Mrdon-myworld.blogspot.com | Jul. 21, 2011

(Reuters) - Analysts expect General Electric Co (GE.N) to report a 13 percent rise in net profit on Friday, with strong demand from emerging markets continuing to offset weak U.S. demand and its slimmed-down finance arm.

The largest U.S. conglomerate is experiencing strong demand for a variety of its heavy equipment, from aircraft engines, to gas turbines, to gear used in producing oil and natural gas, company officials have said.

"Business is good," Chief Executive Office Jeff Immelt told reporters in Greenville, South Carolina, last week. "You have this backdrop of tremendous demand."

General Electric Paid No Federal Taxes in 2010

THE WHITE HOUSE, March 25, 2011

The top tax bracket for U.S. corporations stands at 35 percent, one of the highest rates in the world. So how is it possible that a giant of American business, General Electric, paid nothing in federal taxes last year, even as it made billions in profit?

And should the CEO of GE, Jeffrey Immelt, be advising the president on business?

For two years, President Obama has been talking about the need for corporate tax reform, declaring that the system is too complicated and that companies pay too much.

"Simplify, eliminate loopholes, treat everybody fairly," Obama said in February.

Jeffrey Immelt To Head President's Council On Jobs And Competitiveness

President Barack Obama is restructuring his economic advisory board and naming Immelt as it new head.