Chief executive officers of 16 companies, including Boeing Co, Caterpillar Inc and General Electric Co, have urged the U.S. Congress to pass a comprehensive tax code rewrite, including a controversial border tax.
General Electric Co said it will sell its commercial lending and leasing businesses worth more than $30 billion to Wells Fargo & Co as the industrial conglomerate shifts its focus back on the manufacturing businesses.
The 500 largest American companies hold more than $2.1 trillion in accumulated profits offshore to avoid U.S. taxes and would collectively owe an estimated $620 billion in U.S. taxes if they repatriated the funds, according to a study released on Tuesday.
General Electric Company said it plans to sell the bulk of its $30 billion real estate portfolio over the next two years as it returns to its industrial roots, and has set a share buyback plan of up to $50 billion-the second-largest ever.
American International Group Inc., Prudential Financial Inc. and a unit of General Electric Co. were identified by U.S. regulators as potential risks to the financial system in a step toward putting the firms under tighter government scrutiny.
