March 25th, 2011
06:11 PM ET
By Charles Riley, staff reporter
NEW YORK (CNNMoney) - The Obama administration has been talking about corporate tax reform a lot lately. And so it was on Friday – but not through prepared bullet points.
Reporters peppered White House Press Secretary Jay Carney with questions about a story in the New York Times detailing the efforts of General Electric to avoid paying taxes.
At issue: GE chief executive Jeff Immelt's side job as head of Obama's innovation and jobs council.
Corporations typically face a 35 percent federal income tax, but many end up never paying that amount.
One aim of tax reform is to lower the corporate tax rate while greatly scaling back tax breaks and loopholes that allow many corporations to pay less in tax.
Thanks to its deductions, adjustments and offshore profit centers, GE has paid a rate of exactly zero for two consecutive years.