(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 s