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GE Filed 57,000-Page Tax Return, Paid No Taxes on $14 Billion in Profits
The problems with the corporate taxes occur because "Republicans and Democrats, both parties, sit in Congress and they're picking winners and losers," [Paul] Ryan said. The solution, according to the Wisconsin congressman: "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 carveout, you can lower the rates so we can be more competitive with our competitors overseas. We want to stem the bleeding of jobs going overseas, of foreign companies buying U.S. companies and taking headquarters overseas."