GE FILES 57,000 PAGE TAX RETURN AND PAYS NO TAXES

I have to admit this one is hard to believe. I came across this article the other day from The Weekly Standard and was floored. General Electric, the behemoth American conglomerate corporation, filed an astounding 57,000-page federal tax return in 2011 but didn’t pay taxes on $14 billion in profits. The article illustrates the inefficiencies and disparity that exists in our corporate tax code.

We’ve been hearing for quite a while about these inconsistencies that exist, and, in particular, about the need to close the loopholes in our corporate tax code. I think the problem is our elected officials have spoken in general terms when addressing this subject. It’s time for somebody to give us specifics and define exactly which loopholes should be eliminated, and how we’re going to go forward with corporate tax reform.