BEFE: Best Executive Friend Ever

“Jeff Immelt, the boss at General Electric (GE) and the President’s Best Executive Friend Ever (“BEFE”) had this to say about reforming corporate taxes:

Our system is old, it’s outdated, it’s complicated — and all of us are for closing the loopholes. Absolutely, a lower corporate tax rate, and a territorial system, just like our global competitors have.

I love it when ‘Jeff Boy’ says “all of us”. Who is he referring to with that? American citizens in general? Not the case. Employees of big companies like GE? No, not them either. The “Us” that Jeff is referring to is America’s CEO’s and top exec’s. That lucky group comes to about 0.01% of the population.

Unfortunately, guys like Immelt have the President’s ear. That Jeff Boy is actually a formal adviser to the president while at the same time he is pushing a tax plan to benefit himself and another 30,000 execs is over the top. From GE’s top bean counter, Gary Sheffer:

GE favors closing loopholes, a lower corporate tax rate, and a territorial system in line with every other developed country in the world.

So GE and the rest of the execs are willing to give up loopholes, but in exchange they want a lower marginal rate and they want a territorial system.”

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