General Electric pays zero federal income taxes and receives billions in tax subsidies, according to Citizens for Tax Justice/ Photo by Chuck Miller
Imagine that tax day rolls around and – instead of paying any taxes at all – Uncle Sam sends you a check for millions or even billions of dollars.
For dozens of profitable corporations, that's what actually happens. They don't need to imagine it. The U.S. tax code is full of tax breaks that allow some corporations to reduce their taxes down to nothing – and then actually get a check back from the government to boot.
If you think that's a system that requires a few changes, you're not alone. Washington is aflutter with talk of corporate tax reform, so we thought we'd answer a couple of your questions on the subject. We'll start with this important question:
Tax reform is the effort to overhaul our tax code, and it generally has three objectives – though not everyone who supports reform supports all three: