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Jon Stewart Calls Out NBC News For Not Reporting on GE's $0 Tax Bill (VIDEO)

by Jeremy Taylor, posted Mar 29th 2011 5:30AM
'The Daily Show'On Friday, The New York Times reported that General Electric paid no U.S. federal income tax in 2010, despite earning $14.2 billion in profits.

While the article got a ton of play across the media, Jon Stewart and 'The Daily Show's (Weeknights, 11PM ET on Comedy Central) crack team of video-watchers found that there was one particular media organization that completely ignored this stunning revelation on the day the news broke.

And that would be NBC. Which is owned by ... GE.

"To be fair, Libya, Japanese radiation, there's an awful lot going on in the world ... the type of urgent news that would preclude a more esoteric financial story" was Jon Stewart's initial excuse for why NBC Nightly News didn't get to 'The New York Times' report.

But then came the punch-line: Stewart played a clip from Friday's NBC 'Nightly News' broadcast, where anchor Lester Holt had ample time to report on the Oxford English Dictionary's decision to include words such as "Muffin Top" and "Wassup" in their latest edition.

Watch the full episode here:

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british4111

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March 30 2011 at 1:43 AM Report abuse -1 rate up rate down Reply
skipbhee

A better question is why any corporation pays taxes at all. Anyone with a rudimentary understanding of business knows that corporations simply pass any expense on to consumers in terms of more expensive goods and services. Ever wonder how much a bottle of ketchup might cost without all those embedded taxes?

Business whether corporations or proprietorships don't pay taxes, people do. More specifically, customers do - you do. Forcing businesses to file income tax returns only has the effect of burying taxes an the constituency inside of the products they purchase. It's real fraud and evil.

A much better question for Steuart to ask is: When will the people of the US demand a consumption tax in leu of an income tax? A national sales tax catches everyone, it's extremely efficient (no IRS, tax lawyers, tax accounts, etc.), and places incentives on saving instead of spending.

March 29 2011 at 2:23 PM Report abuse rate up rate down Reply
1 reply to skipbhee's comment
Jenny CT

Do you really think that corporate would pass on savings? I have never seen any company give profits away, unless it's to shareholders. Do you have an example?

Also, a national sales tax would not prevent states from collecting their own sales, plus it would shift the burden to lower and middle income. It's all a matter of perspective and everyone thinks they have it worse than everyone else. Just let's be fair.

March 30 2011 at 1:45 PM Report abuse rate up rate down Reply
Tobey Cook

Actually, GE no longer owns NBC Universal. They are owned by Comcast. Even Stewart is a bit behind on this. It doesn't excuse the oversight, but his writing staff should have caught that.

March 29 2011 at 6:09 AM Report abuse rate up rate down Reply
1 reply to Tobey Cook's comment
mithund

Actually, GE stills owns 49% of NBCUniversal, while Comcast owns 51%.

March 29 2011 at 7:09 AM Report abuse rate up rate down Reply

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