General Electric Co (GE) went on the defensive on Thursday over a report it paid no income taxes last year, unapologetically saying it seeks to reduce what it owes, but expects to pay more this year.
Chief executive Jeff Immelt said people who assert the corporate tax controversy damages his credibility as head of a White House panel on job creation and economic competitiveness can “think what they think.”
“I am completely committed to do a good job,” Immelt told ABC News after addressing political and business leaders at the Washington Economic Club.
The New York Times reported last week that GE owed nothing in federal income taxes last year, despite earning US$14 billion, about a third from its US operations.
However, the company said it expects to owe the government a small amount when it files its return in September. GE also said it paid about US$1 billion in other federal, state and local taxes.
The report has fueled criticism from some quarters, including labor groups, that GE and other corporations receive special treatment from the government, while millions of Americans struggle in a tough economy.
Immelt said GE, like other businesses, seeks low tax rates, but he added that the company is fully compliant with federal regulations.
“There are no exceptions,” he said.
Immelt said a small tax bill for last year was because of more than US$30 billion in losses related to GE’s financial services business during the financial crisis. In 2009, GE Capital’s losses were so large that the company overall lost money on its US operations.
GE’s federal taxes would rise as the performance of its financial arm improves, Immelt said.
He said it was important that “everyone pay their fair share” and noted that GE had paid billions in federal, state and local taxes over the past several years.
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