Rep. Frank Wolf, R-Va., publicly lambasted General Electric after a new study found that the company was a top corporate taxpayer in China in 2008 yet paid zero taxes in the U.S. in 2010.
In a speech on the House floor Wednesday, Wolf said the revelation was “particularly alarming” at a time when the economy is floundering and lucrative companies like GE are sending jobs overseas.
“It is noteworthy that GE, an American company, paid no federal taxes in its home country last year, while being honored for being a significant source of tax revenue to China. China, with its horrific human rights abuses, persecution of people of faith, censorship of the press, cyber-espionage, support of rogue regimes and increasingly aggressive military posture?” Wolf said. “This should give us pause.”
Figures for GE’s 2010 tax contribution to China were not available, he said.
It’s the second time in recent months Wolf has taken to the floor to convince colleagues to consider tax reform during deficit negotiations. In October Wolf sharply criticized Grover Norquist, the man behind the decades old pledge not to raise taxes, for blocking conversations about closing loopholes for companies like GE. Wolf is one of just six House Republicans who refused to sign Norquist’s pledge.
Wolf said he included in an appropriations bill a provision to bring manufacturing jobs back to the U.S. That bill expected to pass the House later this week.
“GE has a proud tradition as an American company,” Wolf said. “And it’s past time for companies like GE to bring jobs back home.”
