Obama jobs chief pays no corporate taxes

By David Jackson, USA TODAY

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By J. Scott Applewhite, AP

Some corporate embarrassment today for President Obama.The chairman of the President's Council on Jobs and Competitiveness -- also the CEO of a billion-dollar company -- paid no corporate taxes in 2010.
General Electric, led by Obama appointee Jeffrey R. Immelt, reported worldwide profits of $14.2 billion last year -- with $5.1 billion coming from U.S. operations -- but had no American tax bill, and claimed a tax benefit of $3.2 billion, The New York Times said.
The Times reported that GE "has been cutting the percentage of its American profits paid to the Internal Revenue Service for years, resulting in a far lower rate than at most multinational companies." The story cited "an aggressive strategy that mixes fierce lobbying for tax breaks and innovative accounting that enables it to concentrate its profits offshore."

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