Bloomberg news reports the Whirlpool the world's largest apppliance producer has paid no federal income taxes for the last three years. Even though the company reported 18 billion in sales last year it ended up with a 64 million tax benefit from the U.S. federal government.
Whirlpool's headquarters are in the city of Benton Harbor, Michigan, where the city's elected mayor and city commissioners were recently stripped of all power by an unelected emergency financial manager appointed by Michigan Gov. Rick Snyder. Perhaps the city could borrow a few buck from Whirlpool.
Whirlpool expects a similar tax benefit in 2011, corporate controller Larry Venturelli told analysts. Whirlpool is celebrating its 100th anniversary this year. Meanwhile the U.S. government is struggling to find some way to reduce its deficit and/or allow for higher debt levels.