Elizabeth Warren Blasts GE For Not Paying Any Taxes. And Yet GM (Government Motors) Pays Less Than Zero Taxes.

zbacku 2012/04/30 19:02:17
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Democrat Double Standard Again.
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Elizabeth Warren's new ad takes a shot at the cozy relationship between Washington and corporate America.

"Washington lets big corporations like GE pay nothing," she says.

A Warren critic, however, emails to note that the auto bailout — some of it run through the Troubled Asset Relief Program that she oversaw — included extensive use of the tax code to prop up a different group of companies.

General Motors, in particular, paid less than zero taxes of 2011. And when the Administration brags that GM reported a $7.6 billion profit in 2011, conservatives are quick to note the profits include roughly $100 million in the form of a tax benefit document in GM's annual report (p. 51) — and, thus, massive untaxed profits.

The outcome: GM paid a negative tax rate, around -1.5%, because of a decision allowing some of the bailout recipients, GM, AIG, and Citi, to avoid actual losses, but to still claim those losses for tax purposes.

The Administration defend the move after what was, after all, an undisguised bailout aimed at getting a giant employer back on its feet. Conservatives point to it as a sign of picking favorites: GM, the favored child, pays negative taxes and wins praise for its profits; GE get blasted for paying low taxes on large profits. Warren, meanwhile, was a sharp critic of the financial industry bailout and criticized the tax benefits extended to AIG — but was silent on their use for GM.

Warren spokesman Alethea Harney responded to an inquiry about the two different reactions with a statement:

Read More: http://www.buzzfeed.com/buzzfeedpolitics/warren-bl...

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  • Ron in Oregon 2012/04/30 21:02:52
    Democrat Double Standard Again.
    Ron in Oregon
    Not surprised.
  • ὤTṻnde΄ӂ 2012/04/30 19:56:00
    Care To Comment.
    You are always so eager to expose your ignorance.
  • zbacku ὤTṻnde΄ӂ 2012/05/02 02:39:50
    So, I guess you're OK that GM pays NO Federal Taxes. Don't EVER complain about the fat cats in business again.
  • Demonic Rat Hunter 2012/04/30 19:44:21
    What Do You Think.
    Demonic Rat Hunter
    Didn't obama's jobs Czar run GE and send thousands of jobs to China ? yes
    No pay 'em taxes Geithner worked for Goldman-Sachs, Cheating Charlie Rangle writes a tax code he can't understand but you're supposed to. How about when Share Holders got thrown under the Chrysler bus fot the good of the UAW.
  • rknothead 2012/04/30 19:25:41
    Democrat Double Standard Again.
    another great sounding sound bite...but again, a closer look reveals same old double standard. It's OK if they support us, but not if they don't. It's all a matter of money and where the money goes.
  • ordman 2012/04/30 19:13:49
    Democrat Double Standard Again.
    Nanny Elizabeth “McPhee” Warren:

    “There is something you should understand about the way I work. Even though you never needed me and do not want me, then I must stay. Even though you do not want me and never needed me, I will never go”.

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