick accounting, the company was able to claim a $3.2 billion tax benefit -- money that could have been invested in small businesses that create jobs here at home.

"The fact that every taxpayer in the 26th District paid more in taxes last year than General Electric is plain wrong. It's time we overhaul our tax code. Without many of their tax breaks, G.E. would currently have thousands and thousands of more jobs here in the U.S. So we must end the tax breaks to companies that ship jobs overseas and instead invest in local businesses that create jobs for hard working American families."

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