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General Electric (GE) deserves special mention. The New York Times reported that its total tax payment amounted to 14.3% over the last five years.4 Citizens for Tax Justice promptly corrected it: the profits tax it paid in the US, (as opposed to its worldwide taxes on its worldwide profits), is only 3.4%.5 Thus, GE paid a far lower tax rate on its income than most Americans paid on theirs. In 2009, GE received a huge $140 billion bailout guarantee of its debt from Washington.6 By choosing GE's chief executive, Jeffrey R. Immelt, to head his Economic Advisory Panel, President Obama effectively rewarded the corporate program: give us more and tax us less.
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