Since they weren't paying taxes anyway. Though it may help the employees who are still with them next year as they will get to keep more of their income. It should create some new jobs that we can flee to as the GE ship sinks farther, as well.
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Looks like GE will be paying tax for the next few years. As many other companies.
If you read this article GE has not paid and significant taxes for years. What a joke!
https://www.google.com/amp/s/www.thestreet.com/amp/story/14428618/1/tax-bill-is-no-christmas-miracle-for-ge.html
@1koz I am the OP and that's exactly what I meant. GE won't be making a bunch of new jobs, but other companies and even small businesses will, and this is a good opportunity to escape with some dignity and try a new adventure. Good luck to all!
Typo: I meant 4.1%.
Probably not a whole lot of new jobs, but the unemployment rate is only 41%, so not there's not a whole lot of room for improvement. It's a sellers market now ladies and gents, you'd all be better served by moving to a company that gives a damn about their employees.
@GEblows, I think the OP meant that the tax reform will create new jobs outside of GE that current GE employees can pursue as they flee the sinking GE ship.
Use tax breaks to create new jobs?!?!? HAHAHAHAHAHA!!! As a former GE jr. exec, I can tell you that is the LAST thing the money will go for. Much Sr Exec compensation is stock-based awards, so where do you think the money will go? Stock buybacks. Also, useless M&As and finally the dividend. It’s all about juicing the share price so they can further line their pockets. New hiring and new factories are further down the line...
GE gets tax breaks by firing workers and hiring temps or moving work overseas.
When they do this, they can write off costs as purchased goods.
The only problem is that there are huge inefficiencies and transportation costs moving material all around the globe instead of making in one place. GE now has huge cost problems with their inefficient supply chain that is also bloated with management structure. High cost is why power cant make money and now has to fire 12,000 workers