US Uncut & Yes Lab on CNN: Explaining the 4/13 GE Tax Hoax

On the morning of Wednesday, April 13, 2011, a group of cyber-activists from US Uncut working in collaboration with the Yes Lab sent out the following press release (http://yeslab.org/archive/pr-gereleas...

GE Responds to Public Outcry - Will Donate Entire $3.2 Billion Tax Refund to Help Offset Cuts and Save American Jobs

Fairfield, CT, 13th April, 2011 - GE CEO Jeffrey Immelt has informed the Obama administration that the company will be gifting its entire 2010 tax refund, worth $3.2 Billion, to the US Treasury on April 18, Tax Day, and will furthermore adopt a host of new policies that secure its position as a leader in corporate social responsibility.

"We want the public to know that we've heard them, and that we know many Americans are going through tough times," said GE CEO Jeffrey Immelt. "GE will therefore give our 2010 tax refund back to the public and allow the public to decide how to spend it."

Immelt acknowledged no wrongdoing. "All seven of our foreign tax havens are entirely legal," Immelt noted. "But Americans have made it clear that they deplore laws that enable tax avoidance. While we owe it to our shareholders to use every legal loophole to maximize returns - we also owe something to the American people. We didn't write the laws that let us legally avoid paying taxes. Congress did. But we benefit from those laws, and now we'd like to share those benefits. We are proud to be giving something back to America, and we are proud to set an example for all industry to follow."

Over the coming weeks, GE will conduct a nationwide survey to determine how the company's $3.2 billion returned refund is to be allocated. The survey will be conducted both online and offline, and will permit the public to weigh in on which of the recently-enacted budget cuts they would like to see reversed.

In tandem with the gift, the company is also announcing a host of new policies to restore public faith in the GE brand, including a commitment to keep American jobs in America, and to create one U.S. job for each new job created abroad. The ambitious plan will overhaul accounting systems to allow public transparency and phase out the use of tax havens in five years. "Given my recent appointment as President Obama's Chairman of the Council on Jobs and Competitiveness, it is no longer appropriate for GE to engage in practices that, whether by fact or perception, are at odds with the greater good of the nation," Immelt said.

Immelt outlined several concrete steps he would take to push for modernized tax policies that reflect the realities of the global economy. "I will personally ask President Obama to work with Congress to require country-by-country reporting by multi-national corporations of the sales made, profits earned and taxes paid in every jurisdiction where an entity operates. Instead of moving money via 'transfer pricing,' corporations ought to pay taxes in the jurisdictions where profits are actually made. If Congress is able to establish standard industry-wide solutions, GE will close our tax haven operations abroad, including our subsidiaries in Bermuda, Singapore and Luxembourg."

Further details on GE's new policy will be released in the coming weeks.


PRESS CONTACT

Samuel Winnacker
GE Corporate, Assistant Director
Communications & Public Affairs
+1 615 375 6658
samuel.winnacker@ge.com

See US Uncut's Response press release:

http://usuncut.org/blog/us-uncut-welc...

And the final join 'coming clean' press release from US Uncut/Yes Lab:

http://usuncut.org/blog/ge-returns-bi...

http://theyesmen.org/usuncut

Also see B-roll "footage" from GE of the day's events: http://vimeo.com/22341420

• Category

  Entertainment

[Troubador33]

@Oyaji291, the losses at GE Capitol are small compared to GE worldwide revenue in 2010, especially because of the way GE hides and masks those losses. They manipulate information to please their shareholders and minimize their tax liability.

[muetter]

good job of CNN to protect the politico-corporate-media establishment by downplaying GE's faults and recasting the shadow of suspicion onto US UNCUT. FUCK CNN

[Glambert27]

Brilliant go Us Uncut down with corporate tax cheats. Fabulous Us Uncut website shown on CNN brilliant.

[theinnerbadger]

Did I say or imply that? No. GE's financial division backed billions of dollars in shitty mortgages that they (like everyone else in the business) knew weren't going to be repaid, just so they could profit from them being securitized in the short term.

I'm not absolving them, just explaining how it happened.

[w17h0u754n17y]

You can't honestly believe GE are victims here. They didn't pay taxes and they received 3.2 billion dollars in tax benefits at a time when thousands lost their homes. The Yes Men are brilliant. Without them this conversation would never have even started, and corporations would still believe no one is watching.

[elfyboy]

Don't you just love the modulated tone of voice these airhead anchors use to connote disapproval of anything or anyone who dares stray from the corporate mindset?

[Andrew19036]

I am not surprised that a corporate pawn news media tries to downplay the tax dodging, and push the hoax message. They do have a corporate master to appease.

USUNCUT.ORG

[Oyaji291]

It still isn't a good reason to vilify them. A lot of people didn't pay taxes, on net, during the crisis. IE, the poor.

[theinnerbadger]

You need to read more and listen to the video at a minimum - the primary reason they didn't pay taxes are the losses they took in the financial crisis.

[theinnerbadger]

These guys rock.