Wednesday, December 19, 2012

A New World Record

You may have thought that Mitt Romney's 2011 tax return, at 379 pages, was some sort of world record for obfuscation and inefficiency, but you would be wrong.

Though 267 pages of his latest return was devoted to listing investments in 34 offshore corporations and partnerships, corporate tax returns are even more convoluted and complex.

Take for example General Electric's most recent return. At a whopping 57,000-pages, the return, which was filed electronically, would have been 19 feet high if printed out and stacked. Even more disturbing, GE paid no taxes on its $14 billion profit.