Regular readers of this blog know, as I recently posted, that General Electric, America’s largest corporation, had an extremely profitable 2010, yet paid not a penny in taxes. Fox’s Brit Hume is evidently not a reader of “The Liberal Curmudgeon,” since he was unaware of this. On Fox News Sunday, Hume was spouting right-wing economics: cutting taxes–implicitly for the wealthy and corporations–leads to increased tax revenue. Juan Williams pointed out G.E.’s case, a blatant contradiction of Hume’s point. Watch Hume caught in the headlights, speechless, before being rescued by Chris Wallace's quip:
WILLIAMS: Remember that there's been an extension of the Bush tax cuts, and you’re going on as if, you know what, we don’t know how in America how to help our own deficit problem. We do! We just have to tax people.
HUME: Juan, Juan. What we need is not higher tax rates. What we need is higher revenues. And how do you get higher revenues? You get higher revenues from an expanding economy. That’s where the big money comes from.
WILLIAMS: Yeah, and G.E. paying no taxes? That’s good for America? Come on, you know that’s not right.
WALLACE: I just want to say, I pay all my taxes! (h/t: Think Progress)