GE to return it's $3.2 billion tax refund (on $0 paid tax, on $14 billion profit) to US Treasury .. GE NOW CLAIMS THIS IS A HOAX!

FABULOUS UPDATE AT BOTTOM

They call it sunlight.

Facing criticism over the amount of taxes it pays, General Electric announced it will repay its entire $3.2 billion tax refund to the US Treasury on April 18.

GE uses a series of foreign tax havens that the company says are legal and that led to an enormous refund for the 2010 tax year.

The company earned $11 billion in 2010 on revenue of $150 billion.

The company, based in Fairfield, Conn., plans to phase out tax havens over 5 years and said it will create one job in the US for each new job it creates overseas.

They probably cannot understand why it was wrong to take full advantage of the corrupt rules which made theft of american property (taxes morally owed) legal.

They probably cannot understand why no thanks will be coming forth for their promise to make sure 50% of their job creation is in the USA.

They have lost the idea.

Amorality in business dictates why FREE TRADE must mean equal working conditions overseas for any company which does business in the USA, otherwise the tax penalties must assume that equalization when such cheap labor foreign goods cross our border. And those duties become the property of the federal govt, and should go immediately to paying down the debt.

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CNBC

GE Rebuffs Tax Refund Report as 'Hoax'

General Electric called an earlier media report Wednesday that it would repay a $3.2 billion tax refund to the Treasury Department a "hoax."

Members of an activist group calling themselves the "Yes Men" claimed responsibility for the hoax, according to a report from Reuters.

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