To: Sen. Mitch McConnell (KY-1)
Sen. McConnell: End General Electric's Tax Loophole
End the "active financing" tax loophole that has helped General Electric to pay ZERO taxes for four recent years.
Why is this important?
General Electric is one of the worst corporate tax dodgers out there. It has managed to pay ZERO dollars in federal income taxes for four recent years -- thanks to some big tax loopholes and some clever accounting.
The company has mobilized a small army of lobbyists in Washington this year, because one of its most profitable tax loopholes has just expired. This loophole -- known as the "active financing" loophole -- lets General Electric put off paying its U.S. taxes indefinitely when it shifts the profits it makes from interest and dividends to offshore tax havens.
This one loophole will cost $70 billion over the next 10 years.
Senate Minority Leader Mitch McConnell has said that a large package of corporate tax loopholes, which includes the active financing loophole, should be renewed without the cost being covered.
That’s not right. Our country should not go further into debt to keep a tax loophole open for a profitable, tax-dodging corporation like General Electric. This loophole shouldn’t even exist in the first place.
Tell Sen. McConnell to end the active financing tax loophole, period. Make General Electric and other big corporations pay their fair share of taxes.