At an on-the-record breakfast with reporters and anchors, House Speaker John Boehner, R-Ohio, was asked about GOP presidential candidate Mitt Romney, according to his newly released tax returns, earning tens of millions of dollars but paying less than 14 percent in taxes.
Boehner said Romney paid everything owed and suggested that looking at President Obama's tax returns, one can see the same types of different rates there in terms of income and investments.
When pressed, Boehner said, "General Electric is more the face of a broken tax system."
News reports in March 2011 indicated that General Electric (as ABC News has covered ) paid no federal taxes in 2010. The issue became all the more controversial because the CEO of General Electric, Jeffrey Immelt, is chair of President Obama's Council on Jobs and Competitiveness.
Andrew Williams, director of media relations for GE, told ABC News today that "the truth is that GE paid $1 billion in federal, state and local taxes in the U.S. for 2010. Our tax rate was low because GE lost billions of dollars as a result of the global financial crisis. We expect that our tax rate will be higher for 2011 as our business recovers. Like most Americans, we believe the U.S. tax system is in desperate need of reform, which includes closing loopholes."
*This post has been updated with the statement from GE.