GE boasted $7B in profit in 2023. So it must have paid a lot in federal income taxes, right?
If you guessed $1, you’d still be high.
In fact, GE got a *refund* of $423 million.
This is why we need the Biden-Harris administration's proposed 15% minimum tax on corporate profits.
20 Years Ago on July 6th, 2002 - the brilliant economist and thinker John Kenneth Galbraith, gave an interview in which he said this perfect bit:
“The modern conservative is engaged in one of man’s oldest exercises in moral philosophy; that is, the search for a superior moral justification for selfishness.”
Corporate profits drove more than half of recent US inflation.
What's the GOP’s response?
They don't just want to extend Trump's tax cuts for the rich, they want lower corporate taxes too.
They're fine with corporations siphoning money from you and keeping more of the spoils.