Two liberal groups Wednesday called for General Electric Chief Executive Jeffrey Immelt to step down as the head of the White House’s Council on Jobs and Competitiveness following a report that GE paid no federal taxes last year despite more than $14 billion in profits.
“One of the chief ways GE avoids paying taxes is by shifting a large portion of its profits overseas,and jobs follow. Now GE’s CEO is the person charged with helping the President create jobs here in America. That’s just perverse, “ the groups MoveOn.org and Progressives United told supporters in an e-mail message.
President Obama tapped Immelt to head the council in January. A story in the New York Times on Friday reported that General Electric avoids U.S. tax liability through a complicated series of financial moves.