I’m enjoying watching the Olympic Games in London. Go team! But, I can’t help noticing the commercials in which giant corporations claim to support our Olympians (and, by extension, us): BP, who spilled untold amounts of oil in the Gulf of Mexico, then lied about it; McDonalds, contributing to the obesity problem, not athletics (although their Olympics commercials are really funny).
Then there’s the giant among giant companies, GE (General Electric), with a GDP larger than most nations. Their contribution to Team USA? Not paying taxes.
Citizens for Tax Justice studied 280 Fortune 500 companies and filed a report last year which found: “while the federal corporate tax code ostensibly requires big corporations to pay a 35 percent corporate income tax rate, on average, the 280 corporations in our study paid only about half that amount.”
Some paid no US taxes at all, while earning billions in profits. GE was one of those companies. (some handy graphs)
That’s not being a team player! That’s being a cheater, a poor sport, not deserving to medal, or even to qualify. Boo!
A true corporate citizen plays by the rules. This ref cries foul.
(Speaking of refs – actually, to go on a “ref” tangent — what was with that ref for the Spain/Honduras soccer match? Horrible! Viva España! They was robbed!)