U.S. corporations pay too much taxes -- except when they don't

I pay taxes to the federal government, and so do you.

You know who doesn't? The nation's largest corporation, General Electric:

Its American tax bill? None. In fact, G.E. claimed a tax benefit of $3.2 billion.

That may be hard to fathom for the millions of American business owners and households now preparing their own returns, but low taxes are nothing new for G.E. The company has been cutting the percentage of its American profits paid to the Internal Revenue Service for years, resulting in a far lower rate than at most multinational companies.

Its extraordinary success is based on an aggressive strategy that mixes fierce lobbying for tax breaks and innovative accounting that enables it to concentrate its profits offshore. G.E.'s giant tax department, led by a bespectacled, bow-tied former Treasury official named John Samuels, is often referred to as the world's best tax law firm. Indeed, the company's slogan "Imagination at Work" fits this department well. The team includes former officials not just from the Treasury, but also from the I.R.S. and virtually all the tax-writing committees in Congress.

I know, I know --  it's GE...pro-Obama, MSNBC (which they don't own anymore), George Soros (who has nothing to do with this, but I'm sure some commenter will tie him in), yadda yadda yadda. But they weren't paying much if any taxes when a Republican was in the White House, either, and the Times story notes that many other corporations don't pay much, which means that the 35-percent number that conservatives like to throw around is worthless. From the Marcellus Shale to GE's nuclear division, you're more likely to find a large U.S. corporation that's undertaxed than overtaxed.

Programming note: I'm working tomorrow night, so don't be shocked to see a rare Friday post or two.