Guess what. If you paid $5 in income tax last year, you paid more income tax than CitiBank, JPMorganChase, ExxonMobil, General Electric, Boeing, Wells Fargo, Bank of America and probably a shitload of other big corporations--combined!
As I pointed out a couple of weeks ago, corporations paid 30% of income taxes paid in 1950, and 7% of income taxes paid today. Who pays the 23% that corporations no longer pay? Look in the mirror!
At this point the libertarian fucktards say, "Corporations don't pay taxes. The taxes are passed along to the purchaser of their goods and/or services or a reduction is made in the dividend payout to the stockholders. Either way, people pay. Lower the corporate tax rate to zero and see how may jobs are created." At which point, I say... wha the fuck? First of all, corporations don't set prices. The *MARKET* sets prices. Secondly, you stupid ass libertard motherfucker, CORPORATIONS do not create jobs. *DEMAND* creates jobs. Corporations are sitting on TRILLIONS of dollars of money right now (at least $1.7T according to the Federal Reserve) and NOT CREATING A SINGLE GODDAMNED JOB WITH IT because, look. Libertards seem to be ignorant of the most rudimentary and FUNDAMENTAL law of business, which is that YOU DON'T HIRE UNLESS YOU GOT DEMAND TO JUSTIFY HIRING because the whole POINT of a business is to maximize profits. Corporations are not welfare agencies. They don't hire people just out of the goodness of their hearts. They hire people because they HAVE to hire people, otherwise they have no product to sell. And if demand for their product is low, it doesn't matter HOW many trillions in tax breaks you give them -- they will hire NO workers. None. Zero. Nada. ZILCH.
You don't have to believe me. In fact, please DON'T believe me. Believe the actual DATA. Because the DATA says that anybody who says that corporations will hire just because they have money is a LYING COCKSUCKER WHO PROBABLY LICKS HIS CORPORATE MASTER'S ASS EVERY MORNING and then takes it up the rear while cheerfully saying "Thank you sire, give me more!" Because the data says that corporations are already sitting on trillions of dollars and doing nothing -- nada -- zero -- hiring with it. What, you think giving them two MORE trillions will make them suddenly start hiring out of the goodness of their heart? If you believe in such a deranged notion, you're either the dumbest motherfucker on this whole goddamned planet, or you're stuck so far up your corporate master's ass that you probably can't even remember what your own dick looks like.
And that's my response to the libertards on this issue. The data simply refutes their notion that giving corporations more money or reducing their tax liability to zero will cause them to hire more people. The data is the data, and doesn't give a shit what moronic ideology you have. But oh I forget, in THEIR universe, where unicorns are pink and cotton candy grows on trees, poor beleaguered corporations hire people just out of the goodness of their stockholder's hearts. What a strange, strange universe libertards must live in! Too bad it's not ours... I just wish they'd keep their nonsense in their novels, where it's okay to have that kind of nonsense alongside the unicorns and cotton candy trees, and quit spouting that nonsense in *this* universe where it just plain is not true
-- Badtux the Rude Penguin
Buh-buh-buh-but, the sainted Saint Ronnie and LordGodKing Dick-n-George and Faux "News" and Rand Paul and Limpdick and Weepy Boner all say it's true so it HAS to be true, doesn't it?
ReplyDeleteThe other part of the fallacy is that taxes are extracted (if at all) from profits. So they can't effect profitability, per se. Tax is an ex-post calculation. OTOH, taxes do effect cash available for dividends, and I can only say that's a good thing.
ReplyDeleteHere it is in (not-so) pretty pictures.
Dividends
(No extra charge for balance of trade.)
Taxes
I hadn't occurred to me to draw correlation.
DOH!
JzB
simply put, cooperation taxes encourage hiring as that generates tax writeoffs.. with no taxes, as you noted, cooperations sit on money..
ReplyDeletedoesn't matter, WASF..
Mr. 618, yeppers, the right-wingers have faith, faith I say, that their party Commissars are the only sources of absolute truth. They thump their Little Red Book of Limbaugh quotes as if it were something other than the rabid rantings of a deranged right-wing ideologue, in much the same way that the few remaining Maoists will thump their Little Red Book of Mao quotes as if it were something other than the rabid rantings of a deranged left-wing ideologue. The only problem here is that the Maoists are basically extinct, while the Limpdickists are... err.. not extinct, and catapult their propaganda via every media outlet every hour of the day.
ReplyDeleteJzB, Durnik, good catch. And yeah, Durnik... WASF.
- Badtux the Waddling Penguin
To expand on Durnik's point, the same is true of any expanse or capital investment. In fact, the bigger the outlay, the bigger the write-off. So raising taxes ought to encourage these things and stimulate the economy.
ReplyDeleteThere is not a single shed of evidence that raising taxes hurts the economy - not one!
OTOH, look at the post WW II golden age of prosperity, and contrast economic performance with that post St. Ronnie. Actually, the corner was turned during the Nixon regime.
Yup - WASF