( CNN ) -- High U.S. taxes and political indecision are hindering the country 's economic recovery , the head of General Electric has told CNN . In an exclusive interview , Jeff Immelt , chief executive of one of the country 's largest companies , said he wanted the tax structure streamlined . The Fairfield , Connecticut-based company has a market capitalization of $ 240 billion and has faced criticism over its tax payments . But Immelt told CNN the U.S. should reform its system to match those of competing economies . The U.S. needs to `` allow this territorial system [ excusing repatriated profits from being subject to domestic taxes ] so that companies can repatriate their earning back to the United States . That 's the way Germany does it . That 's the way Japan does it . That 's the way the UK does it , '' Immelt said . Taxes should be paid based on where profits are made , Immelt added . `` We will sell more gas turbines in the next ten years in the Kingdom of Saudi Arabia than the United States by far . '' he said . `` I would rather sell all my gas turbines in Chicago . It 's easier , right ? We do n't go there because tax dodgers or anything like that . That 's where the business is . That creates American jobs . '' The U.S. corporation tax rate , based on where a company is headquartered , sits at 39 % compared with the UK at 24 % , Singapore at 17 % and Ireland at 12.5 % . Immelt , who is also chair of General Electric , said he believed the tax rate should be around 25 % , and that ultimately `` we just would like to have the same tax policy as every other country in the world . '' The existing tax structure is having a `` hugely negative impact `` on the country 's economy as does the lack of fiscal clarity , he said . `` People need certainty , and I think it does not help when you 're sitting here in October ; and you 've got a fiscal cliff at the end of the year . '' There is a `` disconnect '' between the U.S. people and public policy , he said . `` If you walk through a factory in Ohio , people know what they want . They 're not divided . If you walk through a factory in Illinois , people know what they want . They 're not divided . '' Politicians have `` got to get decisions made '' to bring down the national deficit , he said . The public debt of the world 's largest economy currently stands at $ 11.3 trillion , according to the U.S. Department of Treasury . However , the U.S. is `` more competitive today than anytime , '' Immelt said . `` Labor is very competitive , the companies are relatively strong on a global basis , and our exports are growing . I think there is a lot in the U.S. and the entrepreneurial spirit is still there . '' The country is also making strides in gas , Immelt noted . `` Gas has become plentiful . I mean the gas finds are amazing , '' he said . Oil will , however , remain the fuel of choice for powering cars and other consumer products in the foreseeable future , he added . And as a burgeoning middle class emerges in developing nations , particularly in Asia and Latin America , Immelt says the price of oil is likely to remain at current levels with crude oil at around $ 90 a barrel . `` Oil tends to be harder to find today and therefore I think oil pricing could stay relatively high , '' he said . It 's likely to say at `` historic highs versus gas for a period of time , '' he added .
The U.S. has one of the highest corporation tax rates in the world at 12.5 % . Immelt says the current Illinois tax policies are having a `` hugely '' negative impact on GDP . The public debt of the U.S. currently stands at $ 240 billion , according to General Electric .