GM continues tax avoidance schemes while it slashes thousands of jobs By George Kirby
26 April 2019
In the past decade since the federal bailout of US car companies, automaker General Motors has extorted billions in tax cuts and credits from all levels of government, despite raking in massive profits.
These tax benefits have saved automakers billions while starving the public treasury of revenue. As reported by the Institute of Taxation and Economic Policy 60 Fortune 500 corporations nationally paid $0 in federal taxes in 2018 despite billions in profits. GM paid no taxes on its reported $4.3 billion in profits.
Meanwhile, in the midst of downsizing, including the closure of five plants in North America, GM and other major corporations are continuing buybacks of