Here is what happens. These are a couple of quotes from an email by MoveOn.org.
According to The New York Times, last year General Electric (GE) made over $14.2 billion in profit, but paid NO federal tax.1 None.In fact, thanks to the millions GE spent lobbying Congress, we American taxpayers actually owed GE $3.2 billion in tax credits.2Now GE is slashing health benefits and retirement benefits for new employees among non-union workers and is expected to push unions to accept similar cutbacks3, while its CEO, Jeff Immelt, gets a 100% pay raise.4What's worse? Immelt now sits as chair of the President's Council on Jobs and Competitiveness (Jobs Council), representing corporate America to the President on matters like job creation and corporate taxation. That's a slap in the face to every hardworking, tax-paying American—especially GE employees.
One of the chief ways GE avoids paying taxes is by shifting a large portion of its profits overseas, and jobs follow.5 Now GE's CEO is the person charged with helping the President create jobs here in America. That's just perverse.And if the American people got back just the $3.2 billion GE took in tax credits, it would pay for the programs that House Republicans want to gut, like community health centers providing care to over three million low-income people6 and food and health care assistance to pregnant women, new moms, and children.7 We'd even have enough left to save the jobs of over 21,000 teachers across the country.8The American deficit is being weighed down by hundreds of billions spent on bailing out major corporations. The tea party's plan is to make working families pay through devastating cuts, instead of making corporations with billions in profits pay their fair share.But if we can hold Immelt accountable for GE's corporate irresponsibility, the nation will turn its attention to the injustice of corporate tax evasion in the face of the Republicans' budget-slashing attack on working families.