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“Some companies want to keep work here, or bring it back from Asia,” Mr. Pavy said,
“but in order to do that they have to be competitive in the final prices of their products,
and one way to be competitive is to lower the compensation of their American workers.”
The shrunken pay scale for newcomers — $12 to $19 an hour versus $21 to $32 an hour for longtime workers —
threatens to undo the middle-class status of even the best-paid blue-collar jobs still left in manufacturing.
A similar contract limits the wages of new hires at a nearby Ford Motor Company stamping plant,
but neither G.E.’s 2,000 hourly workers nor Ford’s 2,900, nor their unions nor the mayor, Greg Fischer, have objected.
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“The top corporate tax rate in the United States is 35 percent, one of the highest in the world,” but General Electric, whose CEO was recently tapped to lead Obama’s Council on Jobs and Competitiveness, pays no taxes at all, reports the New York Times.
The company reported worldwide profits of $14.2 billion, and said $5.1 billion of the total came from its operations in the United States. Its American tax bill? None. In fact, G.E. claimed a tax benefit of $3.2 billion.This negative tax rate is the product of lobbying aimed mostly at liberal lawmakers. “G.E. has spent tens of millions of dollars to push for changes in tax law,” such as “‘green energy’ credits for its wind turbines.” “Since 2002, the company has eliminated a fifth of its work force in the United States while increasing overseas employment.”
Read more at the Washington Examiner
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