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The United States last updated its tax code in 1986 – more than 30 years ago. The world has changed dramatically since then; GE has changed dramatically, too.
Our U.S. workers earn high wages because they make leadership products that can be sold around the world. Global growth is critical to our success and has helped us become more efficient and more competitive.
But the antiquated U.S. tax system doesn’t fit how businesses operate in today’s global market. Instead, it puts American businesses and workers at a competitive disadvantage.
The United States currently has the highest business tax rate in the developed world and is one of the few countries remaining that taxes business income on a worldwide basis.
Many of the products made by GE employees in the U.S. are sold around the world and then serviced by GE in their overseas locations. This supports high quality American jobs while also generating income outside the U.S.
We need a tax system that allows American workers to compete around the world on a level playing field, so it’s the quality of our products that determines whether we win deals, and not tax differences. That is why GE supports reforming the tax code –
even if it means higher taxes for GE.
By modernizing our tax code, lowering the business tax rate, and moving to an international tax system on par with our foreign competitors, the U.S. can leap from one of the worst tax systems to one of the best.
Watch this video from the American Made Coalition on how we can update our tax system to be more in line with the rest of the world.
Check out the American Made Coalition – a group of businesses of all sizes from nearly every sector of the economy in support of reforming the tax system.
The federal government issues thousands of new regulations each year. Most of these regulations involve very little burden or disruption, but a small handful of regulations each year have the potential to dramatically change behaviors and even markets.
GE sells products and services to customers in a massive range of different markets. Each of these customers, as well as GE itself, must deal with a complex and ever-changing body of regulation. Regulations cover obvious topics like air emissions limits for GE products, and less obvious topics like what qualifies as a “conflict mineral,” and what is a “knowing use?” Does it matter which agency processes the paperwork for importing electric motors?
GE promotes principles of good regulation and policies that clarify the regulatory landscape. We do best in systems where our technical experts are free to provide their input and where they will be heard and taken seriously. GE promotes transparency, because we believe in a fair system where those affected by a regulation had the chance to participate in its creation by filing comments or testimony.
GE does business in critical markets where technology changes rapidly. We can’t answer tomorrow’s questions if we can’t update yesterday’s regulations.
For more information, please contact Patrick Hedren, Senior Counsel, Regulatory Advocacy, Patrick.firstname.lastname@example.org.
With close to 300,000 employees worldwide and operations in over 180 countries, GE employees reflect both the local communities we serve and the people with whom we do business. We see diversity and inclusiveness as an essential part of our productivity, creativity, innovation and competitive advantage.
Click below to learn more about our diversity outreach:
For more information, please contact Nancy Dunn, Program Manager, Diversity, email@example.com
Our business looks much different today than it did 20 or even five years ago – we have spun off our finance arm, GE Capital, we have sold our appliance business and we purchased the energy company, Alstom – all with a goal of transforming GE into the leading digital industrial company to better serve our customers in today’s fast-paced, high-tech world. While GE has undergone a significant transformation, our commitment to U.S. manufacturing remains the same.
GE is one of the largest employers in the US with more than 100,000 workers. Giving our employees the skills they need to perform high-tech jobs is critical to ensure that both our company and our employees continue to succeed well into the future. That’s why we are training 150,000 sourcing employees, building new Brilliant Factories across the country, and investing $1 billion per year in employee development initiatives.
NEW FACILITIESOver the past 5 years, GE has opened 6 Brilliant Factories in the world, including:
The Brilliant Factory puts a “digital thread” through operations, from product design all the way to supplier management so we can see performance and output in real time.
NEW TRAININGGE’s Brilliant Learning initiative provides training to global employees for new, highly valuable jobs needed in the digital industrial economy.
Retention of U.S. manufacturing jobs is more important than ever. GE’s custom curriculum hopes to become an industry model for by focusing on important skills such as lean, advanced, additive and digital manufacturing, as well as other digital technologies that are transforming the industry.
THAT’s WHY we support trade policies that promote global trade – because GE’s global sales support its manufacturing base here at home, along with the thousands of U.S. companies in our supply chain. And that’s why we support updating our 30-year-old tax system –
because we can’t afford to struggle with an outdated model while foreign competitors leverage their tax advantages against us. By working together, we can support policies that ensure our ability to compete and succeed.
For more information on jobs and the economy, check out the following resources:
GE is a leader in sustainability and dedicated to providing technology and digital solutions to customers to reduce their emissions footprint, improve overall efficiency, and minimize environmental impact. GE works together with customers, other industries and the U.S. government to promote sound energy and environmental policy to help grow the U.S. economy while ensuring the delivery of reliable and affordable energy to the American people and businesses, thereby enhancing the quality of life in the United States and globally. GE’s voice is essential in these processes, and we work hard to ensure that the government understands both the potential and limits of technology, and how that technology is applied by our customers.
What is GE doing to help improve sustainability and efficiency? Among many other things:
Interested in learning more?
Click here to read how GE is making a difference around the world through its energy and digital expertise.
We have globalized in our own way.
95% of world’s population lives outside the U.S. – we need to meet their needs in their markets to maintain demand for our U.S. products.
We grow by investing, operating and building relationships in the countries where we do business. We call this localization.
The world is interconnected. When we draw on our global footprint, we are more competitive. When we win in one market, it benefits our company around the globe.
Localizing in markets around the world gives us:
Every country wants to create jobs and bring investment to their country. Competing for global deals is not easy, and requires flexibility and creativity. We do this country by country, deal by deal.
Insights and Flexibility
A local presence allows us to quickly understand and adapt to changing environments across markets. A footprint in multiple countries also allows us access to a diverse set of critical tools such financing, which is key to winning many large infrastructure deals.
We are made stronger by diverse teams. We need a global workforce with local knowledge and different backgrounds to continue innovating and delivering for our customers.
GE is one of America’s largest exporters, selling products and services in over 180 countries around the world. Last year, over 60% of our orders came from customers located outside the U.S. These orders mean more work for our employees here in America.
Yet competition for new and established markets is intense and only getting stronger. We must compete with large global players here in the United States and around the world.
As a global company, GE has the ability to navigate complex international markets. But sound trade policies are still important to GE, largely because they promote general economic growth and help smaller companies.
OPEN FOREIGN MARKETSTrade agreements break down foreign barriers and set strong enforceable trade rules. This helps large companies but is particularly important to smaller companies looking to compete abroad..
SET GLOBAL STANDARDSTrade agreements also encourage universal regulations, such as standardizing the way data is stored, protected and moved across borders. This is an increasingly critical issue for companies like GE that are focused on digital innovation.
LEVEL THE PLAYING FIELDWhere we don’t have free trade agreements, it’s U.S. businesses that usually pay the price. Without free trade agreements, foreign companies still enjoy relatively unrestricted access to American markets, while U.S. businesses often face discriminatory taxes and other bureaucratic barriers abroad.
For more information on Trade and Competing Globally,
check out the following resources: