General Electric hasn't paid US taxes in four years... unbelievable!
The email below is from Jay Davis, a CREDO activist in Washington, DC. Jay started a petition on CREDO Mobilize, where activists can launch their own campaigns for progressive change. Will you help Jay pressure Senator McConnell to end General Electric's massive tax loophole by signing his petition and sharing it with your friends and family?
General Electric is one of the worst corporate tax dodgers out there. Thanks to a few major tax loopholes, it has managed to pay zero dollars in federal income taxes for four recent years. The company has mobilized an army of lobbyists in Washington this year because the "active financing" loophole -- which lets General Electric put off paying its U.S. taxes indefinitely -- recently expired.
But instead of making General Electric pay its fair share of taxes, Senate Minority Leader Mitch McConnell said recently that the active financing loophole should be renewed without the cost being covered. That's why I started my own campaign on CREDOMobilize.com, which allows activists to start their own petitions. My petition, which is to Senator Mitch McConnell, says the following:
End the "active financing" tax loophole, which has allowed General Electric to pay zero taxes in four recent years.
The active financing loophole lets General Electric avoid paying U.S. taxes indefinitely when it shifts the profits it makes from interest and dividends to offshore tax havens. If extended, this loophole will cost the federal government $70 billion in lost tax revenues over the next 10 years. That’s not right.
Our country should not go further into debt to keep tax loopholes open for a profitable, tax-dodging corporation like General Electric.
Since Senate Republicans frequently vote in lockstep with Minority Leader McConnell, his stance on the active financing loophole will play a major role in determining whether or not it is renewed.
The Senate could take up the active financing loophole soon, so we've got to act fast to pressure Senator McConnell to stop fighting to prevent General Electric from having to pay taxes. Sign my petition to tell Senator McConnell to end the active financing tax loophole and make General Electric and other big corporations pay their fair share of taxes.