House Dems wary of Immelt’s corporate tax reform advice

“Corporate tax reform must be implemented in such a way so that U.S. multinational corporations that have outsourced jobs and investment overseas are incentivized to invest in American workers to create good, well-paying jobs at home,” the letter also says.

The note adds something of a new wrinkle to the tax reform debate, after Obama reiterated his desire to see the corporate tax code revamped in his Wednesday speech on deficit reduction. (The president also called for Congress to work on the individual code as well.)

The aftermath of that speech showed that Republicans and Democrats still have a large gap to bridge when it comes to taxes in general and tax reform. Many observers – pointing toward the last successful tax overhaul a quarter-century ago – have said any tax reform process could take years.

For their part, GE has pushed back on the reports over its tax situation, saying its reduced bill was not because of any avoidance strategies and instead due to losses at its capital unit. The company also said its $3.2 billion tax benefit in 2010 did not mean it got a refund.