The General Electric Corporation (GE) filled a 57,000 page tax return;
well it was electronic so that is the equivalent of their return. It would be
19 feet tall if stacked. That is one whopping big tax return. Makes you wonder
how long it took to create and Congressman Frank Wolf, Republican TN asked the
IRS commissioner how many hours it took the employees to review it. It we put
legs on the bloody things it would be the Creature from the Black Return, or a
Transformer light bulb with a billion watts.
Need I say it? GE paid no tax for that year. They paid a considerable
amount of tax to China, but nada, zero, zip to our government.
Do you think we need tax reform?
[info for this piece came from tax.com.]
This is why business tax is regressive. Big corporations have figured out how to weasel out of them. If we had a properly progressive personal tax structure they wouldn't be necessary anyway. I'd say either make it all progressive personal income taxes. Or just level the playing field at all levels of the economy with a straightforward VAT instead.
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