Many years ago, John Madden once gave a memorable quote about the necessity for speed at the skill positions in the NFL:
Speed: can’t teach it, can’t coach it, better draft it!
It would appear that General Electric, a “too big to fail” corporation, has a similar philosophy in paying their corporate taxes… if you want to cut your tax bill, hire people who wrote tax law and collected taxes.
The company [GE] reported worldwide profits of $14.2 billion, and said $5.1 billion of the total came from its operations in the United States.
Its American tax bill? None. In fact, G.E. claimed a tax benefit of $3.2 billion.
Its extraordinary success is based on an aggressive strategy that mixes fierce lobbying for tax breaks and innovative accounting that enables it to concentrate its profits offshore.
G.E.’s giant tax department, led by a bow-tied former Treasury official named John Samuels, is often referred to as the world’s best tax law firm. Indeed, the company’s slogan “Imagination at Work” fits this department well. The team includes former officials not just from the Treasury, but also from the I.R.S. and virtually all the tax-writing committees in Congress.
With that kind of “talent” on your roster, how can you not
pay taxes lose?
New York Times
G.E.’s Strategies Let It Avoid Taxes Altogether