Few good things can be said About Jeff Immelt. For any holder of GE stock, his incompetence as a CEO is legendary, few CEO’s of large corporations have botched the job and manged to ruin shareholder value worse then Immelt (that clown that ran Disney before Iger was a close second, but that will be for another post).
But Jeff does know how to curry favor with Obama, large donations are worth something after all, so aside from getting a pass on any tax liability, he managed to get himself elected Obama Job Czar, not bad for a guy whose only job creations in GE he has seen are the ones he created overseas. Given the unemployment rate and how job creation has been THE hot button topic for a while now, Jeff has managed to avoid criticism by keeping his nose firmly at the behind of his boss, and laughing at all his jokes when both are sceen together. But even a stopped clock is right twice a day, I guess that means Immelt has to do one more thing right, no small feat for this weasel:
Jeffrey Immelt, CEO of General Electric and President Obama’s “jobs czar,” criticized the current American tax system while apparently opposing President Obama’s call for tax increases to pay for jobs spending.
Immelt added, “Personally, I think [lowering taxes] will create jobs.”
Where did that come from? A clear repudiation of the president’s wealth redistribution efforts, this will not play well in the WH.
We can’t fault him for speaking the obvious, lowering taxes and increasing the base, yep, that is the recipe for job creation.
When Reagan took office the top tax rate was 70% and those in that bracket accounted for 18% of the tax revenue (accounting 101 told them to just incorporate, thus avoiding the higher tax bracket and only paying the corporate rate). but when he lowered the top tax rate to 28%, the same tax bracket (the wealthiest) accounted for 28% pf the tax revenue.
Immelt knows this, but going against the bosses policies, and speaking the unspeakable, what got into that boy?