While in Florida today to announce the endorsement of Jeb Bush Jr., GOP presidential contender Jon Huntsman took giant corporations to task for not paying their fair share in taxes. The former Utah governor and ambassador to China singled out General Electric and companies like it for avoiding their tax burden by exploiting loopholes in the tax code:
“It’s criminal that you’ve got some corporations not paying taxes,” the former ambassador to China said in Miami, where he was announcing a new endorsement in his presidential campaign. “Like GE, for instance. That’s got to come to an end.”
Huntsman’s remarks came in reaction to a question about the so-called “supercommittee” being formed as a result of the debt-ceiling deal that will consider new ways to reduce the deficit. House Speaker John Boehner (R-Ohio) and Senate Minority Leader Mitch McConnell (R-Ky.) named three representatives each to the panel this morning.
Earlier this year the New York Times reported that in 2010, GE, the nation’s largest corporation, functionally paid no taxes on $5.1 billion in profits in the U.S. alone. In fact, G.E. claimed a tax benefit of $3.2 billion.
Democrats are pushing for the super committee’s deficit reduction plan to include new revenues and tax reform, with a heavier tax burden falling on the wealthy and corporations who have seen their taxes plummet in recent years. Like other Republicans, Huntsman supports ending loopholes and exemptions to pay for lowering overall tax rates.