This is a RUSH transcript from "The O'Reilly Factor," March 25, 2011. This copy may not be in its final form and may be updated.
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BILL O'REILLY, HOST: In the "Lou's the Boss" segment tonight: This is unbelievable. Ready? Last year, General Electric made $14 billion in profit worldwide, including $5 billion in profit in the USA. Yet General Electric paid zero -- nothing -- in taxes to the feds. As you may know, GE boss Jeffrey Immelt is a big supporter of President Obama and vice versa.
(BEGIN VIDEO CLIP)
PRESIDENT OBAMA: We want an economy that is fueled by what we invent and what we build. Now, nobody understands this better than Jeff Immelt. He understands what it takes for America to compete in the global economy. As he mentioned, I've appreciated his wisdom during these past two years.
(END VIDEO CLIP)
O'REILLY: So the question: How could GE pay absolutely nothing to the government? And how can I get that deal?
Joining us from the New York studio, Fox Business anchor Lou Dobbs. Now Dobbs, you got, I mean, just explain it so I can understand it. I'm doing my taxes as we speak.
LOU DOBBS, FOX BUSINESS NETWORK ANCHOR: OK.
O'REILLY: I'm trying to get everything together. And it's a big hit. It's a big hit.
O'REILLY: All right. I'm going to pay millions of dollars to the federal government this year. Millions, OK? And GE pays nothing. Tell me, tell me.
DOBBS: You've got to spend more, not only on finding tax loopholes, Bill. You've got to do what GE does; you've got to spend a small fortune creating those loopholes. It's what I call non-taxation through extraordinary aggressive representation that has to be bought.
And by the way, corporate America, Bill, buys, with $4 billion a year, representation that you and me and our fellow citizens can't buy in Washington. And the result is a tax system that permits GE to book its profits and leave them offshore and not, what's called repatriate, bring them back to the United States no matter where the profits are made. And that's what's happening here. They bought the loophole. They are using the loophole, and they're going to continue to do just that.
O'REILLY: All right. So they make $5 billion. They make $5 billion with "b."
O'REILLY: $5 billion here in the United States, profit.
O'REILLY: And they are shipping it out someplace else? They ship the money someplace else so they don't have to pay taxes?
DOBBS: That's right. They're -- they're…
O'REILLY: But I'd be put in jail if I did that. I would be put in jail if I got an offshore haven and threw my money in there and didn't do the withholding and all of that business. They would throw me in jail for that.
DOBBS: Well, that's why it's important for you to buy some loopholes so that you don't go to jail. And by the way, this is being done across -- all across the country by major corporations. There is an estimated trillion dollars sitting out there in unrepatriated profits.
O'REILLY: All right, when you say, I don't know what unrepatriated means, all right.
DOBBS: That's money that they've made that they're not bringing back into the United States. They're leaving in the bank accounts overseas.