TV News LIES

Tuesday, Jul 01st

Last update11:55:55 PM GMT

You are here News Of Special Interest After Paying Zero Income Taxes, GE Plans To Ask Its Union Workers To Make Wage And Benefits Concessions

After Paying Zero Income Taxes, GE Plans To Ask Its Union Workers To Make Wage And Benefits Concessions

E-mail Print PDF
GE tto ask employees for concessions

Last week, the New York Times reported that, despite making $14.2 billion in profits, General Electric, the largest corporation in the United States, paid zero U.S. taxes in 2010 and actually received tax credits of $3.2 billion dollars. The article noted that GE’s tax avoidance team is comprised of “former officials not just from the Treasury, but also from the I.R.S. and virtually all the tax-writing committees in Congress.”

After not paying any taxes and making huge profits, ThinkProgress has learned that General Electric is expected to ask its nearly 15,000 unionized employees in the United States to make major concessions.

This year, 14 unions representing more than 15,000 workers will negotiate a new master contract with General Electric. Among the major concessions GE has signaled that it will ask of union workers is the elimination of a defined contribution benefit pension for new employees, a move the company has already implemented for its non-union salaried employees. Likewise, GE is signaling to the union that it will ask for the elimination of current health insurance plans in favor of lower quality health saving accounts, a move the company has already implemented for non-union salaried employees as well.

In addition, General Electric may ask some workers for a wage freeze. Since the recession began in 2007, GE threatened to close plants in Schenectady, NY and Louisville, KY unless workers took wage concessions and adopted two-tier wage structure.

More...


Most Recent Related Stories...


Live updates on Supreme Court decisions: Latest news, reaction to bombshell rulings

SC birthright decisionThe Supreme Court voted to lift temporary blocks on President Donald Trump’s order ending birthright citizenship...

Judge blocks Trump from withholding EV charger infrastructure funds

electric vehicle charger A federal judge on Tuesday issued a ruling blocking the Trump administration from withholding funds for...

The Trump Organization quietly rescinds ‘built in the U.S.’ promise for its T1 phone after analysts’ consensus pointed to production in China

Trump phone not made in usa When the Trump Organization announced its cellular brand earlier this month, it touted that the devices...

EU may take action against Israel if conditions in Gaza do not improve

Kaja Kallas The EU may take action to increase pressure on Israel unless there are “concrete” improvements for...
 
America's # 1 Enemy
Tee Shirt
& Help Support TvNewsLIES.org!
TVNL Tee Shirt
 
TVNL TOTE BAG
Conserve our Planet
& Help Support TvNewsLIES.org!
 
Get your 9/11 & Media
Deception Dollars
& Help Support TvNewsLIES.org!
 
The Loaded Deck
The First & the Best!
The Media & Bush Admin Exposed!