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My liberal mind tells me they MUST be made to pay their fair share and fair share to me is 75% because they are corporations and evil and pollute the planet.
Owned by filthy, rich people while the middle class gets constantly plugged by corporation thugs! The proletariat must rise up and wave the banner of socialism!
We must stand in solidarity with the California Teachers Association in demanding these company profits be taxed and taxed hard!
I'm all for Exxon Mobile paying their taxes. What does it
have to do with the California Teachers Association though
Many pension plans for teachers are heavily invested in Exxon. What the OP is pointing out is by taxing Exxon more these pension plans will take a hit.
Many pension plans for teachers are heavily invested in Exxon. What the OP is pointing out is by taxing Exxon more these pension plans will take a hit.
The largest owners of Exxon Mobile are the arrayed teachers and government union pension funds. Take 90% of their profits and pensioners can take a 90% hit across the country but why should they expect $3,000/month to live on when they can live on $300?
The economy is like a huge spider web; you shake just one far corner and the whole web shakes which is why it is so dangerous to have people who have never run a private business be in Washington making policy.
They just don't understand unintended consequences.
Since the government needs why not add a 10% luxury tax on luxury items like the rich purchase like boats? After all the filthy rich can afford it (here I am waving my socialismo banner again) and they need to spread the wealth around to make it fair.
Now I will tell you a story naming names, dates and places.
Bucyrus, Ohio in the early 1990's was home to Baja Boat which manufactured boats some being very large and luxurious. They started in the very early 1980s's with just a few people but all during the wicket 90's they grew eventually having 980 employees on the payroll. They grew so much the town actually vacated streets so the company could add on manufacturing space.
These jobs were good jobs, average pay was $12.00 an hour for factory workers. To put the pay into perspective what cost $12.00 in 1990 would cost $20.32 in 2011.
On top of this all employees and their families were provided with health, dental and vision insurance in addition to paid vacation, sick and holiday pay. How many people would like to have a job today paying $20.32/hr with a full range of benefits?
Then, in a grand stand play of getting even with em, congress passed the 10% luxury tax (the left and workers of the world rejoiced, they would finally get even with rich people) and it did three things.
It cost Bush the reelection, people immediately stopped buying boats and employment at Baja Boats went from 980 to 8 in six months.
And the left rejoiced, those democrats really showed the repukicans on that one!
Pass this sort of garbage and you will see what manufacturing business we do have left leave for overseas. Who would have ever thought Red China would be more business friendly?
In short businesses should not have to pay any income tax ever. When a company makes a profit it gives that profit to the shareholder and the shareholder gets taxed. The way the current system works is exactly as if your paycheck got taxed once before your check was printed then taxed again when you got it.
One of the largest shareholders of Exxon Mobil is the California Teachers Association pension fund. If we only taxed Exxon Mobil at a 50% rate we might be able to cut teachers pensions in half. Lots of liberal teachers would love sticking it to the evil rich oil companies.
Companies do not pay taxes, people do.
Yes and thanks to our lovely Supreme Court, corporations ARE people, so they better start making it rain on the IRS.
Yes and thanks to our lovely Supreme Court, corporations ARE people, so they better start making it rain on the IRS.
unions too...they are corporations
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