Reporter To Reid: Isn't GE Paying No Taxes Bigger Deal Than Romney?
Reporter: When the Democrats controlled both Houses in Congress and the White House nothing was done on -- I don't think any suggestions that capital gains tax rates or dividend tax rates be increased. So, why should we be taking this 'Buffett Rule' seriously now?
Sen. Harry Reid (D-Nevada): I think all you need to do is look at the Former Governor of Massachusetts' tax return and that pretty well indicates why it's become an emergency. Absolutely we should do it.
Reporter: GE has over, they had over 14 billion dollars in profits and they paid no tax on that.
Reid: We know that
Reporter: Isn't that a bigger issue, though, than Mitt Romney's tax returns just because --
Reporter: Senator Schumer talked about that specifically. He mentioned in his statement here today that there are some who pay no taxes. Of course that’s wrong. But that doesn’t mean we can only do one thing. Yes, what GE does is improper. They may follow the tax code but it’s not fair that they have the breaks that they do. And the same applies to somebody who makes 42, 43 million dollars in two years, they pay less than 15% in taxes.
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