Newsmax: Even conservatives are gasping about GE's corporate taxes

GE filed it corporate income tax return. Although the company made $14 billion in 2010, it paid no corporate income taxes. GE is the biggest corporation in the US.

Only $5 billion was taxable because $9 billion was made "outside: the US. Often corporations locate their headquarters outside of the US to avoid paying federal corporate income tax.

The GE corporate taxes were filed electronically and the form was more than 57,000 pages long. If the tax form had been printed out, it would have stood 9 feet high.

What is Republican Paul Ryan's solution for this tax dodge?

Get rid of those loopholes and lower tax rates by a corresponding amount. Don’t lose revenue, but for every loophole you pull out, and deny a company from being able to get this little carve-out, you can lower the rates so we can be more competitive with our competitors overseas.


Although the official corporate tax rate for the US is 35 per cent, the effective tax rate is 17.5 per cent due to tax exemptions (loopholes).

Getting rid of the loopholes is easier said than done. The lowest corporate tax rate of the industrial nations is Ireland is 12.5 per cent and that low rate was set  to encourage investment in Ireland.

This Irish rate is controversial in the EU, particularly after Ireland has been having severe financial problems that have collapsed two governments.

source: NewsMax

photo source: Progress Illinois

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