Tax-Free GE!

The Daily Show's Jon Stewart follows up Friday's strafing of GE and NBC News for NBC's frequent on-air disclaimers "GE, the parent company/part-owner of NBC," with Friday's bombshell that GE not only paid no 2010 federal taxes but got a $3.2 bil tax credit.

Jon Stewart Monday on Republican calls for corporate tax breaks: "Can you blame a company like GE for not wanting to do business in American when it has to pay 35 percent of its profits back to America?" 

Stewart calculates GE's federal tax rate on 2010 worldwide revenue as  "a negative 60 percent."  

Stewart: "But wait!  We've been told the only reason corporations aren't creating jobs here is the punitive corporate tax rates . . . but apparently even with their negative 60 percent tax rate GE has cut a fifth of its American jobs in the last nine years while boosting jobs overseas. Y'know, I know the Supreme Court ruled that corporations are people but they didn't realize those people are assholes.  Fortunately our top man is on the case."

Obama and GE CEO Jeff immelt

Clip of Obama May 4, 2009:  "We will stop letting American companies that create jobs overseas take deductions on their expenses when they do not pay any American taxes on their profits."

Stewart:  "The people have a champion!  And he's gonna be hopin' ass and takin' change. GE CEO Jeff Immelt is about to find out why we elected this anti-business, socialist, Marxist, Kenyan warrior." 

Clip of Obama January 21:  Jeff Immelt, he understands what it takes for America to compete in the global economy.  And I'm so proud and pleased that Jeff has agreed to chair this panel, my Council on Jobs and Competitiveness, because we think GE has something to teach businesses all across America."

Stewart:  "Yeah, you ripped him up a new -- wait, chairmanship?  I give up!  What's GE gonna teach businesses all across American?  To bolster their tax department?  With former officials from the Treasury and IRS and all relevant committees and make it 975 people?  Who says they're not creating jobs?  Of course, GE still has SOME workers in America.  Like NBC Nightly News.  And the night this story broke, they were probably all over it like --- nothing. They didn't report at all that GE had, y'know.  Well, to be fair Libya, Japanese radiation, there's an awful lot going on the world and I, I imagine their Friday night newscast is chock full of the type of urgent news that would preclude a more esoteric financial story."

Cut to NBC Nightly News anchor Lester Holt: "The Oxford English Dictionary, the most formal and proper of them all, has added some decidedly informal words to its lexicon tonight. LOL and OMG. Whassup.  Taquito.  Muffin top made the list.  According to Oxford, its the flesh that protrudes above waistband of a tight pair of pants.  Or what happens to  you if you eat too many taquitos."

OMG, the thieving muffin-topped Taquito Bandito!  LOL!

BriWi seat-filler Holt, (branded the Taquito Second Banana in this space, quoth The Raven "Evermore"), provokes Stewart's ha-ha, ha-ha, ha-ha Napoleon the 14th "They're coming to take me away!  Ha Ha!":  "OMG!  I GIVE UP!"

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Update: Paul Farhi Wash Post Did NBC's silence have anything to do with the fact that one of its parent companies is GE?