Taxes [don't read if you're having a bad day]

In today's New York Times online, there's an article about G.E. and how it avoids paying taxes to the U.S. Last year this megacorp earned profits of $5,200,000,000 [that's a five and a two followed by eight zeroes]. Their tax bill? $0 [that's a zero followed by no zeroes]. Actually, the megacorp claimed a tax benefit of $3,200,000,000 [that's a three and a two followed by — you guessed it — eight zeroes].

So that's pretty bad. But hear this: according to that same Times article, over the past five years megacorp G.E. brought in "$26 billion in American profits, and received a net tax benefit from the I.R.S. of $4.1 billion." [I suppose the Times doesn't use zeroes 'cause they take up too much space.]

This huge benefit comes at a time when many people in America are struggling to find a job. Many others have simply quit looking. Our Senators are talking about deficit reduction and slashing "entitlements" and busting up labor unions and giving even more and bigger megacorp tax breaks and cuts for the wealthy.

As an aside: I just got my property tax bill for 2011 yesterday. The county has decided to devalue my condo by about 5.5%. My tax liability? It went up by almost 8%.

I sure hope that increase goes to G.E. It looks like they could use it.

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