Taking the targeted-tax-break route to more jobs
Posted by Mitch Kokai at 06:46 AMIn another sign that President Obama’s choice of General Electric head honcho Jeffrey Immelt as national job-creation guru leaves a lot to be desired, Bloomberg Businessweek reports the following:
In December, President Barack Obama started negotiating with Republicans to extend unemployment benefits in exchange for tax cuts, and that's when the tax commandos sprang into action. Washington's specialty boutiques and its giant lobby shops pressed for retroactive renewal of numerous corporate tax breaks that had expired. Nearly all were reinstated as part of a compromise measure that Congress passed on Dec. 16, a bit of nifty legislative footwork that saved companies about $43 billion in 2011 and 2012 taxes.
One of the biggest beneficiaries was General Electric.
Of course it was.
» Return to posts for February 28, 2011
» Return to the Locker Room