Elizabeth Warren's new ad takes a shot at the cozy relationship between Washington and corporate America.
"Washington lets big corporations like GE pay nothing," she says.
A Warren critic, however, emails to note that the auto bailout — some of it run through the Troubled Asset Relief Program that she oversaw — included extensive use of the tax code to prop up a different group of companies.
General Motors, in particular, paid less than zero taxes of 2011. And when the Administration brags that GM reported a $7.6 billion profit in 2011, conservatives are quick to note the profits include roughly $100 million in the form of a tax benefit document in GM's annual report (p. 51) — and, thus, massive untaxed profits.