People love to trash big business, especially politicians. You know, those greedy bastards that make all those profits? Recall when oil spiked to over $140 per barrel, politicians were calling for a “windfall profits” tax? What a ridiculous notion. I don’t know, do they get a “windfall loss” tax deduction when times are bad? Well, sort of I guess, that’s a bailout, but only if you’re a big bank or a unionized automaker. I mean, the price of oil goes up and it goes down. So, we’ll enact special one-time taxes when it goes up, but then it’s business as usual when the price drops? Next, there’s the Walmart rhetoric on how they’re killing mom and pop shops (even though they’re partially responsible for the lowest inflation we’ve seen in decades). Then, Microsoft was the big evil monopoly. Well, I came across this article outlining which companies pay the most in taxes to the federal government.
The top 5 tax-paying companies in the US contributed $43 Billion back to the US in taxes, tax rates aside. They’re all big oil, Microsoft and Walmart.
When you’re constantly vilifying the biggest contributor to your tax ledger, aren’t you shooting yourself in the foot? I mean, who’s going to fund all these bailouts, dumb stimulus package spending and 119 weeks of unemployment? Punish these taxpaying entities too much and you’re going to have to find a new source of tax revenue. I know, the administration’s working on that…
(I just found this in my draft folder – meant to publish months ago). Still relevant, so hope you enjoyed :>