Now Obama likes to castigate corporations for not paying their share of taxes and to badmouth tax loopholes. But his allies like the status quo. Observe that Obama named GE chief executive Jeffrey Immelt to chair his Council on Jobs and Competitiveness. GE failed to pay taxes in a year its profits exceeded $14 billion. Under Immelt, GE laid off American workers while creating jobs in China.
"All I'm saying is that those who have done well, including me, should pay their fair share in taxes," Obama orated. Just don't read the fine print. A "fair share" may be a winning talking point, but a "fair share" of an anemic economy is thin gruel.