Corporate Tax Evasion

GE: 7,000 tax returns, $0 U.S. tax bill

GE had plenty of earnings last year -- just not in the United States. For tax purposes, the company's U.S. operations lost $408 million, while its international businesses netted a $10.8 billion profit.

President Obama wants to change the tax rate for American multinationals, who he says don't pay their "fair share" for overseas profits... Corporations currently pay taxes to Uncle Sam only when profits are brought back to the United States... Something a thinking TEA Party member might support if not for their reflexive hatred and hidden Astroturf corporate backers.

Various pro & con arguments can be made by academics, but money is fungible... Easily manipulated to hide its origin. And if a company occupies several roles within a supply chain, pricing can be adjusted to move profits offshore... Along with the jobs.

Audio: BBC, PRI & WGBH's The World 4/13/10, Reporter: Jason Margolis.