Democrats want U.S. companies to pay their “fair share” to close the deficit gap. Ok! Let’s give it the old Democrat try. Let’s really STICK IT to those evil corporations and their Lear jets, tax breaks, etc. Are you ready? Here we go!
Let’s target the biggest U.S.corporations, the ones with annual gross revenues of over $40 billion per year. There are over 60 of these giant corporations in the U.S. (They’re listed below, along with their 2010 profits listed in billions of dollars. )
Remember now, we’re going to force these evil corporations to pay their “fair share”. Let’s not beat around the Bush. Let’s go all the way. Let’s tax their annual net profits at 100%. That’s the kind of fair share that any Democrat would be happy with. How much would a 100% tax on the net profit of these largest companies raise for one year? A whopping $204.8 BILLION dollars!!!
Wow, you’re thinking! $204.8 billion dollars would not only stick it to those corporations, but it would also would pay for everyone's health care, plus feed the poor children, and pay for all those public employee pensions, right? And it would solve our debt ceiling problems, too! That's the fair share President Obama is talking about, right?
There’s just one little problem. Currently, U.S. Government spending outpaces revenues by $118 BILLION per month. That’s right. The U.S. spends $1.4 TRILLION per year more than it receives in revenue. Even if Congress taxed 100% of the annual net profits of every U.S. company with over $40 billion in annual gross revenue, it would pay for less than TWO MONTHS of our monthly deficit of $118 billion per month. Think about that.
Even if our largest corporations were taxed the equivalent of 100% of their annual net profits, it still wouldn’t be enough to solve our nation’s debt problem. Clearly, we have a spending problem. And no additional “fair share” of new corporate taxes proposed by Obama and the Democrats will put even a small dent in our national debt.
|TOP US COMPANIES (Exceeding $40 Billion in annual revenues)||Profits (billions)|
|Ford Motor Company||$2.7|
|Bank of America||$6.3|
|Federal Home Loan Mortgage Corporation||-$71.9|
|JP Morgan Chase||$11.7|
|United Health Group||$3.8|
|Procter & Gamble||$13.4|
|American International Group||$0.1|
|Phillip Morris International||$6.3|
|Archer Daniels Midland||$1.7|
|Johnson & Johnson||$12.3|
|State Farm Insurance||$0.7|
|Medco Health Solutions||$1.3|
|United Parcel Service||$2.1|