Washington legislators complain that corporations are overtaxed and this is the reason jobs aren”t created. Our largest U.S. corporation, General Electric, amassed $14.2 billion in profits, paid no taxes and eliminated 20 percent of American jobs (San Francisco Chronicle editorial page, April 14). I”m a little confused here. I can”t understand how any company can justify writing off $14 billion in expenses against $14 billion in gross revenue. The only plausible explanation I have is perhaps G.E. uses an accounting firm composed of former Arthur Anderson employees. Remember Enron?
This whole scenario intrigues me. When I finished college, albeit 40 years ago, my degree required four courses in accounting, which when completed, gave an excellent understanding of this science. And this is where the confusion sets in. How in the world does General Electric, and others, I”m sure, get away with it?
Bill Konrad
Kelseyville
