And Eric Cantor wants to lower the corporate tax rate

Virginia Rep. Eric Cantor, majority leader and infamous post turtle*, was just saying that he thought it would be a great idea to lower the U.S. corporate tax rate to 25 percent. “It’s wrong that American companies are paying taxes at rates that are 50 percent higher than even those in Europe,” Cantor said in prepared remarks.

Two days later, The New York Times published an article detailing how corporate giant G.E., despite worldwide profits of $14 billion – $5 billion of which was made in the United States – will not only pay nada, zip, zilch in U.S. corporate income tax but actually managed to figure its tax bill so that the IRS owed the company $3.2 billion.

Perhaps the problem is not just that the corporate tax rate is too high. Perhaps the problem – as President Obama said in his State of the Union address – is that some U.S. corporations pay the highest income tax in the world while others end up paying no taxes at all because “a parade of lobbyists has rigged the tax code to benefit particular companies and industries.”

Obama put fixing both issues on the table. Cantor, for some reason, ignored the part about how the tax code has been rigged and only wants to lower the tax rate, not fix the underlying problem. And Republicans wonder why they’re still not taken seriously on fiscal issues.

* “You know he didn’t get up there by himself; he obviously doesn’t belong up there; he can’t get anything done while he’s there; and you just want to help the poor, dumb thing down.”

Update: Here’s Jon Stewart’s take on GE’s tax situation:

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