Obama's Balancing Act: Be the Scolding Adult

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Private Jets are small potatoes compared to the giant steak that is the tax code. What will help shrink the deficit and pay off the national debt is removing the loopholes in the tax code that allow for some of the largest corporations, with the largest profit margins, to escape paying income taxes.
It is important to note that most U.S. companies do pay their income taxes. In fact, a study done by The Business Roundtable shows that the average company based in the U.S. pays an effective tax rate of around 27%. (http://scr.bi/ldGkg4) The corporations that can afford to hire accountants to help them find the loopholes are the ones that get away without paying the government taxes.
If GE had paid 27% of its 10.8 billion profit in taxes to the government this past year the U.S. would have been able to shrink the deficit by almost 3 billion dollars. (http://bit.ly/m3nyeb) That is money the government cannot afford to lose.

David Morris of MI 2:09PM June 30, 2011